Wireless Audio Device Market on Target to CAGR 11% by 2029

Global sales of wireless audio devices surpassed the market value of US$ 2.5 Bn in 2018, predominantly driven by rapid expansion of music industry and flourishing prospects of the music streaming space. To cater to increasing customer demand for online audio streaming, leading vendors of wireless audio devices are focusing on product innovation. Moreover, the market is recently witnessing introduction of innovative online music streaming services that offer high-definition (HD) and high resolution (Hi-Res) audio. This, as suggested by a new Persistence Market Research (PMR) study, will push the growth of wireless audio devices market at a double-digit CAGR over 2019 – 2029.

A radical shift of industry from wired to wireless complements the projections that the gadget world will go wireless soon. As the global audio accessory space has been flooding with wireless earphones and pods that continue to garner massive interest from smartphone companies, the global market for wireless audio devices will be on an upward trend over the foreseeable future.

Key Takeaways - Wireless Audio Devices Market Study

• Exponential smartphone sales account for maximum demand for wireless earphones that would make up for nearly a fifth of overall sales by 2029, are projected for a striking CAGR during the forecast period.
• Rapid penetration of mobile devices supporting adoption of portable Bluetooth speakers would remain notably high in Asia Pacific.
• Discounted offers by leading online retailers on a wide variety of wireless audio devices significantly contribute to sales of wireless audio devices.
• Considerable adoption of wireless audio technology for applications such as in-car infotainment systems is also driving market growth.
• Pairing of various portable wireless speakers into a single device has been a trend when it comes to multi-room music distribution. In line with the surge in demand for multi-room music system, sales of wireless audio devices will also be on an upward trend in the near future.
• Customers are increasingly demanding a variety of music streaming features such as high audio quality, easy accessibility on multiple platforms, and playlist customization.
• The latest trend of truly wireless has been taking the industry by storm. Global leaders such as OnePlus are working with truly wireless earbuds, which would be available on the market in the near future.

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New market entrants continue to focus on integrating the trending next-generation technologies such as Artificial Intelligent (AI) and Natural Language Processing (NLP) to offer advanced wireless audio devices at competitive prices. This would significantly push the adoption of wireless audio devices through the next decade.

Enhanced Wi-Fi Capabilities Arguing Well for Market Growth

Demand for wireless-enabled audio devices such as headphones, speakers, microphones, and sound-bars is increasing at a remarkable pace. Technological advancements in Wi-Fi capabilities like Wi-Fi direct with its multi-role, and multi-channel functionality tend to significantly enhance the user experience of their offerings in new generation of wireless audio devices category. Amazon Company introduced Alexa in September 2018 with an intent to offer entertainment features such as Amazon Music, TIDAL, new release notification, and right-left stereo pairing.

Recent Developments

• Apple recently unveiled its brand new AirPods Pro and Samsung already has its wireless Galaxy Buds.
• Realme is also set to launch its new wireless earbuds in certain Asian markets.
• In August 2019, the Bose Corporation, a leading manufacturer of wireless audio devices and software test solutions, introduced the portable home speaker with combine benefits of improved battery power, ease of voice control, etc.
• Earlier in January 2019, the KLIPSCH, announced the new product of small wireless in ear headphones that allows people to premium sound and listen comfortably solutions.

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Know More About What the Report Covers

This PMR research study on the global wireless audio devices market includes global industry analysis for 2014–2018 and opportunity assessment for 2019–2029. The report provides valuable insights on the basis of product (earphones, headphones, and portable speakers), technology (Wi-Fi, Bluetooth, and others), distribution channel (organized retail, unorganized retail, and online/e-Commerce), and end users (residential and commercial), across seven major regions.

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About Electronics & Smart Devices Division at PMR

Expert analysis, actionable insights, and strategic recommendations – the Electronics & Smart Devices team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductor & ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductors and ICT industry.