The global wireless audio devices market is dominated by large multinational players, who are acquiring small domestic companies. The degree of competition with growing market consolidation is poised to remain high in the forthcoming years. Transparency Market Research (TMR) observes that the majority of manufacturers are identifying investments into research and development of new products as a key strategy to stay ahead in the market.
“The latest innovation in the field of sound bar audio device includes curved products to compliment the new generation of curved TVs,” says TMR’s lead analyst. Considering the robust growth of the electronics industry in emerging economies such as India and China, manufacturers are expected to shift their focus towards these economies to tap the potential market. The leading players in the market are Bose Corporation, JBL, Vizio Inc., Samsung Electronics Co. Ltd., and Sony Corporation.
U.S. to Remain Leading Volume Contributor through 2024
The wireless audio devices market stood at 54.5 mn in 2015 and is expected to reach 150.6 mn by 2024, rising at a CAGR of 14.0% from 2016 to 2024. By product type, BT speakers is anticipated to represent the lion’s share during the forecast period. The sound bars segment is likely to rise at a CAGR of 16.0% during the same period. The growth is supported by its flexible audio streaming capability and low selling prices. Moreover, the rising disposable income and the increasing affordability of big screen TVs are propelling this segment.
The U.S. will continue to be the leading regional segment until 2024. The rise of downloads and streamed music in the region is prompting home audio suppliers to remake their products. The rapid technological advancements and the presence of a large number of players are contributing to the growth of the region. The RoW segment is estimated to expand at a CAGR of 15.3% in terms of volume during the forecast period, owing to the flourishing growth of the electronics industry in emerging economies of Asia Pacific.
Increasing Implementation of Wireless Connectivity Technology in Home Audio Devices to Propel Growth Prospects
The adoption of wireless technologies such as Bluetooth, Wi-Fi, and AirPlay has increased rapidly over the past few years owing to the convenience provided by them, especially in terms of portability. Moreover, due to the increasing demand for multi-room audio systems, the implementation of Wi-Fi technology in home audio devices is likely to increase. These factors, collectively, are driving the global wireless audio devices market.
Furthermore, the increasing popularity of connected content and hands-free calling devices from the automotive industry is likely to bode well for the growth of the market. Bluetooth technology plays a crucial role in enhancing the infotainment systems for automobiles and allowing drivers to attend calls/messages while driving. With its ability to offer higher transfer speed ensuring longer connectivity and less power consumption, Bluetooth technology is expected to remain the standard wireless connection between the infotainment systems for the foreseeable future.
Operational Issues Pertaining to Speed and Data to Dent Demand for Wireless Audio Devices
Due to the property of Bluetooth technology to compress files before transmission, it is called lossy transmission technology. Moreover, the speed of data transmission through Wi-Fi technology is affected by surrounding electromagnetic radiation. Despite the global standardization of wireless connectivity technology, many devices from different manufacturers are not fully compatible, which in turn affects the speed of communication. Therefore, the operational challenges related to speed and data are adversely affecting the growth of the global wireless audio devices market. However, the robust growth of the hospitality and leisure industry provides ample growth opportunities to the global market.
The information presented in this review is based on a Transparency Market Research report, titled,“Wireless Audio Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024.”
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)
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