Wireless Audio Devices Market - Portable Speakers Gaining Traction In The Wireless Audio Devices Market

R&D imperative to stay ahead in the wireless audio devices market

Audio device manufacturers have focused their attention on product innovation and R&D as customers seek ‘newer, better, and more improved’ products. The widespread adoption of mobile devices such as smartphones and tablets has spurred the demand for improved sound quality delivered by portable Bluetooth speakers. Manufacturers have experimented with different colors, shapes, and sizes with varied use cases and this has directly benefited the wireless audio devices market. Improved connectivity features also attract customers in no small measure to the wireless audio devices market.

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Portable speakers gaining traction in the wireless audio devices market

Customers, particularly in developed regions such as Western Europe and North America have a greater likelihood of purchasing premium priced products and this applies to the wireless audio devices market as well. This is largely due to a higher disposable income coupled with the presence of major brands in these countries. In addition, the sales of premium priced portable Bluetooth speakers is expected to increase in Eastern Europe in the medium term as these products offer greater convenience and a superior user experience when compared to their wired counterparts.

The portable speakers segment in the global wireless audio devices market is estimated to hold a market share of about 46% by the end of 2025. This segment will witness high Y-o-Y growth during the forecast period and register a CAGR of 10.5% in terms of value. The portable speakers segment is also expected to register the maximum incremental opportunity in the global wireless audio devices market during 2017 – 2025.

Mobile first world supports the rise of portable Bluetooth speakers

The APAC region led by China and India is witnessing explosive economic growth. A rising disposable income allows people in this dynamic region to spend money on what was once considered a luxury such as portable Bluetooth speakers. Improved Internet connectivity and the preference of people for audio and video online streaming services is projected to boost the wireless audio devices market. Cloud computing has provided limitless opportunities for audiophiles to access the content they love anywhere, anytime, even from the most remote and far-flung locations.

Changing tastes play a major role in the wireless audio devices market

Consumer tastes have dramatically changed in the 21st century and music has moved to a digital format, compelling manufacturers in the wireless audio devices market to design systems accordingly. Initially, customers gave a higher priority to speakers that boasted a higher wattage and sound quality. Unfortunately, this created a nuisance for others in the vicinity because of the loud noise generated. Therefore, customers now look at other key factors such as Wi-Fi and Bluetooth connectivity, card reader plug in, etc.

Battery drain a critical restraint in the wireless audio devices market

Portable Bluetooth speakers run on either inbuilt or external batteries that need to be frequently recharged. The battery life of these devices is not yet ideal as portable speakers usually last for a few hours at the most. This poses a key challenge to market these devices in the wireless audio devices market, especially in emerging economies that may face frequent rolling blackouts. Portable speakers that run on Bluetooth are typically of a higher cost and they may have certain compatibility issues when compared to wired audio devices. The latter offer a greater number of features, higher range coverage, and USB port facilities that could stifle the demand in the wireless audio devices market.

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Focus on the U.S. in North America wireless audio devices market

Companies are advised to direct their attention to the U.S. and North America wireless audio devices market as the continent has a number of advantages in its favor. Portable speakers are predicted to grow with an exponential CAGR of 10.5% in North America for the period from 2017-2025. From a value of just over US$ 1.5 Bn in 2017, portable speakers in North America are anticipated to be worth approx. US$ 3.4 Bn by the end of the forecast period.

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