Wireless Audio Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI4504
Wireless Audio Market size will observe lucrative gains from 2021 to 2027 on account of the higher adoption of smartphones and mobile devices across the globe. The surge in the number of technological advancements and increasing spending capabilities on wireless solutions by OEMs in the semiconductor vertical will add positive momentum to the wireless audio demand spurt.
The rising popularity of Bluetooth and Wi-Fi-enabled audio-based devices among consumers is another impact rendering trend for the industry expansion. The rising demand for gaming consoles across the consumer and entertainment sector will additionally bolster the adoption of wireless audio solutions.
Commercial & special applications are expected to see higher wireless audio market penetration owing to the increasing need for wireless infotainment systems and connected car technology across the automotive sector. It has been estimated that customers spend close to $10,000 for the convenience of infotainment systems in their cars. This trend is likely to pave the way for numerous opportunities for leading market players to come up with innovative products in automotive.
The expanding consumer electronics sector as well as the growing adoption of portable devices will drive the adoption of wireless audio systems in the Asia Pacific. For instance, in April 2021, Japanese consumer electronics company, AIWA, introduced five products from its personal audio device portfolio in the Indian market.
Regionally, North America wireless audio market will gain remarkable proceeds through 2027 with the growing industrialization and the strong presence of major market players in the region. The rising awareness of cutting-edge technologies mainly among the younger individuals will also add to the regional industry growth size.
Some of the leading market players include Logitech International SA, VOXX International Corporation, Sennheiser Electronic GmbH, Sony Corporation, Bose Corporation, Avnera Corporation (Skyworks Solutions), Polk Audio, Inc., Boston Acoustics, Inc. (Denon), Harman International Inc. (Samsung Electronics), Plantronics, Inc., Bluetooth Sig, Inc., Sonos, Inc., DEI Holdings Inc.(Charlesbank Capital Partners), Shure, Koninklijke Philips N.V. and Vizio Inc.( LeEco).
Strategic team-ups, including partnerships and acquisitions, and the incorporation of cutting-edge technologies to support innovations, are the top-most initiatives employed by these firms to create a stronghold in the business landscape.
For instance, in January 2021, JBL introduced the JBL Tour Series to provide business professionals with advanced technologies. The novel series comprises the Tour Pro+ true wireless in-ear headphones and the JBL Tour ONE over-ear noise-canceling headphones.
In an additional instance, in February 2021, Qualcomm Technologies International, Ltd., partnered with various audio brands, to facilitate numerous wireless audio innovations. Through the collaboration, the company will help the brands in the development of NextGen complex and robust Bluetooth audio products.
Impact of COVID-19 on the wireless audio market forecast
The ongoing COVID-19 pandemic not only added support in flattening the curve of the global economy but also resulted in pertinent transformations across various facets of personal life, such as communications and lifestyle. Apart from the regulation of nationwide lockdowns and closure of multiple industries and facilities, it also significantly gave rise to trade and travel barriers.
Although the wireless audio market demand was relatively impacted on account of the factory shutdowns and hindered supply chains, its adoption is likely to be at the forefront in the post-pandemic period.
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