Wireless Audio Devices Market: Increasing Penetration of Smart Phones and Internet is Favoring Market Growth - TMR
ALBANY, New York, December 13, 2018 /PRNewswire/ --
The global wireless audio devices market is anticipated to experience a strong demand growth during the forecast period 2016 - 2024, owing to the increasing demand for tablets and smartphones all across the world. Players in the market are focusing on expanding their customer reach by providing better customer services. Players in the market are spending hefty amount behind research and development activities in order to produce more efficient products and expand their product portfolios. This is anticipated to lure more customers. Well established players are opting for strategic partnerships such as mergers and acquisitions. These plans are expected to help players to expand their customer base in the coming years. Some of the major players in the market are Sony Corporation, Samsung Electronics Co. Ltd., Bose Corporation, Google, and UE (Logitech).
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According to recent study done by Transparency Market Research, the global wireless audio devices market is prognosticated to expand at a robust CAGR of 1.5% of CAGR during the assessed period. The market which was worth at US$9.04 bn in 2014 is expected to be valued at US$10.12 bn by the end of the tenure period. On the basis of product the market is segregated into Wi-Fi multiroom speaker, sound bars, and Bluetooth speaker. Of these, Bluetooth speaker held the majority of the share owing to its portability. Bluetooth speakers have gained immense popularity as it can be carried anywhere and can play music without power source. On the basis of region, Europe and the U.S. are likely to dominate due to the presence of major players and rapid adoption of new technology. Significant contribution from the U.S. is likely to give extra boost to North America.
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Ability to Access Huge Volumes of Personal Music Library Anywhere is Fostering Market
One of the major reasons helping the market to push in forward direction is the significant behavioral shift among consumers. Growing disdain towards wired sound system has compelled audio device maker to focus on wireless audio devices. Increasing penetration of the internet has changed the way people listen to music. Ongoing trend of listening music online is foreseen to accelerate market growth. Wireless audio device provides access to enormous personal libraries of music for listeners to listen at home or on the go. Apart from these, recent innovations in the wireless audio technology is likely to bode well with market growth. Enhanced audio performance of a wireless audio device is another factor that is playing a pivotal role in lifting the market.
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Stellar Growth in the Automotive Industry to Boost Market Growth
Impressive growth of the automotive industry is another reason that is fostering market growth. Rise in disposable income all across the world and change in lifestyle have aided the automotive industry to reach new heights. This is directly having a positive influence on the wireless audio devices market. Growing demand for infotainment in the automotive has increased considerably in the recent past. Another reason that has made the automotive industry as a major end user of the wireless audio device market is the high adoption of Internet of Things. Integration of IoT in automobiles is substituting knobs and buttons used for controlling audio devices with Bluettoth connectivity.
The information presented in this review is based on a TMR report, titled "Wireless Audio Devices Market (Product - Bluetooth Speakers, Sound Bars, and Wi-Fi Multiroom Speakers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.
Browse Research Release at https://www.transparencymarketresearch.com/pressrelease/wireless-audio-devices-market.htm
The report has segmented the global wireless audio devices market as:
Global Wireless Audio Devices market, by Product Type
- Bluetooth Speaker
- Sound Bars
- Wi-Fi Multiroom Speaker
Global Wireless Audio Devices market, by Region
- The U.S.
- Rest of World (RoW)
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