Many large-scale companies are adopting mergers and acquisitions and various strategic alliances for cementing their foothold in the global wireless audio devices market. A few inventive strategies adopted by players in the global wireless audio devices market to achieve an edge in the industry are constant introduction of new products along with enhancing existing ones. They are also focusing hard on attracting new consumers to their businesses to steal a march over their competitors. Such trend has led to the launch of streaming protocol service which is known as “Google Cast” by Google.
According to experts from TMR, the global wireless audio devices market is expected to gain revenue worth US$10.12 bn by the end of 2024. The market was valued US$9.04 bn in 2014. Experts project this growth to occur at a decent CAGR of 1.5% during the forecast period from 2016 to 2024.
Among various products, the Bluetooth speakers account for the largest share in the market and is expected to boost the wireless audio devices market during the forecast period. This is because of its features such as easy streaming, low energy consumption, and cost efficiency. With respect to geography, Europe and North America are expected to account for a leading share in the global wireless audio devices market in the coming years. This is attributed to the growth of digital music and rapid technological advancements in the region.
Wireless audio devices are highly used for transmitting and receiving several audio signals through numerous wireless technologies include Bluetooth, Wi-Fi, and AirPlay. Wireless audio devices are available in the market in the form of wireless microphones, headphones, sound bars, speakers, radio turners, and audio systems. Rising penetration of infotainment devices, rapid adoption of smartphones, and growing applications of wireless audio devices in the several sectors such as shows, events, and call centers are majorly driving the global wireless audio devices market. Along with these, rapid technological advancements and rising demand for convenience such as remote accessibility and ease in portability are also fueling demand in the global wireless audio devices market.
Furthermore, wireless audio devices are highly adopted in the industries such as automotive, commercial, consumer, and security and defense. Such audio devices are utilized as support accessories for laptops, smartphones, and gaming consoles, especially in the consumer sector. In commercial sectors, wireless audio devices are extensively used at industries, sport complex, office spaces and hotels. Such USPs are also propelling expansion in the global wireless audio devices market.
The vulnerability of the sound quality in Wi-Fi technology to the surrounding noise and strict governments’ regulations regarding the frequency range of audio devices which could affect hearing ability are factors majorly restraining the growth of the global wireless audio devices market. Nonetheless, persistent demand for wireless audio devices from the leisure and hospitality industries is believed to help industry players overcome these challenges in the near future.
The review is based on a market research report by TMR, titled, “Wireless Audio Devices Market (Product - Bluetooth Speakers, Sound Bars, and Wi-Fi Multiroom Speakers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024”.