Chicago, March 08, 2023 (GLOBE NEWSWIRE) -- The Global Bluetooth 5.0 Market size to grow from USD 4.1 billion in 2022 to USD 7.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period, according to a new report by MarketsandMarkets™. Rising demand for connected wearables consisting of Bluetooth technology is driving the growth of the Bluetooth 5.0 market.
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262 - Tables
47 - Figures
234 - Pages
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Scope of the Report
| Report Metrics | Details |
| Market size available for years | 2017-2027 |
| Base year considered | 2022 |
| Forecast period | 2022-2027 |
| Forecast units | Value (USD Million/Billion) |
| Segments covered | By component, application, end user, and regions |
| Regions covered | North America, Europe, Asia Pacific, Middle East and Africa, Latin America |
| Companies covered | Qualcomm (US), Nordic Semiconductor (Norway), ON Semiconductor (US), Broadcom (US), Silicon Labs (US), Realtek (Taiwan), Microchip Technology (US), NXP Semiconductors (Netherlands), Texas Instruments (US), MediaTek (Taiwan), Synopsys (US), STMicroelectronics (Switzerland), Qorvo (US), Renesas (Japan), Infineon Technologies (Germany), Goodix Technology (China), Telit (US), Espressif Systems (China), Taiyo Yuden (Japan), Feasycom (China), Atmosic Technologies (US), Ceva (France), Laird Connectivity (US), Inventek Systems (US), Insight SiP (France), and Virscient (New Zealand). |
The scope of this report covers the Bluetooth 5.0 market by component, application, end user, and regions.
By component, hardware segment is estimated to hold the highest market share. Bluetooth 5.0 hardware consists of SoC components; RF components; development boards; and sensors and controls. The ability of Bluetooth 5.0 to cater to a wide range of network topologies, despite being point-to-point, leads to an increase in use cases. Such use cases require reliable and secure controlling, monitoring, and automating, with many devices in the network.
By end user, wearables is estimated to account for higher CAGR during the forecast period. The Bluetooth market for health and wellness wearables is expected to grow strongly. A substantial number of smartwatches are taking on health and wellness tracking functionalities. These smartwatches can connect to a phone and help users access email, text, music, etc. Smartwatches are becoming more modern by adopting greater functionalities, such as fitness and wellness monitoring. All these factors are expected to drive the growth of Bluetooth fitness and wellness trackers in the next five years.
By region, North America is projected to account for the largest market share among other regions in the Bluetooth 5.0 market, and the trend is projected to continue until 2027. The US and Canada are the leading countries in the region. These countries have sustainable and well-established economic growth, empowering them to increasingly invest in R&D activities, thereby contributing to the development of Bluetooth 5.0 market.
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Market Players
The major vendors covered in the Bluetooth 5.0 Market include Qualcomm (US), Nordic Semiconductor (Norway), ON Semiconductor (US), Broadcom (US), Silicon Labs (US), Realtek (Taiwan), Microchip Technology (US), NXP Semiconductors (Netherlands), Texas Instruments (US), MediaTek (Taiwan), Synopsys (US), STMicroelectronics (Switzerland), Qorvo (US), Renesas (Japan), Infineon Technologies (Germany), Goodix Technology (China), Telit (US), Espressif Systems (China), Taiyo Yuden (Japan), Feasycom (China), Atmosic Technologies (US), Ceva (France), Laird Connectivity (US), Inventek Systems (US), Insight SiP (France), and Virscient (New Zealand).
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