PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1455699
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1455699
Wireless Audio Device Market size was valued at USD 57,984.33 Million in 2023, expanding at a CAGR of 23.95% from 2024 to 2032.
Wireless audio devices are electronic gadgets that can transmit and receive audio signals without the use of physical cables. They have gained popularity for their convenience in terms of mobility and user-friendliness. These devices are utilized to wirelessly transmit audio between non-Bluetooth audio sources and Bluetooth-enabled devices. They are particularly useful for linking older audio systems to contemporary wireless speakers or headphones. For instance, Bluetooth-enabled headphones and earphones can connect wirelessly to smartphones, tablets, computers, and other Bluetooth-compatible devices. They are commonly used for listening to music, podcasts, and making phone calls without the restriction of cables.
Wireless Audio Device Market- Market Dynamics
The market growth is driven by growing Adoption of wireless audio streaming devices such as headphones, earphones and smart speakers by consumers.
The market for wireless audio streaming devices, such as headphones, earphones, and smart speakers, is experiencing significant growth due to their increasing popularity. This can be attributed to the widespread use of smartphones equipped with Bluetooth technology, which allows consumers to conveniently access wireless audio streaming capabilities. Bluetooth-enabled headphones and earphones are often bundled with smartphones or sold as separate accessories, further contributing to their widespread adoption. According to General Smartphone Usage Statistics, 27% of Americans in households earning less than USD 30,000 per year rely on their smartphones for internet access. Wireless audio devices provide users with the flexibility to customize sound settings, access voice-controlled features, and seamlessly integrate with other smart devices, enhancing the overall audio experience. Furthermore, continuous advancements in wireless communication technologies like Bluetooth, Wi-Fi, and NFC present opportunities for further market growth. However, it is important to acknowledge that compatibility issues and concerns regarding security and privacy may pose challenges to the expansion of this market.
Wireless Audio Device Market- Key Insights
As per the analysis shared by our research analyst, the global Wireless Audio Device market is estimated to grow annually at a CAGR of around 23.95% over the forecast period (2024-2032)
Based on product type segmentation, True Wireless Hearables/Earbuds was predicted to show maximum market share in the year 2023
Based on Technology segmentation, Bluetooth was the leading type in 2023
Based on Application segmentation, Consumer was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Wireless Audio Device Market is segmented on the basis of Product Type, Technology, Functionality, Application and Region.
The market is segmented into six distinct categories according to the type of product they offer. These categories include Earphones, Headphones, True Wireless Hearables/Earbuds, Speaker Systems, Soundbars, Headsets, and Microphones. Among these categories, True Wireless Hearables/Earbuds holds the largest market share. A significant number of true wireless earbuds now come equipped with health and fitness tracking capabilities, such as heart rate monitoring, step counting, and workout tracking. These added features have proven to be highly appealing to consumers who prioritize their fitness and overall well-being.
The market is categorized into four segments according to the technology used: Bluetooth, Wi-Fi, Bluetooth + Wi-Fi, Airplay, and Others. The dominant segment in the market is Bluetooth. Bluetooth technology has become widely adopted in the wireless audio device market. The majority of modern wireless headphones, earbuds, speakers, and other audio peripherals utilize Bluetooth for wireless connectivity.
The wireless audio device market is segmented into two distinct categories, namely Smart Devices and Non-smart Devices, based on their functionality. This division highlights the continuous advancements and variety within the market, as it aims to meet the diverse requirements and preferences of consumers in various usage scenarios and lifestyles.
The market is segmented into four categories according to Application: Home Audio, Commercial, Consumer, Automotive, and Others. The Consumer segment holds the largest market share. In addition to convenience and portability, consumers place a high value on audio quality when selecting wireless audio devices. Although premium wireless audio devices boast advanced features and top-notch performance, affordability is still a key factor for a large number of consumers.
Wireless Audio Device Market- Geographical Insights
Geographically, this market is spread across various regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The market growth is expected to be dominated by North America, primarily due to the increasing popularity of wearable technology and the expansion of e-commerce platforms. North America has been at the forefront of the wearable technology market, with a significant adoption rate of devices like wireless earbuds, smartwatches, and fitness trackers. According to a report by Smart watch users, 69% of Americans would be willing to wear a fitness tracker if it meant receiving a health insurance discount. Furthermore, 46% of them would even share their data with their insurer to avail of the discount. North America also boasts a well-established and highly developed e-commerce ecosystem, with easy access to online retail channels such as Amazon, Walmart, and Best Buy. Europe, on the other hand, holds the second-largest region for market growth, mainly due to consumer preference for wireless devices.
The wireless audio device market is characterized by intense competition, as numerous manufacturers strive to gain market share and differentiate their products through various factors such as features, performance, design, brand reputation, and pricing. Technological innovation plays a crucial role in shaping this competition, as companies invest in research and development to introduce new features and technologies that enhance audio quality, connectivity, battery life, and user experience. Key innovations in this market include active noise cancellation, transparency mode, advanced codecs, biometric sensors, and spatial audio. In addition to product differentiation, companies also compete to secure retail shelf space, online marketplaces, and strategic partnerships with mobile carriers, electronics retailers, and other channels to effectively reach consumers.
In a recent announcement on September 12, 2023, Apple introduced the AirPods Pro (2nd generation) with MagSafe Charging (USB-C), enhancing the world's most popular headphones. The AirPods Pro (2nd generation) offer improved sound quality, double the Active Noise Cancellation compared to their predecessor.
On October 24, 2023, Cisco and Bang & Olufsen revealed their latest true wireless earbuds designed with enterprise-grade features tailored for professionals on-the-go. Strengthening their collaboration to deliver top-notch audio skills for customers whether they are at home, work, or on the move, the Bang & Olufsen Cisco 950 offers a luxurious design, premium sound quality, and advanced security and manageability features.
Recently, on January 31, 2023, at Integrated Systems Europe (ISE) 2023, Cisco introduced its new lineup of collaboration devices for Microsoft Teams and unveiled the Cisco Table Microphone Pro, a digital and multi-directional table microphone designed for hybrid workspaces, along with advancements in audio interoperability.
GLOBAL WIRELESS AUDIO DEVICE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Apple Inc.
Bose Corporation
Cisco 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
Others