The global wireless audio devices market has been witnessing steady growth over the last few years on account of growing implementation of wireless devices in various sectors and the increasing demand for consumer electronics. The market has been divided into various product categories, namely, wireless speaker system, wireless headsets, wireless microphone, sound bars, and others.
Increasing penetration of wireless devices in the commercial sector is one of the major driving factors for wireless audio device market. For instance, wireless microphones are widely used in sports events. The media and entertainment market has been growing rapidly in the Asia-Pacific region, which in turn is boosting the demand for wireless microphones. These microphones are widely used in various events such as Olympics, World Cup, Commonwealth, and others. Wireless speakers are widely used in residential buildings, majorly due to the increasing demand for sophisticated speakers, high-end home theatre systems, and home automation solutions. Also, the implementation of these wireless devices in the commercial sector, is expected to boost the overall growth of the market.
Consumer electronics is a profitable industry, which is constantly growing as companies develop new products and technologies for wireless audio devices. The growing population, increasing consumer preferences for wireless accessories and evolution of new technologies in the market, are boosting the growth of consumer electronics segment. For instance, wireless headsets include a speaker and a microphone, which are commonly used during any digital communication. In the U.S., 40% of the population uses wireless headphones on portable devices, which is expected to increase in the future. Sony, Phillips, Apple, Sennheiser, Bose are some of the leading wireless headsets manufacturers.
The global wireless audio device market is estimated to grow from USD 12.5 Billion in 2016 to USD 70.4 Billion by 2027, growing at a CAGR of 17% during the forecast period.
Objective Study of Wireless Audio Device Market:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global wireless audio device market
- To provide insights about factors affecting the market growth
- To analyze the global wireless audio device market based on tools such as Porter’s Five Forces Analysis
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies, North America, Europe, Asia, and Rest of the World (ROW) and their countries
- To provide country level analysis of the market with respect to the current market size and future prospective
- To provide country level analysis of the market for segment by type, service provider and region
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the global wireless audio device market
For the purpose of this study, Market Research Future has segmented the market of wireless audio device into type, service provider and region.
- Wireless Speaker System
- Wireless Headsets
- Sound Bar
- Wireless Microphones
- Security & Defiance
Some of the major players in global wireless audio device market include Sony Corporation (Japan), Bose Corporation (U.S.), Sennheiser Electronic Gmbh & Company Kg (Germany), LG Electronics (South Korea), Sonos, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Vizio Holdings, Inc. (U.S.), Apple Inc. (U.S.), Voxx International Corporation (U.S.), and Samsung Electronics Co., Ltd (South Korea).
North America is dominating the wireless audio device market, and is followed by Asia-Pacific and Europe. The availability of low cost of consumer equipment and growth of smart phones, are the growth drivers of wireless audio device market in North America. Among North America region, the U.S., is the leading economy in wireless audio device market and is expected to grow with a CAGR of more than 16% during the forecast period of 2016-2027, while Asia-Pacific region is expected to grow with a highest rate due to growing advancement in the technology as well as due to the growing demand and adoption of smartphones in the region.
By Region, North America is dominating the wireless audio device market with ~ 46% market share whereas, Europe and Rest of the World have held 28% and 8% of market share, respectively in 2016. Asia-Pacific has been the fastest growing region in wireless audio device market, due to the growing technological advancement in the region, thereby having ~19% of market in 2016.
In addition, North America has dominated the global wireless audio device market, generating USD 5.74 billion of market value in 2016 and is expected to reach USD 34.61 billion by the end of 2027, with growing 17.74% CAGR. It was followed by Europe, which is expected to generate USD 14.73 billion market by 2027. However, Asia-Pacific is projected to be the fastest growing market with 20.53% CAGR and is estimated to generate market value of USD 18.10 billion, by 2027. However, rest of the world is growing with a CAGR of 10.67% CAGR over the forecast period, 2016-2027.
- The global wireless audio device market is expected to reach USD 70 billion by 2027, growing with approximately 17% CAGR during forecast period, 2016-2027.
- By Product, Wireless speaker systems are dominating the market and has generated USD 4.48 billion in 2016, whereas, Sound bar is expected to grow with fastest growing 21.37 % CAGR.
- By Technology, Bluetooth technology is dominating the market and is expected to generate value of USD 36.46 billion by 2027, growing with 18.95% CAGR.
- North America is expected to dominate the wireless audio device market, throughout the forecast period.