Global wireless audio devices market is poised to reach US$10.12 bn by 2024

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.

Information included in the report is based on a report, titled “Wireless Audio Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024” published by Transparency Market Research

The report has segmented the global wireless audio devices market as:

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.
Europe
Rest of World (RoW)

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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