The global wireless audio device market revenue is expected to reach USD 153.3 billion by 2026, growing at a CAGR of 17.1% during the forecast period from USD 69.6 billion in 2021. Increasing prevalence for the use of wireless technologies is levelling up the demand of the wireless audio device market.
Wireless audio devices transfers audio from one device to another device without the help of wires. Radio frequency (RF) was usually used for these devices to transfer the audio. In few systems, electromagnetic waves are also used. Wireless audio devices is playing an significant role in the semi-conductor and electronic devices. The wireless technology helped these devices to transmit and receive signals. Some of the wireless technologies are Wi-Fi, Bluetooth, and AirPlay.
Recent Developments:
Drivers:
Rise in the research and development activities by original equipment manufacturer is a major factor driving the demand of the wireless audio device market. Increasing number of smart phone users across the world is surging the growth rate of the market tremendously. Rising disposable income in developed and developing countries is also escalating the wireless audio device market. In commercial sector, the demand for the wireless technologies is going high day by day that is flourishing the growth rate of the market. Adoption of advanced technologies in every industry and growing prevalence for the Wi-Fi connectivity everywhere is propelling the market demand. On-going demand to launch new technological devices in favor to the end user at minimum prices is greatly influencing the growth rate of the wireless audio device market. Consumers interests towards the interior designing and growing demand for the installation of home theatres and LCDs along with the wireless technology are merely lavishing the demand of the market.
Growing support from the private organizations to manufacture innovative devices in electronic is accelerating the growth rate of the market.
Wireless audio device market trends are the focus on delivering the best devices for the people by improving the quality of the output and the consumer prominence for the wireless audio devices rather than wired audio devices.
Restraints:
However, fluctuations in the prices of the raw materials is levelling up the prices of the end products that is slowly hindering the demand of the wireless audio device market. In addition, growing risk with the continuous use of these wireless audio devices among few people is hampering the growth rate of this market. Complex regulatory systems by government authorities is also a factor that is ascribed to degrade the demand of the wireless audio devices market. Bit errors and delay in delivering quality audio through wireless audio devices are additionally limiting the demand of the market.
By Product
Headphones segment is holding the highest shares of the market with the rising demand from the consumers. Earphones segment is next in leading the largest shares of the market. Owing to rising expenditure on the smart phones and tablets is elevating the demand of the market.
By Technology
Bluetooth segment is with the largest shares of the market whereas Wi-Fi segment is expected to hit the highest CAGR in the coming years.
By Application
Home audio segment is likely to hold the largest shares of the market during the forecast period.
By Functionality
Smart devices is gaining traction over the shares of the market. Launch of various devices with advanced technologies is promoting the demand of this segment.
North America is leading with the dominant shares of the market by owing to increasing economy and rising expenditure on the electronic goods. Increasing sales of the infotainment devices like laptop, smartphones and others is leveraging the growth rate of the market in this region. Now a day, people are giving more priority to use wireless devices that can be easily connected via Wi-Fi and Bluetooth to stream music that is escalating the demand of the market. Europe is next in leading the dominant shares of the market. Increasing number of people using electronic goods is anticipated to lavish the demand of the wireless audio devices market in this region. Also, there is an increasing demand for the wireless audio device from the defense sector that is straightly fueling the market growth.
Asia Pacific is anticipated to have the highest CAGR in the near future. Increasing population and rising demand for the advanced electronic goods in urban areas are bolstering the growth rate of the wireless audio device market. In addition, emergence of e-commerce is enhancing the demand of this market to the extent.
Latin America is ascribed to have the significant growth opportunities by promoting the new devices through digital advertisements.
Middle East & Africa is likely to have steady growth rate during the forecast period 2022 - 2027.
The sudden outburst of the COVID 19 pandemic has brought many changes in the finance across the world. The wireless audio device market was badly hit with the pandemic. The lockdown restrictions imposed by government to curb the transmission of the novel coronavirus has reduced the market shares. In the first half of 2020, all the companies were completely shut down. Later government released some guidelines setting relaxations for the companies from last months of 2020. Hence, the sales started to rise for the consumer electronic goods all over the world. The wireless audio devices market is set to have the dominant growth opportunities as expected.
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