ID: MRFR/SEM/0318-CR | June 2016 | Region: Global | 80 pages
Market Research Future (MRFR) predicts the Global Wireless Audio Device Market size to reach USD 70 Billion, with approximately 17% CAGR from 2016-2027 (forecast period). The main growth driver of the market for wireless audio devices includes the growing implementation of wireless devices in the commercial sector, increasing demand for wireless accessories with consumer electronic products, and increasing use of wireless devices by the security and defense sector.
Wireless audio systems use wireless platforms that include radio frequency, Bluetooth, infrared, airplay, SKAA, and Wi-Fi for streaming music from audio enabled devices to wireless output systems. The spread of COVID-19 throughout the world has led to lockdowns that have forced people to stay in their homes. The rising number of people staying at home has accelerated the use of audio devices for entertainment. The confining of individuals to their homes has proven to be accountable for fueling demand for video streaming platforms like Amazon Prime, Netflix, and Hotstar. The increasing trend in live video streaming and video content consumption over the internet during the lockdown has raised the demand for audio devices. In addition, remote working, remote learning, and home workouts have increased the need for audio products.
However, COVID-19 pandemic has had a massive impact on the market for wireless audio devices. The spread of COVID-19 worldwide has had a major impact on the consumer electronics market. Precautionary measures taken by governments of different countries have led to a temporary suspension of businesses and have stopped the production of consumer electronics products such as smartphones and tablets. The global lockdown has reduced sales of technologically advanced smartphones and has led to a decrease in demand for wireless audio devices, including wireless headsets and headphones. Decreased production of wireless audio devices also affected product sales. The market has also been affected by disrupted supply chains and halted exports, as China is a center for raw materials and finished goods used in the manufacture of electronic products.
Increasing use of wireless audio devices in the commercial sector
Wireless audio devices are commonly used in commercial sectors, such as media & entertainment, education, and corporate, for various purposes, including conferences, meetings, sports events, news broadcasting, and auctions, among others. Wireless devices, like wireless microphones, speaker systems, and headphones, are broadly used in the market. This is a significant factor contributing to the growth of the market for wireless audio devices.
Increasing need for mobility services
The demand for mobility services amongst consumers for efficient connectivity and ease of access of information and resources has increased over the years. Mobility solutions, like cloud services, BYOD trend, mobile devices, wireless services, and others, have gained prominence among individuals. The use of wireless audio devices has grown due to advanced features of wireless audio devices such as portability, ease of manageability, and remote access for audio communication. Wireless audio devices improve customer experience by offering the simple and fast audio transmission, wireless operation, and ease of installation. As a result, the growing demand for mobile services among consumers is expected to boost the market for wireless audio devices.
Global Wireless Audio Device Industry has been divided into Products, Technology, and End-User.
By product, the global wireless audio device market has been segmented into wireless speaker systems, wireless headsets, soundbars, and wireless microphones, among others.
By technology, the global wireless audio device market has been segmented into Bluetooth, Wi-Fi, Airplay, and others.
By end-user, the global wireless audio device market has been segmented into commercial, electronics, telecommunication, automotive, security & defense, and others.
North America to lead the global market
North America dominates the market for wireless audio devices, followed by Asia Pacific and Europe. The availability of low-cost consumer equipment and the rising trend of smartphones is driving the growth of the market for wireless audio devices in North America. The US market in the North America region is the leading economy in the market for wireless audio devices and is projected to rise by more than 16% over the 2015-2027 forecast period.
The global wireless audio device market is distinguished by the presence of many international, regional, and local vendors. The industry is moderately competitive, with all players competing for market share. Intense competition, rapid technical developments, and frequent changes in government policy are key factors that confront the growth of the sector. Vendors are competing on the basis of level of operation, price, and reliability. In order to survive and prosper in an increasingly competitive market environment, it is necessary for vendors to deliver innovative technologies and value-added services.
April 2019-Harman, a wholly-owned subsidiary of Samsung Electronics Co. Ltd, focused on connected technologies for the automotive, consumer, and enterprise markets, introduces its Premium Communications solution in China at the Shanghai Auto Show. Premium Communications is a first-of-its-kind modular offering designed to improve the existing in-vehicle communication environment. Premium Communications allows clear, frustration-free conversations for all occupants within a vehicle.
January 2019-Sony has unveiled an all-new music experience called "360 Reality Audio" that makes listeners feel as if they are engulfed in sound from all directions. The new experience came from Sony's object-based spatial audio technology and was revealed at CES 2019 in Las Vegas.
This study forecasts revenue growth at global, regional, and country levels and gives an understanding of the sector's latest developments in each of the sub-sectors from 2016 to 2027. For the purpose of this study, MRFR divided the global wireless audio device market report by product, technology, end-use, and region.
Frequently Asked Questions (FAQ) :
As per the research and the report, the market’s growth period is calculated from 2016 to 2027.
The global market for wireless audio devices is ready to achieve a valuation of USD 70 billion by 2027, depending on the factors that have impacted the market to expand and flow in these years.
The main factor that has initially influenced the market for wireless audio devices to expand is directed towards the rising implementation of wireless devices in the commercial sector.
It is the media and entertainment industry that is self-brooding and thus impacting the industry of wireless audio devices to a great extent. This is trending the market and ruling behind the increasing valuation of the market.
The wireless audio devices industry, in the reports, has been segmented by the elements of the product, technology, and end-user.
It is the availability of low cost of consumer equipment and the growing trend of smartphones that have made the North American region the leading in occupying substantial share for the market.
North America region is going to achieve a growth rate percentage of more than 16% for the market’s share in the future.