WIRELESS AUDIO DEVICES MARKET ANALYSIS

Wireless speakers are majorly being adopted from past few years, allowing users to stream audio from a various devices to speakers using a wireless connection. Recently, along with developments in Bluetooth specification and the standardization of A2DP (Advanced Audio Distribution Profile), there has been a significant rise in popularity of Bluetooth speakers.

Wireless Audio Market: Regional Insights

North America region held the highest market share in year 2020, and is expected to retain its dominance over the forecast period. The growth of wireless audio devices in North American region is boosted due to high adoption of electronic devices, and higher disposable income of consumers in the region. For instance, according to Organization for Economic Co-operation and Development (OECD), in year 2019, the U.S. is one of the leading per capita income countries across the globe, which is further expected to boost the adoption of wireless devices in the region.

Figure 1: Wireless Audio Market Share (%), By Region, 2022

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North America is expected to hold dominant position in the global wireless audio devices market during the forecast period

Wireless Audio Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 pandemic had a significant impact on the global wireless audio devices market. Several countries across the globe such as India, Italy, the U.K., and others imposed nationwide lockdown in 2020. European countries such as Germany, Spain, and the U.K. also faced the second wave of the COVID-19.

COVID-19 pandemic has impacted the revenue of wireless audio device manufacturers in the first half of 2020. However, the demand of wireless audio devices is getting increased from second half of 2020, owing to reopening of economic activity, across the countries. Moreover, in second half of year 2020, the annual shipments of several consumer electronics including audio devices, got increased.  

Wireless Audio Market- Drivers:

Growing demand of wireless audio devices in commercial sector

Rising implementation of wireless audio devices in commercial sector such as events, shows, call centers, and others are the key driving factors of the global wireless audio device market. For instance, according to Coherent Market Insights analysis, several countries are showing significant growth rate in number of events organized, the average growth rate was around 40%. In addition, the marketing budgets of organizations in several European countries such as Germany, the U.K., are rising at a CAGR between 4% and 13%, which is expected to boost the adoption of wireless audio devices.

Growing demand for Bluetooth headsets

In addition, rising adoption of Bluetooth technology for headsets is expected to drive the growth of Bluetooth technology market over the forecast period. For instance, according to Coherent Market Insights analysis, the adoption of wireless Bluetooth headsets is expected to grow with a CAGR of around 12% over the forecast period (2023 – 2030).

Wireless Audio Market- Opportunities:

Increasing demand for wireless headphones

With rise of smartphones and portable music players, more and more people are using headphones to listen to music on the go. Wireless headphones provide convenience and freedom of movement, and are becoming increasingly popular. For instance in March 2023 UK-based audio brand Nothing has launched its newest pair of wireless earbuds. Following on from its inaugural Ear(1)

Gaming industry surges for best quality audio

Gaming is another area where wireless audio is becoming increasingly popular. Gamers require high-quality sound for an immersive gaming experience. For instance Sept 2022 JBL launches Quantum 350 Wireless gaming headset with 22 hours

Wireless Audio market was valued at US$ 78.35 Bn in 2022 and is forecast to reach a value of US$  280.09 Bn by 2030, exhibiting CAGR of 17.26% between 2023 and 2030.

Wireless Audio Market- Trends:

True wireless earbuds

True wireless earbuds are becoming increasingly popular, with more and more consumers opting for these small, compact earbuds that don’t have any wires. Many of these earbuds comes with advances features like noice cancellation and touch control. For instance March 2023 Jabra has announced its latest entry-level true wireless earbuds in the form of the Elite 4 with active noice cancellation

Voice commands through earphones

Voice control is becoming more common in wireless audio products, thanks to widespread adoption voice assistants like amazon alexa, amd google assistant. Many wireless speakers and headphones now come with built-in microphones, allowing users to control their mudic and other audio content with voice command. For instance March 14, 2022 Skullcandy, announced today its all-new, voice-driven platform, Skull-iQ Smart Feature Technology. Providing users with the ability to go completely hands-free

Wireless Audio Market- Restraints:

Impact on children

Wireless audio devices need to comply with various emission regulations set by the various regulatory bodies across the globe, furthermore, several negative impacts on children such as hearing loss or headache, owing to usage of wireless audio device for a longer period of time, is expected to hamper the growth of wireless audio devices over the forecast period

Latency in audio streaming and range of connectivity

Wireless audio devices transmits audio form one device to another by electromagnetic bandwidth which is limited and travels upto distance of 10 meters and it causes delay in transmitting audio to the speakers

Figure 2: Wireless Audio Market Share (%), By Segment, 2022

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Wireless Audio Market- Segmentation:

Wireless Audio market report is segmented into Product and Application.

Based on technology, the market is segmented into Bluetooth, Wi-Fi, airplay, and Others. Out of which, Bluetooth segment is expected to dominate the global market over the forecast period.

Based on Product, the market is segmented into wireless speaker system, headphones, sound bars, microphones, and others. Out of which, wireless speaker system segment is expected to dominate the global market over the forecast period

Based on Application, the market is segmented into automotive, home appliances, commercial appliances, and others. Out of which, automotive segment is expected to dominate the global market over the forecast period

Wireless Audio Market: Key Developments

Major market players are focusing on product launches in order to enhance their product portfolio. For instance, in Aug 2022, Qualcomm has announced Qualcomm snapdragon sound which as the company describes is technology that comprises of optimized chain of audio innovations

In April 2023, Chinese manufacturer Huawei has revealed the latest version of its flagship FreeBuds wireless earbuds range

In April 2023, Focal launched its entry-level Theva loudspeaker range caters to hi-fi and Dolby Atmos home cinema set-ups.

In April 2013, Swiss audio manufacturer Lenco is adding to its stable of affordable turntables with the release of the new LBT-225WA belt-drive record player

Wireless Audio Market: Key Companies Insights

Wireless Audio market is highly competitive, owing to rising launch of new technologies due to ongoing R&D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the Wireless Audio market are Apple Inc., Bose CorporationCisco Systems, Inc, .Jabra, HARMAN International, Logitech, Sennheiser electronic, GmbH & Co. KG, Shure Incorporated, Sonos, Sony Corporation, Sound United, VIZIO, Inc., VOXX International Corp, Zound Industries International AB

*Definition: Wireless audio refers to the transmission of audio signals between devices without the use of physical cables or wire. This is achieved through the use of Bluetooth, Wi-Fi, or NAC. With wireless audio, audio signals are sent over the airwaves and received by a compatible wireless receiver such as speaker, headphones, or a stereo sound system