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Press Release: Wireless Audio Devices Market is Expected to Exhibit a CAGR of 16.70% During the Forecast Period (2021 - 2028)
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.
Statistics:
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.
| Report Coverage | Details | ||
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| Base Year: | 2020 | Market Size in 2021: | US$ 67.60 Bn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 16.70% | 2028 Value Projection: | US$ 199.27 Bn |
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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 |
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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.
Wireless audio device uses platforms such as Bluetooth, Wi-Fi, infrared and radio frequency, and airplay for the music streaming from audio enabled device. Bluetooth connectivity system drives the adoption of wireless headphones as well as wireless speakers, and it allows to wirelessly connect the stereo system, or sound bar to a smartphone.
Market Dynamics
Increase in demand of the infotainment devices such as mobile phones, laptops, computers, sound bars, and advantages associated with wireless audio devices such as portability, remote accessibility, and compatibility with most of the infotainment devices, are boosting the demand of wireless audio devices, globally. In addition, increasing technological propagation of wireless audio products for a range of applications such as consumer, commercial, and automotive, are few factors that are boosting the adoption of wireless audio devices.
For instance, according to Coherent Market Insights analysis in year 2016, the total number of shipments for laptops globally was around 155 million, which got increased up to 220 million in year 2020, and it is expected that by the year 2025 globally the total number of laptops shipments will be increased up to 270 million, which is expected to increase adoption wireless audio devices over the forecast period.
Wireless audio devices need to comply with various emission regulations set by the various regulatory bodies across the globe, furthermore, several negative impacts on children such as hearing loss or headache, owing to usage of wireless audio device for a longer period of time, is expected to hamper the growth of wireless audio devices over the forecast period.
Market Taxonomy
This report segments the global wireless audio devices market on the basis of technology, application, product, and region. On the basis of technology, the global wireless audio devices market is segmented into Bluetooth, Wi-Fi, airplay, and others (Sonos and SKAA). On the basis of product, the global wireless audio devices market is segmented into wireless speaker systems, headphones, sound bars, microphones, and others. On the basis of application, the global wireless audio devices market is segmented into automotive, home application, and commercial application. On the basis of region, global wireless audio devices market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Key features of the study:
Detailed Segmentation:
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