Wireless Audio Devices Market - Forecasts from 2021 to 2026

The wireless audio devices market is evaluated at US$21.465 billion for the year 2019 and is projected to grow at a CAGR of 14.22% to reach a market size of US$54.456 billion by the year 2026. Wireless audio devices integrate wireless connectivity with microphones, headphones, soundbars, and speakers. The increasing adoption of portable devices and advancements in products are some of the major factors projected to drive the demand for wireless audio devices during the forecast period. The rising demand for infotainment services is also one of the major factors anticipated to propel market growth in the coming years. However, the factors expected to hinder the market growth are the negative health effects of these devices.

The recent outbreak of the novel coronavirus disease had a positive impact on the wireless audio devices market. The pandemic led to a rise in health consciousness among the global population as the coronavirus disease was reported to be affecting people with low immunity more. There was a surge in the number of people doing home workouts with the help of online videos, which led to a rise in the purchases of wireless audio devices in 2020. Furthermore, the implementation of work-from-home also surged the demand for wireless audio devices and hence boosted the market growth.

New product innovations.

One of the major factors anticipated to drive the growth of the wireless audio devices market during the forecast period is the launch of new and innovative products which is attracting new customers to the market for a better audio experience and hence is anticipated to propel the growth of the wireless audio devices market growth during the forecast period. The Finnish company Nokia has recently launched true wireless stereo (TWS) earphones. As per the company, the product is designed to give pure sound. Furthermore, the product is stated to have the ability to be used in rain, during gaming, workouts, and at crowded spots. In March 2021, Qualcomm Technologies International announced an optimized chain of audio innovations and software called Qualcomm Snapdragon Sound technology. It has been launched to provide an improved wireless listening experience without glitches, latencies, and other challenges which usually occur when streaming music, video conferencing, or gaming over wireless connections. Many such innovative products aimed at improving the customer experience are being launched which is projected to boost the demand for the wireless audio devices market in the coming years.

Growing adoption of mobile devices.

The rise in demand for mobile devices like smartphones, laptops, and tablets is giving rise to an increased demand for wireless audio devices, as they are widely used along with those devices. According to the ICEA report, India witnessed a 14.5% growth rate in the smartphone market in 2018 with 142.5 million units shipped. The report also states that the country is expected to have 829 million smartphone users by 2022. Also, NTIA stated that only 27% US population used a smartphone in 2011, which later soared in popularity and were used by 68% of the American population by 2019. Along with smartphones, other mobile devices are also witnessing a surge in demand, and the number of users has been increasing at a great pace around the world, which is anticipated to have a positive impact on the wireless audio devices market growth during the forecast period. Moreover, the governments of various countries are launching various programs and policies to promote digitalization in their respective countries, which is further expected to elevate the adoption of mobile devices. For instance, the government of India has launched programs like Digital India and many others which to empower and support the development of digitalization in the country.

North America to hold a significant market share.

Geographically, the North American region is anticipated to hold a significant market share owing to the widespread use of mobile devices in the region. Also, the countries in the region, especially the United States and Canada, have high disposable income which allows the citizens to spend more on products like wireless audio devices. As per OECD, United States has a disposable income per capita of $53,122, which is the highest in the world, while for Canada it is $35,772 making it one of the highest disposable income countries worldwide. The Asia Pacific region is anticipated to witness substantial growth during the forecast period due to the rising urban population which is leading to increased adoption of mobile devices and products like wireless audio devices in the region. For instance, according to data from World Bank, the urban population in India has been increasing at a growth rate of 2.3% in 2019. The number of people residing in urban areas of the country increased from nearly 372 million in 2009 to 471 million in 2019.

Segmentation:

By Technology

• Bluetooth
• Wi-Fi
• Airplay
• Others

By Product

• Headsets and Microphones
• Soundbars
• Speaker Systems
• Others

By Application

• Automotive
• Consumer
• Commercial
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• UK
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others