| Status : Published | Published On : May, 2023 | Report Code : VRSME9114 | Industry : Semiconductor & Electronics | Available Format :
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Page : 220 |
Global Wireless Audio Device Market – Analysis and Forecast (2023-2030)
Industry Insight by Product (Headphones, Earphones, Speaker Systems, Headsets, Microphones, Soundbars, True Wireless Hearables/ Earbuds, and Others), by Technology (Smart Devices and Non-Smart Devices), by Functionality (AirPlay, Bluetooth, Wi-Fi, Bluetooth + Wi-Fi, Radio Frequency, and Others), by Application (Commercial, Consumer, Home Audio, Automotive, and Others), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The global wireless audio device market reached USD 71.3 billion in 2022 and is projected to achieve USD 154.3 billion by 2030, with a strong compound annual growth rate (CAGR) of approximately 17.3% throughout the forecast period from 2023 to 2030.
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The industry of wireless audio devices experiences substantial growth due to the widespread utilization of wireless technologies like Wi-Fi, Bluetooth, and AirPlay. These technologies enable the seamless transmission and reception of diverse audio signals, contributing to the expansion of the global wireless audio devices market. A notable advantage of wireless audio systems lies in their absence of interconnecting wires, which results in reduced wear and tear on individual components. Common examples of wireless audio devices include wireless headphones, microphones, speakers, soundbars, audio systems, radio tuners, and other related equipment.
These gadgets work as add-ons for smartphones, laptops, desktop computers, and gaming consoles. Wireless audio systems stream music from audio enabled devices to wireless output systems using wireless platforms such as radiofrequency, Bluetooth, infrared, airplay, SKAA, and Wi-Fi. They're utilized to stream media from audio-enabled devices to output systems in real-time. These devices also provide users with increased connectivity, flexibility, and convenience. As a result, they are widely used in the commercial, consumer, automotive, and defense sectors.
The COVID-19 pandemic has led to strict lockdowns resulting in forcing people to stay in their homes. This has increased the adoption of audio devices for entertainment in their homes. Moreover, there is an increased demand for video streaming platforms like Netflix, Amazon Prime, Hot star, etc., the rising trend in video content utilization through live video streaming over the internet, adoption of remote learning, remote working, and home workouts has increased the demand of audio as well as video devices.
Market Segmentation
Insight by Product
On the basis of product, the global wireless audio devices market is segmented into headphones, earphones, speaker systems, headsets, microphones, sound bars, true wireless hearables/ earbuds, and others. The headphones segment is predicted to have a massive market share because the audio data starts from a source, e.g., smartphone, and is wirelessly transmitted to a playback unit that comprises of a speaker and power amplifier. Certain keys are used to control the playback unit.
Insight by Technology
On the basis of technology, the global wireless audio device market is sub-divided into smart devices and non-smart devices. As per the analysis Smart devices are expected to grow at a faster pace during the forecast period owing to technological development.
Insight by Functionality
On the basis of functions, the global wireless audio device market is classified into Airplay, Bluetooth, Wi-Fi, Bluetooth + Wi-Fi, Radio Frequency, and others. The Bluetooth + Wi-Fi contributes to the largest share in the market. There is a prominent rise in demand of wireless audio devices as they are cost-effective and portable. The unique combination of Wi-Fi and Bluetooth technologies on a single Integrated Circuit has contributed to its rising demand in the market. Consumers want ongoing connectivity in the appliances starting with their smartphones.
Insight by Application
On the basis of application, the global wireless audio device market is divided into commercial, consumer, home audio, automotive, and others. The consumer application is predicted to grow at a faster pace during the projected period owing to the increased adoption of headphones and headsets in consumer electronics like smartphones, computers, and gaming consoles. These smartphones may be used to play music through speakers wirelessly.
Wireless Audio Device Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2022 |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023-2030 |
|
Market Size in 2022 |
$71.3 Billion |
|
Revenue Forecast in 2030 |
$154.3 Billion |
|
Growth Rate |
CAGR 17.3% |
|
Segments Covered in the Report |
By Product, By Technology, By Functionality, and By Application |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Industry Trends
The increased adoption of connected devices, heighten product innovations, emphasis on technological development, and rise in expenditure on semiconductors for wireless devices are the trends that are prevalent in the wireless audio device industry. The market is also growing due to increased use of wireless audio devices in the defense industry for secure and long-range communications.
Growth Drivers
The global wireless audio device industry is experiencing a surge in demand for informative devices such as televisions, PCs, mobile phones, laptops, tablets, and in-vehicle informative devices. This increase in demand can be attributed to the growing reliance on mobility solutions, including cloud services, the BYOD (Bring Your Own Device) movement, mobile devices, and wireless services. As a result, original equipment manufacturers (OEMs) are investing heavily in research and development (R&D) activities to cater to this expanding market.
