The wireless audio device market is expected to register a CAGR of 17.22% during the forecast period 2019-2024.
The consumers are swiftly evolving by integrating wireless connectivity across a host of devices such as sound bars, microphone, headphones, speaker docks, and home theatre in box systems which are providing a paradigm shift in the wireless audio device market.
- The major drivers of the wireless audio device market are increasing requirement for mobility, high expenditure on semiconductor for wireless devices and advancement in technologies and introduction of innovative devices.
- The growing technological propagation and amalgamation of wireless audio device products with a vast range of applications such as consumer, commercial, automotive and others are also the major factors driving the growth of the Wireless Audio Device Market.
- Moreover, growth of this market is propelled by the increasing demand for smartphones as a source of entertainment, consumer preferences for portable devices, and advancements in wireless technologies.
- However, issues related to frequency compliance and health are some of the factors challenging the growth of the market.
Key Market Trends
Bluetooth Technology to Lead the Wireless Audio Device Market
- Bluetooth technology is a universally accepted standard and is compatible with almost every device, which stands as the primary reason behind the technology outperforming other technologies in the market.
- One such technological advancement was the introduction of Qualcomm aptX and Bluetooth 4.0, which has bought out a significant change in the speaker’s sound quality, bolstering its adoption. Bluetooth consumes less power, as compared to other wireless audio transmission technologies.
- This factor has made Bluetooth technology a preferred choice in smartphones, for wireless audio transmission. In addition, market incumbents, such as HTC, Samsung, and OnePlus have been identified to incorporate Bluetooth 5.0 technology into their smartphones, further increasing its adoption.
Asia-Pacific to be the Fastest Growing Market
- Owing to the well-established consumer electronics market, Asia-Pacific has a major share of the market. Growing populations of middle-class consumers in evolving economies like China, India, and Japan are the main driving force behind the market growth.
- For instance, in China owing to the vast availability of resources and cheap labor, various multinational companies have also set up their manufacturing plants, thus making the country an ideal destination for multi-million investments in the field of wireless audio devices.
- Moreover, China is poised to be a leader, in terms of the volume of smartphones, with a 37% share, by 2018. India with its adaption to technology and increasing usage of smartphone is also strengthening its smartphone market share. This emphasizes the importance and growing demand for wireless audio devices in China as well as India.
The wireless audio device market is highly fragmented due to players are entering the market as it has a low entry cost in terms of capital. The market is highly competitive with many players having shares in the market. Some of the key players include Apple Inc., Bose Corporation, DEI Holdings Inc., Harman International Inc., Koninklijke Philips N.V., Sennheiser Electronic GMBH & Co. KG, Sony Corporation, Shure Incorporated, among others.
- April 2019 – Harman a wholly-owned subsidiary of Samsung Electronics Co. Ltd. focused on connected technologies for the automotive, consumer, and enterprise markets, showcases its Premium Communications solution for the first time in China at the Shanghai Auto Show. Premium Communications is a first-of-its-kind modular offering designed to elevate present in-vehicle communication environment. Premium Communications enables clear, frustration-free conversations for all occupants within a vehicle.
- January 2019 – Sony announced an all-new music experience called “360 Reality Audio” that makes listeners feel as if they are immersed in sound from all directions. The new experience is delivered by Sony’s object-based spatial audio technology and was announced at CES 2019 in Las Vegas.―Business Wire