Wireless Audio Devices Market to Reach US$10.12 bn by 2024 – TMR

The global wireless audio devices market bears a fairly fragmented vendor landscape, says Transparency Market Research (TMR) in a recently published report. This is because the market shows substantial unity as players are aligned along a single focus to improve products quality. Sony Corporation, Bose Corporation, Samsung Electronics, and UE (Logitech) are the top companies operating in the global wireless audio devices market.

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.

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Rising Applications of Wireless Audio Devices in Various Commercial Sectors Propel Market

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.

Demand for Wireless Audio Devices Market Surges in Response to Rising Popularity of Wireless Music Streamin

Until 2014-2015, the unit shipment of sound bar audio devices and wireless speakers held the lion’s share in the global wireless audio devices market. However, Transparency Market Research’s (TMR) new study finds that the persistently increasing demand for Bluetooth speakers in lower-end of the price spectrum and the rising demand for multiroom audio at the premium end will usher in new opportunities for the market. The most prominent players in the market including Sony, Bose, LG, Samsung, and Denon are vying to take on this rapidly growing segment that was earlier dominated by Sonos.

Attracted by the prevailing prospects, technology firms such as Google are also aggressively investing in wireless audio devices. The competition is set to build up as Google pits its Google Cast against the likes of Apple Airplay, says TMR.

The demand for wireless audio devices is expected to rise in response to the increasing adoption of wireless technology enabled products, projects TMR. The compact design of these products and convenience they offer will further boost their proliferation worldwide. Audio technologies such as Wi-Fi, Bluetooth, Airplay, and WiSA are now used for the transmission of audio files between these devices.

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Prospects for Bluetooth-enabled Wireless Audio Devices Seem Robust

Wireless audio devices with built-in Wi-Fi and Bluetooth play the music sourced from a PC or other portable devices. “Being independent of speakers’ location, these devices score high on convenience,” said a TMR analyst. Due to the impact of these factors, the sales of wireless audio devices are expected to increase in the forthcoming years.

The TMR analyst further states that “Among various wireless audio technologies available in the market, Bluetooth accounted for a major share in the home audio shipments in 2015.” “The Wi-Fi technology on the other hand is integrated into room speakers such as DNLA and Airplay. In the next few years the technology will also make inroads into mobile speakers and sound bars,” he added.

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Technological Limitations May Inhibit Proliferation of Wireless Audio Devices

Despite witnessing favorable opportunities, the incompatibility of the Bluetooth technology with high resolution uncompressed audio files limits the deployment of wireless audio devices. Also the vulnerability of the sound quality in Wi-Fi technology to the ambient noise also negatively impacts the adoption of wireless audio devices, particularly in the household sector.

Nevertheless, the leisure and hospitality industries exhibit ample opportunities for the global wireless audio devices market. The market is also expected to gain impetus from the launch of the latest technologies.

By product, Bluetooth speakers accounted for the largest share of the market in 2014. Regionally, the U.S. has been exhibiting the most attractive prospects for enterprises operating in the global wireless audio devices market. Considering robust demand reported by developing nations such as India and China, APAC is expected to provide vendors attractive opportunities to capitalize on during the forecast period.

TMR has pegged the value of the global wireless audio devices market at US$9.04bn in 2014. Exhibiting a CAGR of 1.5%, the market is projected to reach US$10.12 bn by the end of 2024.