The market for wireless audio products is anticipated to be worth US$77,076.9 million in 2022. The estimate predicts that by 2032, sales of wireless audio equipment will have grown at a CAGR of 9.60 percent and will be worth US$ 1,92,627.2 million.
Various audio signals are transmitted and received via wireless technologies such as Bluetooth, Wi-Fi, NFC, and AirPlay, among others, thanks to the global market for wireless audio products.
Wireless earphones and headphones, portable speakers, sound bars, wireless home theater systems, multi-room speakers, and others are various types of wireless audio products available in the market. Increasing applications of wireless audio devices in the commercial sector, increasing penetration of infotainment devices, rising adoption of mobile devices, and others are the key driving factors of the market.
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In addition, wireless audio devices find applications in various sectors, such as consumer, automotive, commercial, security & defense, and others. Wireless audio products are used as support accessories for mobile devices such as smartphones, laptops/computers, and gaming consoles in the consumer sector.
The commercial sector comprises wireless audio products used in office spaces, industries, and other commercial establishments such as IT parks, sports complexes, educational institutes, and government offices. In addition, the increasing use of advanced driver assistance systems (ADAS), in-vehicle infotainment systems, and GPS devices have boosted the utilization of wireless headphones, speakers, and others in cars, trucks, buses, and other automobiles.
Global Wireless Audio Products Market: Drivers and Challenges
Easy adoption of wireless audio products among the people is driven by advanced features offered in the wireless audio products such as flexible audio streaming, and product bundling, and, increasing disposable income among the population is also encouraging people to invest in luxury items such as wireless audio products.
A few other factors that positively impact the global wireless audio products market are advancements in audio technology and rising mobile device penetration which support the adoption of wireless speakers.
Stringent government regulations have been imposed regarding the frequency range of audio products.
A few other challenges faced by the vendors in the market include the threat of piracy, and lesser bandwidth of wireless connection. These are the factors that hinder the growth of the global wireless audio product market.
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Global Wireless Audio Products Market: Regional Outlook
Based on regions, the global wireless audio products market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and the Middle East, and Africa.
North America is likely to continue its leading position over the forecast period. The growth of this regional market is largely fuelled by easy adoption and better disposable income among the population.
The continuous penetration of consumer electronics is among the key factors for the healthy pace of growth of the Asia Pacific market which has the highest potential.
Western Europe market holds a notable share in the global wireless audio products market as it is home to several key vendors for sound systems.
Global Wireless Audio Products Market: Competition Landscape
Some of the key players in the wireless audio products market are Logitech/ UE, Bose Corporation, Philips, B&O, B&W, Harman International, Samsung Electronics, Beats Audio (Apple Inc.), Sony Corporation, Sonos Inc., Denon, Yamaha
Key Segments Of The Wireless Audio Products Market
By Product Type:
- Speaker Systems
- Sound Bars
- Radio Frequency
- Bluetooth + Wi-Fi
- Home Audio
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