Wireless Audio Devices Market To Surpass US$ 280.09 Bn
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.
Global wireless audio market is estimated to be valued at US$ 280.09 Bn by 2030.
Wireless Audio Market: Drivers
Growing demand for smart homes
The growing demand for smart home devices has fueled the growth of wireless audio. Smart speakers, which are powered by virtual assistant like Amazon Alexa and Google assistant, allow users to control their home environment and play music through voice commands. For instance in Mar 2023 Amazon launched the Echo Dot 5th Gen on Thursday in India, updating its range of smart speakers. Apart from this, the speaker's Alexa virtual assistant allows users to operate various smart home appliances, play music, set timers, and make reminders using Hindi and English voice commands.
Wireless Audio Market: Opportunities
Growing popularity of streaming services
The rise of music streaming services such as Spotify, apple music, and tidal is driving demand for high-quality wireless audio products. That can provide high-quality sound and easy connectivity with their streaming services For instance Oct 2020 Google launched its latest smart speaker Nest Audio at its online Launch Night event.
Wireless Audio Market: Restraints
Restriction on radio frequency (RF) spectrum to curb the market growth
Many countries have strict regulations around the use for RF devices, including the frequencies and power levels that can be used. These regulations are in place to ensure that RF devices do not interference with other wireless devices or cause harm to people or the environment. For instance in the United States, the Federal Communication Commission (FCC) regulates RF devices and has specific rules around the frequencies and power levels that can be used. These rules are designed to ensure that RF devices do not cause harmful interference to other devices, such as cell phones, radios, and other wireless devices.
Market Trends
North America Trends
Among regions, 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.
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.
Wireless Audio Market: Competitive Landscape
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
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/wireless-audio-devices-market-4669
Key Takeaways:
Global market was valued at US$ 78.35 Bn in 2022 and is forecast to reach a value of US$ 280.09 Bn by 2030 exhibiting CAGR of 17.26% between 2023 and 2030.
Wireless Audio Market: Recent Developments
In Jan 2023, Blaupunkt launched Bluetooth earphones with touch and control and voice command features. The German electronics brand Blaupunkt added the BTW300 Bass Buds to its truly wireless earphones
In Jan 2023, Snapdragon Sound drives premium sound experiences in Audio Technica’s latest wireless earphones. These wireless earbuds are the audio accessory of choice for consumers around the world, and are used daily at home, work, and the on go. To meet ever-changing consumer demands, the audio platforms and technologies that true wireless devices are powered by have had to evolve quickly to deliver even better-quality sound, smaller form factors, more complex use cases, and longer listening times.
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