Wireless Audio Market to reach 54.07 Billion by 2022
According to a new market research report published by MarketsandMarkets, the wireless audio device market is expected to be worth USD 54.07 Billion by 2022, at a CAGR of 23.2% between 2016 and 2022.
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The growth of this market is majorly driven by the growth of the market for smartphones, which are used as a source of entertainment, rise in the adoption of portable devices, high expenditure on R&D for wireless audio technology by OEMs, advancements in technologies, and growing demand for infotainment services.
In 2015, speaker systems held the largest market size
The main benefit offered by the wireless speaker systems is that there are no wires connecting the speakers to the sound system; hence, there is no need for users to worry about tripping over wires that are connected to the speaker system. Moreover, wireless headsets and microphones keep the user’s both hands free due to which the user can perform other tasks.
Bluetooth technology is expected to dominate the wireless audio market during the forecast period:
Audio streaming through Bluetooth has become the major trend in the wireless audio device market. The wireless audio devices with Bluetooth technology are expected to witness a significant demand in the near future for a higher throughput, more ubiquitous usage, and linking with the Wi-Fi and ultra-wideband (UWB) broadcast technologies.
The Americas accounted for the largest share of the wireless audio market in 2015
The Americas accounted for the largest share of the wireless audio market in terms of value as well as volume in 2015. In the Americas region, the U.S is at the forefront of commercializing new technologies. The APAC market is expected to grow at the highest CAGR during the forecast period. The APAC, being the most populated region in the world, market for consumer electronics including smartphones, tablets, and wireless audio devices is increasing rapidly because most of the countries in this region are growing at a higher rate.
MarketsandMarkets covers the Wireless Audio Market segments on the basis of product: headphones, headsets, speaker systems, soundbars, others; technology: Bluetooth, WI-Fi, AirPlay, sonos, others; application: home audio, consumer, commercial, automotive, others; and geography. A detailed analysis of the regional markets has been done to provide insights of the potential future business opportunities in different regions.
The key players in this market include, Apple Inc. (U.S.), Bose Corporation (U.S.), Sonos, Inc. (U.S.), Dei Holdings Inc. (U.S.), Harman International Industries, Incorporated (U.S.), Samsung Electronics Co., Ltd. (South Korea), Sennheiser Electronic GmbH & Co. KG (Germany), Sony Corporation (Japan), Vizio, Inc. (U.S.), and Voxx International Corporation (U.S.).
