Global Wireless Audio Devices Market Grows Vulnerable to Behavioral Shifts in Consumers
Behavioral shifts among consumers in the audio industry have been highly influenced by the growing penetration of smart phones and tablets. This, combined with the changing preference in media consumption toward streaming services such as Deezer, Pandora, and Spotify, will boost the prospects of the global wireless audio devices market at a CAGR of 1.5% between 2014 and 2024, finds Transparency Market Research (TMR).
Wireless audio devices enable access to huge personal libraries of songs for listeners to enjoy at home or on the go. The advent of this technology has not only steered paradigm shift in consumer preference but has also catapulted wireless and portable MP3 players at the forefront of the music and entertainment industry.
Besides this, latest innovations in the wireless audio technology have caused a major shift in music storing and music streaming technologies. The launch of smartphones, tablets, and other smart devices in-built with high-tech players has replaced dedicated MP3s, thus resulting in a sharp decline in their average sales.
Launch of Better Functionality and Aesthetics to Boost Sales of Wireless Audio Devices
The purchase decision of any customer is not only influenced by the audio performance of a wireless audio device. Manufacturers are therefore required to focus on bringing both audio features and ergonomics of devices at an equilibrium to positively influence a consumer’s buying decision. Taking cue from the changing consumer preferences, Clip+ and Micro were launched by JBL and Divoom launched Bluetune Bean that provide additional features alongside exceptional music streaming features.
Gaining from the demand for increasing functionality and better aesthetics, the global wireless audio devices market is poised to reach US$10.12 bn by 2024, from US$9.04 bn in 2014, states Transparency Market Research.
Demand from Automotive Industry to Create Lucrative Opportunities for Wireless Audio Devices Market
The rising demand for infotainment in the automotive industry has translated into increased sales of wireless audio devices. The demand for wireless audio devices in the automotive industry also gains momentum from high adoption of the Internet of Things (IoT). Deployment of the IoT in automobiles is fast replacing buttons and knobs used to access and control audio devices with the Bluetooth connectivity. As per TMR’s research, approximately 22% of the world’s cars will be connected to the internet by 2022. This will subsequently propel growth of the global connected wireless audio devices market.
Furthermore, with the IoT successfully penetrating across diverse consumer electronics, prospects for wireless audio devices in the automotive industry and household sector seem plenty.
U.S. and Europe Identified as Most Lucrative Markets for Wireless Audio Devices
The U.S. and Europe have been exhibiting the most lucrative prospects for the global wireless audio devices market. The growth of digital music has been unprecedented in the U.S. Compelled by the prevailing dynamics, vendors in the U.S. wireless audio devices market are revamping the products they offer to tap into the digital music sources. Prominent suppliers in the market have already added home network technology to their products such as AV receivers, tabletop stereo systems, tabletop radios, home-theater-in-a-box systems, and others. The new technology allows these devices to stream music from networked PC via Wi-Fi.
The U.S. has always been the earliest adopter of any novel technology, thus providing comparatively better opportunities for the large-scale deployment of wireless audio devices. In Europe the market will gain from the increasing demand for smart homes. The wireless audio devices market in Europe is likely to surge at a moderate pace during the forecast period.
Key Players Vying to Capitalize on Opportunities in Emerging Economies
Enterprises operating in the global wireless audio devices market are increasingly focusing on expanding their reach in emerging economies such as India and China, considering the robust demand witnessed in these nations. Apart from this, product innovation and differentiation are also looked upon as viable strategies for attracting positive consumer response. This trend led to the launch of streaming protocol service called “Google Cast” by Google in 2015. Next in line was LG Electronics Inc., who announced the launch of novel sound bars and multirooms in 2016.
