Global Wireless Audio Devices Market: Overview
Wireless audio devices use audio technologies such as Wi-Fi, Bluetooth, Airplay, and WiSA to play the music sourced from a computer or other portable devices. These devices are commonly available in the form of Bluetooth speakers, Wi-Fi multiroom speakers, and sound bars. The increasing inclination towards streaming services such as Pandora, Deezer, and Spotify is driving the global wireless audio devices market. The widening base of youth population is positively impacting the growth of the market.
According to a report by Transparency Market Research, the global market for wireless audio devices is expected to exhibit a CAGR of 1.5% between 2016 and 2024, reaching a valuation of US$10.12 bn by 2024. The report offers a detailed analysis of the various critical parameters of the market, making it a reliable tool for business for existing as well as new players.
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Global Wireless Audio Devices Market: Drivers and Restraints
The growing popularity of wireless technology enabled products is providing a significant boost to the global demand for wireless audio devices. These devices are being increasingly acknowledged for their compact design and convenience offered by them. The spiraling demand for infotainment in the automotive industry is augmenting the growth of the global wireless audio devices market. In addition, the increasing implementation of the Internet of Things (IoT) in automobiles and is working in favor of the market.
Despite an array of favorable factors, the incompatibility of the Bluetooth technology with high resolution uncompressed audio files is acting as a major impediment to the growth of the market. Moreover, the high susceptibility of the sound quality in Wi-Fi technology to the ambient noise is limiting widespread adoption of wireless audio devices, particularly in the household sector.
The rising penetration of smartphones, tablets, and other smart devices with inbuilt high-tech players is also adversely affecting the sales of dedicated MP3. However, the hospitality and leisure industries are likely to provide a fertile ground for the growth of the market. Furthermore, rapid advancements in wireless audio technologies are unfolding ample growth opportunities for the market.
Global Wireless Audio Devices Market: Geographical Segmentation
The regions analyzed in the report are the U.S., Europe, and Rest of the World. The U.S. will continue to account for the leading chunk in the revenue pie throughout the forecast period. In the U.S., the robust growth of the digital music industry and the increasing focus of wireless audio devices manufacturers towards revamping their offerings are providing significant momentum to the market. The early acceptance of novel technologies along with the incorporation of home network technology to products such as tabletop stereo systems, AV receivers, home-theater-in-a-box systems, tabletop radios, and others is also escalating the growth of the region.
The Europe market for wireless audio devices market is expected to post a moderate growth rate during the forecast period. The growth of the region can be attributed to the burgeoning demand for smart homes.
Global Wireless Audio Devices Market: Competitive Landscape
Players in the global wireless audio devices market are focusing towards capitalizing emerging countries such as India and China in order to maximize their profit. Apart from this, enterprises are paying high attention to product innovation and differentiation to enhance their visibility in the market. The prevailing prospects of the market are attracting large technology firms such as Google to invest in this market, thereby intensifying the competition in the near future. Some of the other prominent companies operating in the market are Bose Corporation, LG, Sony Corporation, Denon, and Samsung Electronics Co. Ltd.