Northbrook, IL -- (SBWire) -- 07/11/2021 --The wireless audio device market size is projected to grow from USD 57.3 billion in 2020 to USD 134.2 billion by 2025; it is expected to grow at a CAGR of 18.6% from 2020 to 2025. Factors such as surge in the global demand for infotainment devices, rise in use of wireless audio devices in commercial sector, and increased R&D expenditure by OEMs for the development of new and advanced wireless audio devices are fueling the growth of the market.
Among technologies, the Bluetooth+Wi-Fi segment of the wireless audio device market is projected to grow at the highest CAGR in terms of value during the forecast period.
The integration of Wi-Fi and Bluetooth technologies on a single IC leads to the development of cost-effective and compact wireless audio devices. Consumers are demanding uninterrupted connectivity to different devices from their smartphones. Bluetooth, global positioning system (GPS), and Wi-Fi, among other technologies, increase the utility of smartphones by offering them high-speed connectivity. As such, manufacturers are incorporating these connecting technologies in their smartphones to develop compact and cost-effective phones.
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The consumer application segment of the wireless audio device market in APAC is projected to grow at the highest CAGR in terms of value during the forecast period.
Wireless audio devices such as headphones and headsets are used in consumer electronics such as smartphones, computers, and gaming consoles. Rising adoption of technologically-advanced smartphones has led to an increased demand for wireless headphones and headsets in APAC. These smartphones can also be used to play music wirelessly through speaker systems and soundbars.
The wireless audio device market in India is projected to grow at the highest CAGR in terms of value during the forecast period.
The consumer electronics sector in India has witnessed substantial growth over the last few years. This sector plays a significant role in the economy of the country and provides employment to a huge part of its population. Rising individual income level, increasing foreign direct investments, and growing government impetus with Make in India initiative have led to the growth of the consumer electronics sector in India, thereby leading to the growth of the wireless audio device market in the country.
Key Market Players
Key players operating in the wireless audio device market are Apple Inc. (US), HARMAN International Industries Inc. (US), Bose Corporation (US), Sonos Inc. (US), Sony Corporation (Japan), DEI Holdings, Inc. (US), Sennheiser Electronic GmbH & Co. KG (Germany), VIZIO, Inc. (US), VOXX International Corporation (US), Plantronics Inc. (US), Ossic Corporation (US), Phazon (Canada), Trüsound Audio (US), Jam (US), Earin (Sweden), Human (US), Bragi (Germany), Jaybird (US), Devialet (France), and Dali A/S (Denmark).
Growth Opportunities and Latent Adjacency in Wireless Audio Device Market