Wireless audio devices have gained popularity due to their enhanced features, including portability, easy management, and remote accessibility for audio communication. The convenience of wireless operations and quick audio transmission, coupled with easy installation, has significantly contributed to the rising demand for wireless audio devices. This demand is further bolstered by the integration of wireless audio devices into mobile services, leading to an increased demand for smartphones.
Furthermore, the market growth of wireless audio devices is expected to be propelled by their diverse applications in various sectors such as education, media and entertainment, sports events, meetings, conferences, auctions, and news broadcasting. These expanding applications open up new opportunities and contribute to the overall market expansion.
Challenges
The frequency range of audio devices is subject to stringent government norms such as device volume of more than 85 decibels (dB) and that too for more than 8 hours may impair users' hearing ability. The market's progress is hampered by these considerations. The concern regarding the delivery of high-quality audio, privacy and power consumption related issues, and negative health effects on children due to hearing loss or headache, owing to the usage of the wireless audio device for a longer period of time are some of the challenges faced by the wireless audio device market.
Opportunities
Rapid technological improvement and the growing need for convenience among customers, such as mobility and remote accessibility, would present considerable opportunities for market players in the global wireless audio device industry. Increased sound-bar installations, together with expanding prospects in the hotel and leisure sector, are likely to boost up the market growth.
Geographic Overview
North America dominates the wireless audio industry as the US is at the forefront in terms of the commercialization of novel technologies. Furthermore, increased popularity among consumers, rise in adoption of electronic devices, and importance of developed wireless technologies will propel the growth of the wireless audio device market in the region.
APAC is expected to have a high CAGR during the forecast period 2022-2028 in the wireless audio device market owing to the increased adoption in the consumer electronics sector, increase in economic growth, and rapid industrialization.
Competitive Insight
The market for wireless audio devices is highly fragmented since numerous manufacturers are joining the industry due to the low initial entry cost. The market is remarkably competitive, as a result of it leading market players are drafting a collaboration strategy with other industry leaders in order to discover and launch new solutions to fulfil consumers' growing demands.
Sound United was created in 2012 with a simple mission: to spread joy via music. Today, they are one of the world's largest audio portfolio companies, with Bowers & WilkinsTM, Denon®, Marantz®, Polk Audio, Classé, Definitive Technology, HEOS, and Boston Acoustics® among its renowned brands. Each brand has its own concept and strategy to bring entertainment into the house. Sound United manages the design and manufacture of a wide range of luxury audio equipment’s, including loudspeakers, soundbars, AV receivers, wireless speakers, amplifiers, and headphones.
HARMAN International is a world leader in connected car technology, lifestyle audio, professional audio and lighting solutions, as well as design and analytics. Audiophiles, musicians, and the entertainment venues where they play throughout the world admire HARMAN's renowned brands, which include AKG®, Harman Kardon®, Infinity®, JBL®, Lexicon®, Mark Levinson®, and Revel®. Personal audio solutions from HARMAN are among the best in the market.
In October 2021, Apple launched the third version of AirPods, which include spatial audio and come in a redesigned contoured shape with advanced features and a magical experience. The new AirPods use computational audio to create breakthrough sound with Adaptive EQ by combining the capabilities of the H1 chip with an Apple-designed acoustic system. Users can enjoy Dolby Atmos spatial audio in Apple Music, movies, and TV shows, as well as dynamic head tracking, on all of their Apple devices. The new AirPods are sweat and water-resistant, and they have a force sensor for easy and intuitive music and phone call management. With the easy charging case, one can get up to six hours of listening time1 and up to 30 hours of total listening time.
In June 2021, VOXX International Corporation, a global leader in automotive and consumer technology, announced that its wholly-owned subsidiary, Premium Audio Company, LLC, and Sharp Corporation have successfully formed a joint venture to acquire certain assets of Onkyo Home Entertainment Corporation's audio/video business. The transaction costs $30.8 million in total, plus the assumption of certain liabilities and future commission payments to Onkyo on specific product sales. Premium Audio Company will control around 75% of the JV, while Sharp will own approximately 25%.
Some of the major players in the wireless audio device industry include Apple Inc., SONY ELECTRONICS INC., HARMAN International, Sonos, Inc., Bose Corporation, Qualcomm Technologies, Inc., VOXX International Corp., Shure, Sound United, and Koninklijke Philips N.V.
The wireless audio device market research includes a comprehensive market segmentation analysis as well as projections for the analysis period 2023-2030.
Segments Covered in the Report
- By Product
- Headphones
- Earphones
- Speaker Systems
- Headsets
- Microphones
- Sound Bars
- True Wireless Hearables/ Earbuds
- Others
- By Technology
- Smart Devices
- Non-Smart Devices
- By Functionality
- Airplay
- Bluetooth
- Wi-Fi
- Bluetooth + Wi-Fi
- Radio Frequency
- others
- By Application
- Commercial
- Consumer
- Home Audio
- Automotive
- Others
Region Covered in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Wireless Audio Device Market