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(IT-NEWSWIRE.COM, July 06, 2017 ) The report "Wireless Audio Market by Product (Speaker, Soundbar, Headset, Headphone, Microphone), Technology (Bluetooth, Wi-Fi, Airplay, RF), Application (Home Audio, Consumer, Commercial, Automotive), and Region - Global Forecast to 2023", The wireless audio market is expected to grow from USD 16.13 Billion in 2016 to USD 31.80 Billion by 2023, at a CAGR of 10.06% between 2017 and 2023. Factors such as increasing demand for smartphones as a source of entertainment, consumer preferences for portable devices, and advancements in wireless technologies are driving the growth of the market.
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Home audio held the largest size of the wireless audio market in 2016
The growth of the market for home audio applications can be attributed to the continuous technological innovations in home audio devices and growing consumer demand for high-performance home theater experience owing to increased disposable income. In addition, developments in Wi-Fi and Bluetooth speakers, and dedicated speaker docks are expected to increase consumer spending on audio equipment to enhance audio quality. Suppliers and manufacturers of such equipment are increasingly focusing on expanding in the market by making these systems user friendly and visually less intrusive. Also, there is an increasing demand for portable audio equipment, which has the ability to stream high-quality audio content from the Internet. Therefore, the advancements in digital technology, with changing media options from conventional to modern system, are contributing to the growth of the market for home audio applications.
The wireless audio market for headsets to grow at a high rate between 2017 and 2023
The latest headsets, available in the market, are equipped with the latest version of Bluetooth smart chip. This chip helps in reducing the power consumption when listening to music and improving the range and quality of the sound. Also, the latest smartphones support near field communication (NFC) connectivity, which enables pairing of devices with a single tap. With further developments in the wireless technology, vendors would enhance their products with better connectivity and battery life; this is likely to drive the growth of the market for headsets. Moreover, wireless headsets and microphones keep the users’ hands free; owing to which, the user can perform other tasks.
The Americas to hold the largest share of the wireless audio market in 2017
The wireless audio market in the Americas is likely to be driven by the increase in sale and installation of home entertainment devices. The growing population of music listeners, increasing digital music sales, and popularity of the audio & video entertainment segment are expected to influence the regional market positively over the next decade. The US is at the forefront of installing and buying the upcoming technologies such as wireless speakers and home entertainment systems.
The competition in the wireless audio market is high because of the presence of a large number of players. Some of the key players in the wireless audio market are Apple Inc. (US), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Bose Corporation (US), Sonos. Inc. (US), DEI Holdings, Inc. (US), Harman International Industries, Incorporated (US), Sennheiser electronic GmbH & Co. KG (Germany), VIZIO, Inc.(US), and Voxx International Corporation (US).
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