Wireless Audio Devices Market Report

Market Insights

The Wireless Audio Devices Market is estimated to grow from USD 16.9 billion in 2020 to USD 43.0 billion by 2026 at a healthy CAGR of 17.1% during the forecast period.

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What is wireless audio device?

Wireless audio conveys an audio signal to a wireless by employing a radio-frequency transmitter. The audio data signal, together with other non-audio data, is broadcast as a radio emission. The wireless audio system offers expandability, connectivity, convenience, and suppleness. Wireless audio devices use wireless platforms like radiofrequency, Bluetooth, Wi-Fi, etc.

Key Players

Key players operating in the wireless audio devices market are-

• Apple Inc. (US)
• Bose Corporation (US)
• DEI Holdings Inc. (US)
• Samsung Electronics Co. Ltd. (Harman International Inc.) (South Korea)
• Koninklijke Philips NV (Netherlands)
• Sennheiser Electronic GMBH & Co. KG (Germany)
• Shure Incorporated (US)
• Sony Corporation (Japan)
• Vizio Inc. (US).

Market Dynamics

Some of the major factors bolstering the product demand are-

• Increasing adoption of mobile devices
• Growing penetration of infotainment devices
• Rising applications of wireless audio devices in the commercial sector such as events and call centers.

Moreover, rapid technological advancement and the rising need for convenience such as remote accessibility and portability among customers further generate lucrative opportunities for the industry player during the review period.

Segments Analysis

Technology Trend

The market is classified into Bluetooth, airplay, wi-fi, and others. The market is expected to be predominantly influenced by the increasing demand for Bluetooth technology during the forecast period. With the highest compound annual growth rate (CAGR), the Bluetooth segment is projected to experience substantial growth. Bluetooth technology plays a vital role in facilitating audio streaming within consumer electronics and wireless audio devices.

Product Trend

The market is classified into wireless headsets & microphones, wireless speaker systems, sound bars, and others. The sound bar segment is anticipated to grow at the highest compound annual growth rate (CAGR) during the forecast period. Several factors contribute to its growth; one of the key drivers is its compatibility with LED TVs and mobile devices. Additionally, the overall growth of the consumer electronics market further supports the expansion of the sound bar segment.

Application Trends

The market is classified into consumer, commercial, automotive, others. The consumer segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. Wireless audio devices such as headphones and headsets are widely used in consumer electronics such as computers, smartphones, and gaming consoles. The rising adoption of technologically-advanced smartphones by consumers has led to an increased demand for wireless headphones and headsets, thereby bolstering the segment growth. 

Regional Trends

The Asia Pacific market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly attributed to rapid technological advancements, well-established consumer electronics in the region, and the large presence of product manufacturers. Also, the vast availability of resources and cheap labor encourages various multinational companies to set up their manufacturing plants in APAC, which further proliferates regional market growth.

COVID-19 Impact

The COVID-19 outbreak has moderately affected the wireless audio devices industry. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly. The pandemic affected the communication infrastructure and automotive, consumer electronic sectors, thus affecting every stakeholder in the supply chain.

Critical Questions Answered in the Report

• What are the key trends in the market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

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Target Audience

Here is the list of the group of customers that the wireless audio devices market hopes to have the greatest opportunity to convert-

• Vendors
• Retailers
• Consumer electronic companies
• Automotive companies

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Features

This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision making for the existing players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle and supply chain analysis
• Growth drivers and constraints, Porter’s five forces and SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors.

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.