Vancouver, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The global Wireless Audio Devices Market is expected to reach USD 47.56 Billion in 2022, according to a new report by Emergen Research. The growth of this market can be attributed to the increasing demand for wireless audio devices from the commercial sectors and rising technological advancement for the production of innovation devices. Increasing investments in the R&D by the OEMs for the production of advanced devices is augmenting the demand for the industry.
The pandemic has severely disrupted the supply chain, raw material supplies, and demand for the product in the market, as China is one of the major suppliers for the raw materials as well as the finished product. The present condition can be a great opportunity for local manufacturers if they can efficiently cater to the growing demand. However, the scarcity of raw materials is still a major restraining factor in the market. As people are facing a financial crisis, there are changes in consumer buying behavior, which can adversely affect the industry. The liquidity shortfall and the cash crisis have already affected the sales of the product.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 47.56 Billion |
| CAGR (2023–2032) | 22.2% |
| Revenue forecast to 2032 | USD 354.57 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032. |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends. |
| Segments covered | Product, technology, functionality, application, and region. |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa. |
| Country scope | North America, Europe, Asia Pacific, LATAM, MEA |
| Key companies profiled | Apple Inc., HARMAN International, Sony Corporation, Sonos, Inc., Bose Corporation, Masimo, Sennheiser Electronic GmbH & Co. KG, VOXX International Corp., Marshall Group, VIZIO, Inc., GN Store Nord A/S, Plantronics, Inc., Xiaomi, Bang & Olufsen, Yamaha Corporation, LG Electronics, Imagine Marketing Limited, Shure Incorporated, Devialet, JAM |
| Customization scope | 10 hours of free customization and expert consultation. |
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Major Companies and Competitive Landscape
The global wireless audio device market is consolidated, with few large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective wireless audio device products. Some major players included in the global wireless audio device market report are:
- Apple Inc.
- HARMAN International
- Sony Corporation
- Sonos, Inc.
- Bose Corporation
- Masimo
- Sennheiser Electronic GmbH & Co. KG
- VOXX International Corp.
- Marshall Group
- VIZIO, Inc.
- GN Store Nord A/S
- Plantronics, Inc.
- Xiaomi
- Bang & Olufsen
- Yamaha Corporation
- LG Electronics
- Imagine Marketing Limited
- Shure Incorporated
- Devialet
- JAM
Strategic Development
- 29 May 2023 To further localize its operations, Xiaomi Corp's Indian subsidiary will begin producing wireless audio goods in the country through cooperation with electronics maker Optiemus, the company announced. The company said in a statement that it will produce its first locally made audio device at Optiemus Electronics' facility in the northern state of Uttar Pradesh and reiterated its goal of increasing the manufacture of locally sourced parts by 50% by 2025. The drive comes after Samsung, a rival South Korean smartphone manufacturer, recently surpassed Redmi as India's top smartphone provider
- 15 June 2021 The Knowles Corporation, a leading global supplier of cutting-edge micro-acoustic microphones and speakers, audio processing, and precision device solutions, and a pioneer and market leader of AI-in-Sensor SoCs for edge devices, have announced a joint development effort. To allow upcoming features, the cooperation will be on creating the lowest-power, highest-performance audio solutions possible. A new age of linked IoT capabilities is being ushered in by emerging audio technologies, which are also changing battery-operated products such as TWS earbuds, smart speakers, and AI-enabled remote controls. These technologies are also raising market expectations beyond those for mobile phones and computer devices.
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Key Highlights from The Report
- The increasing flexibility, improved audio quality, better battery life, and lightweight feature of the wireless speaker systems have resulted in the increased demand for the product.
- The Bluetooth accounted for the largest market share of the wireless Audio devices Market in 2019. In comparison to other wireless audio transmission technologies, Bluetooth consumes less power. In order to increase the adoption of Bluetooth, key smartphone manufacturers are planning to include Bluetooth 5.0 technology in smartphones.
- The commercial sector has a wide usage of wireless audio devices due to the growing demand for wireless infotainment devices.
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For the purpose of this report, Emergen Research has segmented the global wireless audio device market on the basis of product, technology, functionality, application, and region:
- Product Outlook (Revenue, USD Billion; 2019–2032)
- Headphones
- Earphones
- True Wireless Hearables/Earbuds
- Headsets
- Speaker Systems
- Soundbars
- Microphones
- Technology Outlook (Revenue, USD Billion; 2019–2032)
- Bluetooth
- Wi-Fi
- Radio Frequency
- Airplay
- Bluetooth + Wi-Fi
- Others
- Functionality Outlook (Revenue, USD Billion; 2019–2032)
- Smart Devices
- Non-Smart Devices
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Home Audio
- Professional
- Consumer
- Automotive
- Others
- Regional Outlook (Revenue, USD Billion, 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- Rest of MEA
- North America
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