The overall wireless audio market was valued at USD 16.13 billion in 2016 and is expected to reach USD 31.80 billion by 2023, at a CAGR of 10.06% between 2017 and 2023. Factors such as increasing demand for smartphones as a source of entertainment, consumer preferences for portable devices, and advancements in wireless technologies are driving the growth of the market.
The latest trends in the wireless audio market include changes in the media consumption pattern of consumers. People, nowadays, prefer online streaming music services (video and music/audio files) rather than storing such content in their devices such as smartphones, ultra-portable speakers, battery-powered speakers, and high-resolution audio systems.
Companies such as Apple, Bose, Samsung, and Amazon are developing audio devices that can play music using online audio-streaming services. There is an increasing demand for portable and battery-powered speakers with good audio quality. Portable speakers can be perfect companion for smartphones and tablets. In addition, high-resolution audio systems are the industry’s main focus, with a drive toward improving audio sources and the technologies used to stream the audio to the speaker from the device.
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The market for headsets is expected to grow at a high of 19.59% between 2017 and 2023. The latest headsets, available in the market, are equipped with the latest version of Bluetooth smart chip. This chip helps in reducing the power consumption when listening to music and improving the range and quality of the sound. Also, the latest smartphones support near field communication (NFC) connectivity, which enables pairing of devices with a single tap. With further developments in the wireless technology, vendors would enhance their products with better connectivity and battery life; this is likely to drive the growth of the market for headsets.
In the technology segment, the wireless audio market for the Bluetooth + Wi-Fi technology is expected to grow at a high rate between 2017 and 2023. Audio streaming through Bluetooth in wireless audio devices has become a major trend in the consumer electronics sector. The wireless audio market for Bluetooth will witness a significant growth in the coming years, with initiatives underway for a higher throughput, more ubiquitous usage, and links with Wi-Fi and ultra-wideband (UWB) broadcast technologies.
In the application segment, the market for consumer applications is likely to grow at a high rate between 2017 and 2023. This market growth can be attributed to the rise in disposable income of people in technologically advancing countries such as India and China; owing to which, people are spending more on consumer electronics goods such as smartphones tablets, laptops, and computers. In addition, companies such as Sony Corporation (Japan), Apple Inc. (US), and Koninklijke Philips N.V. (Netherlands) are developing user-friendly products, thereby attracting more number of consumers to purchase such products.
The wireless audio market APAC region is likely to grow at a high rate between 2017 and 2023. The market for consumer electronics, including smartphones, tablets, and wireless audio devices, in APAC is increasing rapidly with a high rate of development in most of the countries in this region. In addition, factor such as rising urbanization, individuals’ acceptance for the developments based on innovative technologies, and increasing popularity of streaming music services are contributing to the growth of the wireless audio market in this region.