Consumer electronics is a profitable industry which is constantly growing as companies develop new products and technologies in the market. For instance, smart television, wireless headphones, Bluetooth speakers are a part of this segment. The growing population, increasing consumer preferences for wireless accessories and evolution of new technologies in the market is boosting the growth of consumer electronics segment. For instance, wireless headsets include a speaker and a microphone which are commonly used during any digital communication. In U.S., 40% of population uses wireless headphones on portable devices which is expected to increase in the coming future.
Increasing penetration of wireless devices in commercial and consumer electronics sector, and increasing usage of wireless devices by security & defence sector are expected to drive the market during the forecast period 2016-2027. However, high development cost of wireless audio device is the major factor hindering the market growth.
The Global Wireless Audio Device Market is growing rapidly over 17% of CAGR and is expected to reach at USD ~70 billion by the end of forecast period 2027.
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Global Wireless Audio Device Market can be segmented as follows:
- Segmentation by Product: wireless speaker systems, wireless headsets, sound bars, and wireless microphone among others.
- Segmentation by Technology: Bluetooth, Wi-Fi, Airplay and, others.
- Segmentation by End-User: commercial, electronics, telecommunication, automotive, security & defence and others.
Regional Analysis of Wireless Audio Device Market:
North America is dominating the wireless audio device market followed by Asia-Pacific and Europe. The availability of low cost of consumer equipment and growing trend of smart phones are the growth drivers of wireless audio device market in North America. The US market among North America region is the leading economy in wireless audio device market and is expected to grow with a CAGR of more than 16% during the forecasted period of 2015-2027.Whereas, Asia-Pacific region is expected to grow with a highest rate due to growing advancement in the technology and growing demand and adoption of smartphones in the region.
Some of the major players in global Wireless Audio Device Market include Sony Corporation (Japan), Bose Corporation (U.S.), Sennheiser Electronic Gmbh & Company Kg (Germany), LG Electronics (South Korea), Sonos, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Vizio Holdings, Inc. (U.S.), Apple Inc. (U.S.), Voxx International Corporation (U.S.), and Samsung Electronics Co., Ltd (South Korea).
- The global Wireless Audio Device market is expected to reach USD 70 billion by 2027, growing with approximately 17% CAGR during forecast period 2016-2027.
- By Product: Wireless speaker systems are dominating the market and has generated USD 4.48 billion in 2016. Whereas, Sound bar is expected to grow with fastest growing 21.37 % CAGR
- By Technology: Bluetooth technology is dominating the market and expected to generate USD 36.46 billion market by 2027 growing with 18.95% CAGR.
- North America is expected to dominate wireless audio device market throughout the forecast period.
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- Music and stereo companies
- Smartphone and audio device manufacturers
- Financial institutes
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