DUBLIN--(BUSINESS WIRE)--The "Wireless Audio Market by Product (Speaker, Soundbar, Headset, Headphone, Microphone), Technology (Bluetooth, Wi-Fi, Airplay, RF), Application (Home Audio, Consumer, Commercial, Automotive), and Region - Global Forecast to 2023" report has been added to Research and Markets' offering.
The wireless audio market is expected to grow from USD 16.13 Billion in 2016 to USD 31.80 Billion by 2023, at a CAGR of 10.06% between 2017 and 2023.
The growth of this market is propelled by the increasing demand for smartphones as a source of entertainment, consumer preferences for portable devices, and advancements in wireless technologies.
The market for Bluetooth +Wi-Fi technology is expected to grow at a high rate between 2017 and 2023. Combo wireless modules are mainly used in smartphones, smart meters, medical devices, and home audio devices. The increasing adoption of combo wireless modules for various applications is contributing to the high growth of the market.
Home audio applications are expected to hold a major market size between 2017 and 2023. The growth of this market can be attributed to the continuous technological innovations in home audio devices and increasing consumer demand for high-performance home theaters, owing to rising disposable income. In addition, developments in Wi-Fi and Bluetooth speakers and dedicated speaker docks are expected to increase consumer spending on audio equipment for enhanced audio quality.
Suppliers and manufacturers of such equipment are increasingly focusing on expanding in the market by making these systems user friendly and visually less intrusive. In addition, there is an increasing demand for portable audio equipment, which has the ability to stream high-quality audio content from the Internet. Therefore, the advancements in digital technology, with changing media options from conventional to modern system, are contributing toward the growth of the market for home audio applications.
Market Dynamics
Drivers
- Growing Demand for Smartphones As a Source of Entertainment
- Consumer Preferences for Portable Devices
- Advancements in Wireless Technologies
Restraints
- Compliance Issues in Operating Frequency
- Negative Health Effects On Children And Other User Groups
Opportunities
- Significant Growth in the Market for Soundbars
- Increasing Use of Wireless Audio Devices in the Hospitality And Leisure Sector
- Growth in On-Demand Music Streaming Services
Challenges
- Delivering High-Quality Audio
Companies Mentioned
- Apple Inc.
- Bose Corporation
- Dei Holdings, Inc.
- Harman International Industries, Incorporated
- Ossic Corporation
- Phazon
- Samsung Electronics Co., Ltd.
- Sennheiser Electronic Gmbh & Co. Kg
- Sonos, Inc.
- Sony Corporation
- Trüsound Audio
- Vizio, Inc.
- Voxx International Corporation
For more information about this report visit https://www.researchandmarkets.com/research/s8zjrz/wireless_audio
