Wireless Audio Devices Market Competitive landscape, Key company profile analysis and Opportunities | Impact of COVID-19

Overview:

The wireless audio device market will witness a healthy growth from 2016 to 2027, a research report suggests. Growing at a CAGR of 17%, the market is projected to reach USD 70 billion by 2027. Increasing use of wireless audio devices in the commercial sector is expected to support the market growth along with increasing need for mobility services. As predicted by analysts, low research and development budgets will negatively affect the market’s performance from 2016 to 2027. During the forecast period, the market will be supported by the demand for mobility services amongst consumers and efficient connectivity and ease of access of information. The lack of effective communication on the other hand will challenge audio equipment sector based organizations functioning in the global wireless audio device market. Analysts have split the market into product, technology, and end-users segments based on products and services. 

Competitive Landscape:

Bose Corporation (U.S.), Voxx International Corporation (U.S.), Sony Corporation (Japan), LG Electronics (South Korea), Sennheiser Electronic Gmbh & Company Kg (Germany), Koninklijke Philips N.V. (Netherlands), Sonos, Inc. (U.S.), Apple Inc. (U.S.), Vizio Holdings, Inc. (U.S.), and Samsung Electronics Co., Ltd (South Korea) are some of the big shots involved in devising strategies for the global wireless audio devices market.

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Segmentation:

The global report containing the Wireless Audio Device Market study includes a discussion based on the product, technology, and end user. These segments reveal data that got sieved by analysts later to provide a better understanding of the market flow and prepare a ground for devising efficient strategies. 

By product, the global report on the wireless audio device market reveals segments like wireless headsets, soundbars, wireless speaker systems, wireless microphones, and others.

By technology, the global study of the wireless audio device market includes segments like Wi-Fi, Airplay, Bluetooth, and others. The Bluetooth technology is expected to cross USD 36.46 billion mark.

By end-user, the report on the wireless audio device market comprises an understanding of electronics, telecommunication, commercial, security & defense, automotive, and others. The automotive segment has a huge scope for growth. 

Regional Analysis:

Low-cost equipment and rising intake of smartphones are expected to help North America maintain its dominant position. The region has Asia Pacific and Europe in its tail. The US market has a scope to register around 16% CAGR during the forecast period.

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Industry News:

In August 2020, Samsung has unveiled its new Galaxy Buds Live. The product looks convenient and its outer design looks quite attractive for daily use. It is a part of what Samsung believes the wider Galaxy ecosystem that improves healthy life, better communication, and maximum input from technology. The new TWS earbuds display new designs that the company projects as extremely ergonomic and comes with an ability to provide great comfort. The company has upgraded the model with AKG-tuned 12mm drivers to improve sound quality. It also has a bass duct to deliver the same result. It comes with three microphones and a Voice Pickup Unit to ensure clear audio quality during the call. It also has an Active Noise Cancellation that would place it ahead of many of its competitors. 

In July 2020, Qualcomm Technologies International, Ltd., or QTIL, recently announced its collaboration with India's e-commerce company Flipkart to launch its range of wireless audio devices under the HRX brand in India. Qualcomm powered products, an exclusive part of the new HRX audio collection, include - Neckband 1 ― HRX Wave 7R, True Wireless Earbuds – HRX X-Drops 9G, and Neckband 2 ― HRX X-wave 14 R.

During the COVID-19 pandemic, the market has experienced some drastic changes due to the changes in workplace policies. Companies started preferring work from home, which witnessed a rapid uptake of wireless audio devices. In fact, the education sector, which is now relying on virtual media, has recorded a jump in the sales of the product. 

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