"Overview of Wireless Audio Device Market"
Wireless Audio Device Market was valued at USD xx billion in 2018 and it is expected to reach more than USD 37.8 billion by 2025, likely to grow with a CAGR of 14.3% during the forecast period.
The wireless audio devices are used as support accessories for smartphones, laptops/computers, and gaming consoles in the consumer sector. It finds applications in four major sectors, namely commercial, consumer, automotive, and others, including security & defense.
Increasing penetration of infotainment devices, rising adoption of mobile devices, and increasing applications of wireless audio devices in the commercial sector including office spaces, industries, and other commercial establishments such as IT parks, sports complexes, hotels, and government organizations the key driving factors of the market.
In addition, increasing the use of in-vehicle infotainment devices, advanced driver assistance systems (ADAS), and GPS devices has boosted the utilization of wireless headphones, speakers, and others in cars, trucks, buses, and other automobiles.
The growing need for portable Increasing penetration of infotainment devices fuelling the Wireless Audio Device Market
The penetration of infotainment devices such as televisions, PCs, mobile phones, laptops, tablets, and in-vehicle infotainment devices has increased in recent years; thereby, increasing the need for mobile accessories. Spiraling the growth of the infotainment devices market is one of the major factors triggering market growth. The demand for mobility services among consumers for seamless connectivity and easy accessibility of information and resources has increased in recent years. Mobility solutions, such as cloud service, Bring your own device (BYOD) trend, mobile devices, wireless services, and others have been gaining popularity among individuals. The advanced features such as portability, easy manageability, and remote accessibility for audio communication attribute to the adoption of wireless audio devices. Therefore, increasing the demand for mobile services among customers is expected to drive the wireless audio devices market.
The negative health effects on children are expected to restrain market growth over the forecast period. However, rapid technological advancement and increasing need for conveniences such as ease in portability and remote accessibility among customers would generate significant opportunities for market players.
wireless speaker systems are expected to dominate the wireless audio device
The wireless speaker systems dominated the global market in 2018. The wireless speaker systems offer no connecting wires the speakers to the sound system hence, there is no need for users to worry about tripping over wires that are connected to the speaker system. In addition, features such as portability, remote accessibility, and compatibility with computer and infotainment devices such as mobile phones, tablets, and laptops using Bluetooth, Wi-Fi, Radio Frequency, and SKAA technologies are driving the wireless audio device market.
However, the soundbar segment is expected to grow at the fastest CAGR during the forecast period, owing to its compatibility with LED TVs, mobile devices, coupled with the growth of the consumer electronics market.
By Application, the home audio segment is expected to witness the highest growth in the wireless Audio Device Market across the globe
The home audio segment was the largest market for wireless audio in 2018 and the consumer market is expected to grow at the highest CAGR during the forecast period. The wireless audio technology is gaining popularity in the vast consumer electronics market. The rapid growth of the smartphone, computer, and tablet market drive the growth of the consumer segment. The inbuilt Bluetooth and Wi-Fi connectivity provided in smartphones, tablets, and computers which is convenient for users of smartphones, tablets, and computers to play music using wireless audio products.
North America to dominate the Wireless Audio Device Market during the forecast period
North America accounted for the largest share in the wireless audio market in terms of value as well as volume in 2018. The market is anticipated to register a CAGR of 16.3% throughout the forecast period. The high disposable incomes of consumers and advanced wireless technologies (such as Bluetooth, AirPlay, and Wi-Fi) are expected to boost sales of wireless audio devices in this region.
The APAC market is projected to grow at the highest CAGR during the forecast period.
Asia-Pacific has a major share of the well-established consumer electronics market, market. The growing population of middle-class consumers in evolving economies, like China, India, and Japan, is the main driving force behind the market growth.
China is poised to be a leader, in terms of the volume of smartphones, with a 37% share, by 2018 due to the availability of resources and cheap labor with various multinational companies have also set up their manufacturing plants making the country an ideal destination for multi-million investments in the field of wireless audio devices.
Moreover, the adaption of technology and increasing usage of smartphones is also strengthening its smartphone market share. This attributes to the importance and growing demand for wireless audio devices in China as well as India.
Some of the players offering wireless audio devices across the globe include Apple, Inc., Bose Corporation, VOXX International Corporation, Harman International Industries, Sony Corporation, Shure Incorporated, Philips Electronics Corporation, Sonos, Inc., VIZIO, Inc., and Sennheiser Electronic GmbH & Co. KG.
Wireless Audio Device Market Key segments:
Wireless Audio Device Market, By Product
Others (A/V Receivers, Power Amplifiers, and Radio Tuners)
Wireless Audio Device Market, By Technology
Others (AllPlay, WiSA, SKAA, Play-Fi, and KleerNet)
Wireless Audio Device Market, By Application
Others (Security and defense, industrial, and medical)
Wireless Charging Market, By Region
Middle East and Africa