Market Analysis
Market Research Future (MRFR) presumes the global Wireless Audio Market to reach USD 70 billion at a CAGR of 17% from 2016-2027 (forecast period).
Wireless audio devices are widely utilized in commercial sectors such as media and entertainment, education, and business for a variety of applications such as conferences, meetings, sports events, news broadcasting, and auctions. Wireless devices such as speaker systems, wireless microphones, and headphones are widely used in the market. This is a crucial factor driving the growth of the wireless audio device market.
Consumer demand for mobility services has increased over the years due to the need for efficient connectivity and easy access to information and resources. Individuals are becoming more aware of mobility solutions such as cloud services, the BYOD trend, mobile devices, wireless services, and others. The use of wireless audio devices has increased due to advanced characteristics such as portability, ease of management, and remote access for audio communication. Wireless audio devices enhance the consumer experience by providing simple and quick audio transmission, wireless operation, and the convenience of installation. As a result, rising consumer demand for mobile services is likely to enhance the market for wireless audio devices.
Key Players
Sony Corporation (Japan), Koninklijke Philips N.V. (Netherlands), LG Electronics (South Korea), Sonos Inc. (U.S.), Bose Corporation (U.S.), Vizio Holdings Inc. (U.S.), Sennheiser Electronic Gmbh & Company Kg (Germany), Apple Inc. (U.S.), Voxx International Corporation (U.S.), Samsung Electronics Co. Ltd (South Korea).
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COVID-19 Impact on the Worldwide Wireless Audio Device Market
Wireless audio systems utilize wireless platforms that include Bluetooth, radio frequency, infrared, airplay, SKAA, and Wi-Fi for streaming music from audio enabled devices to wireless output systems. The global spread of COVID-19 has resulted in lockdowns that have caused people to remain at home. The growing number of people who choose to stay at home has increased the use of audio devices for entertainment. Individuals' confinement to their houses has proven to be responsible for boosting demand for video streaming platforms like Amazon Prime, Netflix, and Hotstar. During the lockdown, the increasing trend of live video streaming and video content consumption over the internet has increased the demand for audio devices. Furthermore, the need for audio products has grown as a result of remote working, remote learning, and home workouts.
The COVID-19 pandemic, on the other hand, has had a significant impact on the market for wireless audio devices. The global proliferation of COVID-19 has had a significant impact on the consumer electronics business. Precautionary measures implemented by governments throughout the world have resulted in a temporary halt in business and the production of consumer electronics such as smartphones and tablets. The global lockdown has affected sales of technologically advanced smartphones, as well as demand for wireless audio products like as wireless headsets and headphones. Product sales were also impacted by decreased manufacture of wireless audio devices. As China is a hub for raw materials and finished goods used in the manufacture of electronic products, the market has also been impacted by disrupted supply chains and halted exports.
Market Segmentation
The global wireless audio device industry has been divided into products, technology, and end-user.
By product, the worldwide Bluetooth Audio Devices Market has been segmented into wireless speaker systems, wireless headsets, soundbars, and wireless microphones, among others.
By technology, the worldwide wireless audio market has been segmented into Bluetooth, Wi-Fi, Airplay, and others.
By end-user, the worldwide wireless audio device market has been segmented into commercial, electronics, telecommunication, automotive, security & defense, and others.
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Regional Analysis
Region-wise, the worldwide wireless audio device market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The global wireless audio devices market is dominated by North America, followed by the Asia Pacific and Europe. The availability of low-cost consumer devices, as well as the growing popularity of smartphones, are driving the expansion of the North American market for wireless audio devices. The North American market for wireless audio devices is led by the United States, which is expected to grow by more than 16% between 2015 and 2027.
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