Other companies operating in the market include Bose Corporation, UE (Logitech), Sony Corporation, and Samsung Electronics Co. Ltd
Table of Contents
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
2. Executive Summary
2.1. Global Wireless Audio Devices Market Snapshot
2.2. Global Wireless Audio Devices Market Revenue and Volume, 2014 – 2024 (US$ Mn)
3. Global Wireless Audio Devices Market Analysis, 2014 – 2024 (US$ Mn and Mn Units)
3.2. Key Trends Analysis
3.3. Market Dynamics
3.4. Value Chain Analysis
3.5. Porter’s Five Forces Analysis
3.6. Impact Analysis of IoT
3.7. Global Wireless Audio Devices Market Analysis, By Product Type, 2014 – 2024 (US$ Mn and Mn Units)
3.7.1. BT Speakers
3.7.2. Sound Bars
3.7.3. Wi-Fi Multiroom Speakers
3.8. Competitive Landscape
3.8.1. Market Positioning of Key Players, 2015
3.8.2. Competitive Strategies Adopted by Leading Players
4. The U.S. Wireless Audio Devices Market Analysis, 2014 – 2024 (US$ Mn and Mn Units)
4.2. The U.S. Wireless Audio Devices Market Analysis, By Product Type, 2014 – 2024 (US$ Mn and Mn Units)
4.2.1. BT Speakers
4.2.2. Sound Bars
4.2.3. Wi-Fi Multiroom Speakers
5. Europe Wireless Audio Devices Market Analysis, 2014 – 2024 (US$ Mn and Mn Units)
5.2. Europe Wireless Audio Devices Market Analysis, By Product Type, 2014 – 2024 (US$ Mn and Mn Units)
5.2.1. BT Speakers
5.2.2. Sound Bars
5.2.3. Wi-Fi Multiroom Speakers
6. Rest of World (RoW) Wireless Audio Devices Market Analysis, 2014 – 2024 (US$ Mn and Mn Units)
6.2. Rest of World (RoW) Wireless Audio Devices Market Analysis, By Product Type, 2014 – 2024 (US$ Mn and Mn Units)
6.2.1. BT Speakers
6.2.2. Sound Bars
6.2.3. Wi-Fi Multiroom Speakers
7. Company Profiles
7.1. Bose Corporation
7.1.1. Company Details (HQ, Foundation Year, Employee Strength)
7.1.2. Market Presence, By Segment and Geography
7.1.3. Key Developments
7.1.4. Strategy and Historical Roadmap
7.1.5. Revenue and Operating Profits
*Similar details would be provided for all the players mentioned below
7.2. Ultimate Ears (UE, Logitech)
7.3. Vizio Inc.
7.4. Beats (Apple, Inc.)
7.5. Harman International (JBL)
7.6. Sony Corporation
7.8. Samsung Electronics
7.9. LG Electronics
The wireless audio devices market report provides an analysis of the global wireless audio devices market for the period from 2014 to 2024, wherein 2015 is the base year and 2016 to 2024 is the forecast period. Data for 2014 has been included as historical information. The report covers all the prevalent trends, products, and technologies playing a major role in the growth of the wireless audio devices market over the forecast period. It also highlights various drivers, restraints, and opportunities expected to influence the market’s growth during the said period. The study provides a holistic perspective on market growth, in terms of revenue estimates (in US$ Bn), across the world. The report provides cross-sectional analysis of the global wireless audio devices market in terms of market estimates and forecasts for all the segments across different regions. This research report provides in-depth analysis of the global wireless audio devices market on the basis of product types. The products covered in the report include Bluetooth speakers, sound bars, and Wi-Fi multiroom speakers. The report also includes competitive profiling of the major players engaged in providing wireless audio devices. The major business strategies adopted by them, their market positioning, and various recent developments have also been identified in the research report. This report also provides a market positioning analysis of major players operating in the wireless audio devices market.
The report also provides a detailed analysis of various types of products. The report offers an in-depth analysis of the market drivers, restraints, and growth opportunities. These factors enable the analysis of various trends that would impact the market during the forecast period from 2016 to 2024. The report includes comprehensive coverage of the underlying economic and technological factors influencing the global wireless audio devices market under the key trend analysis section. Furthermore, the report aims to provide strategic insights into the value chain, Porter’s Five Forces, and the impact of IoT on the global wireless audio devices market. The market positioning analysis of key players throws light on the prevalent competition in this market.
Various factors that affect the growth of the global wireless audio devices market have been identified in this report. The report aims to provide a comprehensive cross-sectional analysis of the global wireless audio devices market across region including the U.S., Europe, and Rest of the World. In addition, the report highlights the competitive landscape of the wireless audio devices market and identifies various business strategies adopted by the leading players. Under the company profiles section, the report provides an overview of the companies operating in the market, the strategies deployed by them to gain competitive advantage, annual revenue generated by them in the past two years, and recent developments. The companies profiled in this report include Bose Corporation, Ultimate Ears (UE, Logitech), Vizio Inc., Beats (Apple, Inc.), Harman International (JBL), Sony Corporation, Sonos, Samsung Electronics, LG Electronics, and Philips.
The global wireless audio devices market has been segmented as follows.
Global Wireless Audio Devices market, by Product Type
- Bluetooth Speaker
- Sound Bars
- Wi-Fi Multiroom Speaker
Global Wireless Audio Devices market, by Region
- The U.S.
- Rest of World (RoW)