Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Wireless speakers are majorly being adopted from past few years, allowing users to stream audio from a various devices to speakers using a wireless connection. Recently, along with developments in Bluetooth specification and the standardization of A2DP (Advanced Audio Distribution Profile), there has been a significant rise in popularity of Bluetooth speakers.
Rising implementation of wireless audio devices in commercial sector such as events, shows, call centers, and others are the key driving factors of the global wireless audio device market. For instance, according to Coherent Market Insights analysis, several countries are showing significant growth rate in number of events organized, the average growth rate was around 40%. In addition, the marketing budgets of organizations in several European countries such as Germany, the U.K., are rising at a CAGR between 4% and 13%, which is expected to boost the adoption of wireless audio devices.
Global Wireless Audio Devices Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 pandemic had a significant impact on the global wireless audio devices market. Several countries across the globe such as India, Italy, the U.K., and others imposed nationwide lockdown in 2020. European countries such as Germany, Spain, and the U.K. also faced the second wave of the COVID-19.
COVID-19 pandemic has impacted the revenue of wireless audio device manufacturers in the first half of 2020. However, the demand of wireless audio devices is getting increased from second half of 2020, owing to reopening of economic activity, across the countries. Moreover, in second half of year 2020, the annual shipments of several consumer electronics including audio devices, got increased.
North America is expected to hold dominant position in the global wireless audio devices market during the forecast period.
North America held dominant position in the global wireless audio devices market in 2020, accounting for 41.32% share in terms of value, followed by Europe, and Asia Pacific
Figure 1: Global Wireless Audio Devices Market Share (%), By Region, 2020
North America region held the highest market share in year 2020, and is expected to retain its dominance over the forecast period. The growth of wireless audio devices in North American region is boosted due to high adoption of electronic devices, and higher disposable income of consumers in the region. For instance, according to Organization for Economic Co-operation and Development (OECD), in year 2019, the U.S. is one of the leading per capita income countries across the globe, which is further expected to boost the adoption of wireless devices in the region.
Major companies operating in the global wireless audio devices market include: Apple Inc., Bose Corporation, Cisco Systems, Inc., Jabra, HARMAN International, Logitech, Sennheiser electronic GmbH & Co. KG, Shure Incorporated, Sonos, Sony Corporation, Sound United, VIZIO, Inc., VOXX International Corp, and Zound Industries International AB.
Wireless Audio Devices Market Report Coverage
||Market Size in 2021:
||US$ 67.60 Bn
|Historical Data for:
||2017 to 2020
||2021 to 2028
|Forecast Period 2021 to 2028 CAGR:
||2028 Value Projection:
||US$ 199.27 Bn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
- By Technology: Bluetooth, Wi-Fi, Airplay, Others (Sonos and SKAA)
- By Product: Wireless Speaker Systems, Headphones, Sound Bars, Microphones, Others
- By Application: Automotive, Home Application, Commercial Application
Major companies operating in the global wireless audio devices market include: Apple Inc., Bose Corporation, Cisco Systems, Inc., Jabra, HARMAN International, Logitech, Sennheiser electronic GmbH & Co. KG, Shure Incorporated, Sonos, Sony Corporation, Sound United, VIZIO, Inc., VOXX International Corp, and Zound Industries International AB
- Rising disposable income of consumers
|Restraints & Challenges:
- Health issues associated with wireless audio devices
Among technology segment, the Bluetooth sub-segment is expected to dominate the market during the forecast period owing to the possibility of rich connectivity and interoperability with high-level security.
Bluetooth technology is getting used in wide range of applications from wireless audio devices to home automation devices to smart audio. Bluetooth technology is able to transfer superior sound quality to other devices. Moreover, Bluetooth technology is used in wireless audio speakers, headsets, and sound bars.
In addition, rising adoption of Bluetooth technology for headsets is expected to drive the growth of Bluetooth technology market over the forecast period. For instance, according to Coherent Market Insights analysis, the adoption of wireless Bluetooth headsets is expected to grow with a CAGR of around 11% over the forecast period (2021 – 2028).
Figure 2: Global Wireless Audio Devices Market Value (US$ Bn), 2017 - 2028
The global wireless audio devices market was valued at US$ 56.31 Bn in 2020 and is expected to reach US$ 199.27 Bn by 2028 at a CAGR of 16.70% between 2021 and 2028.