CHICAGO, Sept. 26, 2023 /PRNewswire/ — The global wireless audio device market was valued at USD 58.5 billion in 2023 and is projected to reach USD 159.3 billion by 2028, registering a CAGR of 22.2% during the forecast period according to a new report by MarketsandMarkets™. The market for wireless audio devices is growing due to shifts in consumer preferences, continuous technological advancements, diverse applications, and increased adoption across various industries. This upward trajectory is projected to persist, driven by continuous improvements in wireless technology, which will provide even more attractive audio solutions for both individual consumers and businesses.
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Browse in-depth TOC on “Wireless Audio Device Market”
150 – Tables
60 – Figures
210 – Pages
Wireless Audio Device Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$ 58.5 billion |
|
Estimated Value by 2028 |
$ 159.3 billion |
|
Growth Rate |
Poised to grow at a CAGR of 22.2% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Product, Technology, Application, Functionality and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Effect of bandwidth constraints, coding delays, and bit errors on audio quality |
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Key Market Opportunities |
Advent of Bluetooth LE Audio |
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Key Market Drivers |
Surge in global demand for Truly Wireless (TWS) earbuds and headphones |
The true wireless hearables/earbuds are projected to grow at the highest CAGR during the forecast period.
True wireless earbuds provide users with a wire-free listening experience, eliminating the need for cords and cables. True wireless earbuds boast a compact and highly portable design, adding to their convenience for users who are often on the move. The blend of convenience, technological progress, adaptable functionalities, and user-centric features has rendered true wireless earbuds readily available and attractive, leading to their swift adoption by consumers across the globe.
By Technology: Bluetooth technology accounted for the largest wireless audio device market share during the forecast period.
In 2022, the Bluetooth technology segment dominated the wireless audio device industry, and this prevailing trend is expected to continue in the forecast period. The growth of this segment can be credited to manufacturer’s endeavors to improve the data transfer capabilities of wireless audio devices equipped with Bluetooth technology, which is widely used in consumer electronics. Bluetooth technology facilitates audio streaming in wireless consumer electronic devices.
By Application: The consumer application is projected to grow at the highest CAGR during the forecast period.
The consumer segment is expected to grow at the highest CAGR during the forecast period. Consumers are increasingly embracing wireless audio solutions for their home entertainment systems, such as soundbars and multi-room audio setups, thereby elevating the overall quality of their viewing and listening experiences. Moreover, these wireless audio devices are frequently integrated into smart home ecosystems, allowing users to control various aspects like lighting and thermostats through convenient voice commands.
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By Region: Asia Pacific will likely grow at the highest CAGR during the forecast period.
Asia-Pacific region will hold the largest market share in the Wireless Audio Device Market by 2028. This region is currently witnessing a significant rise in the adoption of smart homes and IoT technologies. Wireless audio devices play a pivotal role within these ecosystems, enhancing their overall appeal. As a result, wireless audio devices are well-positioned to establish dominance in the Asia-Pacific market due to their alignment with consumer preferences and lifestyles, as well as their compatibility with the region’s technological and economic landscape.
The major players in the wireless audio device companies include Apple Inc. (US), HARMAN International (South Korea), Bose Corporation (US), Sonos, Inc. (US), Sony Corporation (Japan), Masimo (US), Sennheiser electronic GmbH & Co. KG (Germany), VOXX International Corp.(US), VIZIO, Inc. (US), Marshall Group (Sweden).
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