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Albany, New York, May 28, 2019 (GLOBE NEWSWIRE) -- The global wireless audio devices market is expected to witness a steady but slow growth during 2016-2024. Advent of various online streaming services like Spotify, Pandora, and Deezer are expected to drive growth of the market. Technological advancements in the market like Bluetooth connectivity, Artificial Intelligence Technology, and heavy investment in technologies like Echo speakers can boost the prospects of the market further. Some key players in the global wireless audio devices market are UE (Logitech), Bose Corporation, Samsung Electronics Co. Ltd, and Sony Corporation.
The wireless audio devices market is expected to register a steady growth despite several challenges. The growth of smartphones have slowed down in recent times. Additionally, wireless devices like headsets tend to be far more expensive as compared to conventional headphones connected with wires. Moreover, the adoption of smartphones is rising in emerging nations, wherein markets tend to be much-more price sensitive as compared to developed markets. Moreover, apart from entertainment applications like music, the benefits of wireless audio devices have not yet been realized. These challenges are expected to plague growth of the wireless audio devices market in the near future.
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Despite the setbacks, the global wireless audio devices market is expected to reach an evaluation of US$10.12 bn by 2024 end. The market was evaluated at US$9.04 bn in 2014. It is expected to register a stable 1.5% CAGR during 2016-2024. Among the various product types in the market, Bluetooth speakers are expected to hold the largest share of the revenue during 2016-2024. The easy access to streaming, cost-efficiency, and low energy consumption are expected to drive growth of the global wireless audio devices market. Among regions, North America and Europe are expected to drive the highest revenue growth in the near future. Digital music streaming and rapid adoption of similar technologies in these regions are expected to drive significant growth in the wireless audio devices market.
Automobile Industry to Emerge as a Major Opportunity
Among various end-user industries, the automobile industry is expected to create significant opportunities for growth. Wireless audio devices are necessary in cars for hands-free conversations on smartphones, enhancing the experience of enjoying a long-drive, and for informing authorities about mishaps or emergencies. The automobile industry is promoting the next-gen automobiles laden with better entertainment options coupled with smartphone technology. Additionally, various futuristic initiatives of public entities like smart city infrastructure rely on GPS guided technology, informing users about the whereabouts of their location. The wireless audio devices market products are expected to play an important role in driving demand for next-generation vehicles. Moreover, despite the recent economic slowdowns, and high interest rates, the automobile industry has registered growth recently in key markets like the US. This is expected to result in a significant advantage and opportunity for players in the wireless audio devices market.
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Rising Advances in Infotainment Systems to Propel the Market
Infotainment systems were limited to providing entertainment earlier. Today, large technology companies like Amazon are introducing infotainment systems which can understand users and respond to their concerns. Additionally, Amazon is not alone in investing in such an artificial intelligence platform. Google recently unveiled an AI which can make hotel reservations on behalf of users. The growing advancements in big data and its direct application in communication over Bluetooth speakers can be a tremendous asset for the wireless audio devices market in the near future. The high costs of this technology and privacy concerns related to it are expected to limit its penetration. However, the future may not far away where wireless audio devices replace human beings in all ordinary, monotonous, and predictable tasks.
The review is based on a market research report by TMR, 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.”
The segmentation of global wireless audio devices market is based on:
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