A new report published by Allied Market Research, titled, "Wireless Audio Devices Market by Product, Technology, and Application-Global Opportunity Analysis and Industry Forecast,
2014-2022," forecasts that the world wireless audio devices market is expected to garner $38,807.5 million by 2022, registering a CAGR of 24.4% during 2016-2022. Wireless speaker systems segment is expected to dominate the market throughout 2014-2022. North America is expected to be the leading region in the market during the forecast period.
Wireless audio devices have emerged as an ideal alternative to traditional wired audio devices, owing to their portability, convenience, cost-effectiveness, efficiency, and flexibility. Increasing penetration of infotainment devices, such as mobile phones, laptops, tablets, automobile infotainment devices, coupled with increasing demand for mobility services drive the market growth. In addition, the adoption of wireless audio devices has increased in the commercial sectors including, tourism, education, and media & entertainment among others.
In 2015, wireless speaker systems segment accounted for the maximum revenue share in the overall wireless audio devices market due to compatibility of wireless speakers with computer and infotainment devices such as mobile phones, tablets, and laptops. The latest features integrated in wireless speakers including high definition sound, Dolby Digital sound, 3D surround sound, and others boost the market growth for wireless speakers. In addition, the sound bar segment is presently the fastest growing segment, and is projected to grow at a CAGR 28.2% during the forecast period due to its compatibility with LED TVs, mobile devices, and emerging growth of consumer electronics market.
The Bluetooth technology segment is projected to maintain its dominance in the overall wireless audio devices market during the forecast period due to features such as low energy consumption, easy connectivity and cost efficiency. In addition, Bluetooth can seamlessly stream high quality music through a temporary personal area network. Furthermore, Airplay technology segment is anticipated to grow at a CAGR of 26.6% during the forecast period due to increasing penetration of Apple's devices such as iPhone, iPad, iPod Touch, and others.
In 2015, consumer segment generated the highest revenue in the market, followed by commercial and automotive sectors. This is attributed to the growth in smartphones and consumer electronic market. Automotive sector is projected to grow at the fastest CAGR of 26.5% during the forecast period.
"Asia-Pacific is projected to be one of the fastest growing wireless audio devices markets during the forecast period due to the strong economic growth and industrial development in countries including India, Japan, and China," states, lead analysts Gunjan Malani, ICT & Media Research, AMR. North America accounted for majority of the global market share in 2015, and is expected to maintain its dominance during the forecast period. Advanced wireless technologies, such as Bluetooth, AirPlay, and Wi-Fi coupled with high disposable income of consumers is expected to boost sales in this region. Asia-Pacific is projected to grow at the highest CAGR during the forecast period due to increasing economic growth and rapid industrialization in countries such as India, China, Japan, Singapore, and others.
Key findings of the study
- In 2015, wireless speaker systems segment dominated the overall wireless audio devices market in terms of revenue, and is projected to grow at a CAGR of 23.5% during the forecast period.
Airplay technology segment is expected to grow at a remarkable CAGR of 26.6% from 2016 to 2022.
Sound bars segment is projected to grow at the highest CAGR of 28.2% during the forecast period.
Consumer segment is projected to generate the highest revenue in the market during the forecast period.
In 2015, North America generated the highest revenue among all regions in the world wireless audio devices market.
Apple, Inc., Bose Corporation, Harman International Industries, Incorporated, Sony Corporation, and Shure Incorporated among others are some of the prominent players in the market. Market players have focused on technological advancement of products and acquisitions for expansion in the market. For instance, in May 2016, Apple, Inc., a leading player in the industry, introduced wireless EarPods in the wireless headphones segment to expand its customer base and increase product offerings in wireless technology.