Wireless Audio Devices Market Emergence of advanced technologies and global industry analysis 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.

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.

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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.

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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.

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This release was published on openPR.