increasing requirement for mobility, high expenditure on semiconductors for wireless devices, and advancement in technologies, and introduction of innovative devices drive the market.
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.
The global wireless audio devices market is expected to garner $38,807.5 million by 2022, registering a CAGR of 24.4% during the period 2016-2022.
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, the Airplay technology segment is anticipated to grow at a CAGR of 26.6% during the forecast period due to increasing penetration of Apple devices such as iPhone, iPad, iPod Touch, and others.
In 2015, the wireless speaker systems segment accounted for the maximum revenue share in the overall wireless audio devices market due to the 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 soundbar segment is presently the fastest-growing segment and is projected to grow at a CAGR of 28.2% during the forecast period due to its compatibility with LED TVs, mobile devices, and the emerging growth of the consumer electronics market.
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In 2015, the consumer segment generated the highest revenue in the market, followed by the commercial and automotive sectors. This is attributed to the growth in smartphones and the consumer electronics market. The automotive sector is projected to grow at the fastest CAGR of 26.5% during the forecast period.
North America accounted for the 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 the 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.
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Profiling Key Players: Apple, Inc., Bose Corporation, Harman International Industries, Incorporated, Sony Corporation, and Shure Incorporated
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