With 17.1% CAGR, Wireless Audio Device Market Worth USD 143.41 Billion by 2029
Fortune Business Insights
6 min read
Fortune Business Insights
According to Fortune Business Insights, the global wireless audio device market size is projected to reach USD 143.41 billion in 2029, at a CAGR of 17.1% during the forecast period, 2022-2029
Pune, India, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The global wireless audio device market size was valued at USD 40.58 billion in 2021. The market is projected to grow from USD 47.37 billion in 2022 to USD 143.41 billion by 2029, exhibiting a CAGR of 17.1% during the forecast period.
Fortune Business Insights, provide this information in its report titled, “Wireless Audio Device Market, 2022-2029.”
May 2022: The WH-1000 line of wireless headphones from Sony Group Corporation was introduced with active noise cancellation. These headphones allow users to connect in cable mode whenever necessary and enable Bluetooth 5.2 for wireless streaming.
Report Scope & Segmentation
Report Coverage
Details
Forecast Period
2022 to 2029
Forecast Period 2022 to 2029 CAGR
17.1%
2029 Value Projection
USD 143.41 Billion
Base Year
2021
Wireless Audio Device Market Size in 2021
USD 40.58 Billion
Historical Data for
2018 to 2020
No. of Pages
150
Segments covered
Device, Technology, Application and Geography
Industries are Switching to Digital Solutions in Response to Pandemic to Expand Market Opportunity
Numerous difficulties and disruptions to global corporate operations have been brought on by the COVID-19 pandemic. Businesses grew by finding creative ways to maintain their operations and income streams. Manufacturers and suppliers had more reason for fear due to the decline in consumer electronics demand brought on by lockdown procedures.
Due to lockdown procedures, movie theatres were closed, movie distributors and producers struggled to release new content, and the suspension of live musical performances slowed the market expansion.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Demand for Wireless Compact Devices is Increasing due to Audience Interest in Rich Video Content
Consumers are switching to wireless audio devices as a result of the development of wireless technologies such as Bluetooth and Wi-Fi. Demand for earbuds and headphones has surged as a result of this gradual change. Additionally, some of the factors propelling the market include straightforward functionality, dependable audio quality, and small structure of wireless audio devices.
The global market is expected to experience a slowdown in growth due to strict regulations placed on radiofrequency (RF) spectrum.
Segments
Rapid Shift in Consumer Behavior and Increasing Need for Compact Wireless Devices to Augment Segmental Demand
Based on device, the market is segmented into headphones & headsets, earphones, microphones, speaker systems & soundbars, and others. Headphones & headsets segment holds the largest share of the market as individuals as well as studio professionals significantly use these devices.
Bluetooth to Propel Segmental Growth Owing to Rich Connectivity and Interoperability Features
Based on technology, the market is categorized into Bluetooth, Wi-Fi, airplay, and others.
Bluetooth technology captures the highest wireless audio device market share and is expected to continue its dominance.
Increasing Applications of Wireless Audio Devices in Commercial Sector to Boost Market
By application, residential/individual segment holds the largest share. This is primarily attributed to the rising adoption of True Wireless Stereo (TWS) earphones among individuals.
Geographically, the market is divided into five key regions, North America, South America, Europe, the Middle East & Africa, and the Asia Pacific.
Report Coverage
We provide our reports with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method, which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
North America to Lead Backed by Surging Popularity of Wireless Devices
The increasing popularity of wireless audio streaming devices, such as headphones, earbuds, and smart speakers, among consumers in this region is fueling the rise of the North America market.
Asia Pacific is estimated to hold the highest CAGR in the forecast period. Market participants in the area are concentrating on increasing their geographic reach by providing clients in underdeveloped countries with cutting-edge wireless audio devices.
According to predictions, Europe is expected to hold a prominent share of the global market. The adoption of these gadgets has risen in Germany, the U.K., and France, which has contributed to the wireless audio device market growth.
Competitive Landscape
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
List of Key Players Covered in the Report
Apple Inc. (U.S.)
Samsung Electronics Co., Ltd. (South Korea)
Logitech International S.A. (Switzerland)
Sennheiser Electronic GmbH & Co. KG (Germany)
Sony Group Corporation (Japan)
Zound Industries International AB (Sweden)
Sonos, Inc. (U.S.)
Panasonic Corporation (Japan)
Shure Incorporated (U.S.)
Bose Corporation (U.S.)
Quick Buy –Wireless Audio DeviceMarket Research Report
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