Simplicity, portability and convenience are the three key factors that drive consumers to switch to a wireless lifestyle by purchasing devices sold in the wireless audio devices market. In addition to this, improving Internet infrastructure has allowed streaming services to become popular across both developed and emerging markets. Approximately a fifth of Twitter users have received portable speakers as a gift and half of those surveyed on Facebook said that they preferred to buy cost-effective portable speakers.
All Above factors portray a bright future for the wireless audio devices market that has been studied by Persistence Market Research in a new report titled 'Global Market Study on Wireless Audio Devices: Portable Speakers Projected to be the Most Attractive Segment by Product Type During 2017 - 2025". The wireless audio devices market is on track to be worth more than US$ 25 Bn by the end of 2025 and grow at a CAGR of 8.5% from 2017-2025.
North America Most Attractive Region in the Wireless Audio Devices Market
It is hardly surprising that North America accounted for a third of the wireless audio devices market in 2016 and this is anticipated to drop only marginally by the end of the forecast period. The region has several factors in its favor such as high disposable income, widespread Internet connectivity, and a population that is quicker to adopt the latest gadgets and gizmos.
Audio and video streaming services have become extremely popular here and it is only a matter of time before these services outpace traditional content delivery formats. The North America wireless audio devices market is likely to exceed US$ 7 Bn by end 2025 and represents an incremental dollar opportunity of more than US$ 3 Bn during the eight-year study period.
Bluetooth Technology Dominates the Wireless Audio Devices Market
The proliferation of Bluetooth technology in smartphones, tablets, and laptops has come to the notice of key players in the wireless audio devices market. The Bluetooth segment dominates the wireless audio devices market with a market share estimated to touch 70% by 2025 end and it is unlikely to cede this commanding position to the Wi-Fi segment anytime soon. The Bluetooth segment is expected to record the highest segmental CAGR of 8.8% for the period 2017-2025.
Focus on Organized Retail and E-commerce in the Wireless Audio Devices Market
While organized retail is currently the largest distribution channel in the wireless audio devices market, e-commerce should become much more important in the days ahead. A Y-o-Y growth rate that is always in excess of 8% throughout the duration of the forecast period makes e-commerce a particularly enticing distribution channel in the wireless audio devices market and it is projected to push past US$ 8.3 Bn by end 2025.
Portable Speakers Popular in the Wireless Audio Devices Market
Manufacturers are experimenting with various colors, sizes, features, and technologies in the wireless audio devices market and they have invested heavily in the portable speaker's product type segment because of sustained consumer demand for this product. A high Y-o-Y growth rate is predicted to make this segment account for a market share of approximately 46% of the wireless audio devices market at the end of the study period.
Residential Users More Lucrative than Commercial Users
The wireless audio devices market is more of a consumer centric market and residential users represent approximately 4/5th market share. The residential end use segment is poised to be almost five times larger than the commercial segment by end 2025 and key stakeholders would do well to devise products that are well-suited to residential users.
Global Wireless Audio Devices Market: Competition Dashboard
Persistence Market Research has profiled some of the most prominent company's active in the wireless audio devices market. These include Beats Electronics, Bose Corporation, Harman International Industries, Yamaha Corporation, Sony Corporation, JVCKENWOOD Corporation, Logitech International S.A, LG Electronics Inc., Samsung Electronics, Panasonic Corporation, Sound United, Pioneer Corporation, Plantronics Inc., Koninklijke Philips N.V., Jawbone, Braven, Intex Technologies, and Altec Lansing.
Key Insights into the Wireless Audio Devices Market
There has been a rapid uptake of wireless speakers as consumers seek out convenience and portability over all else. Portable speakers within the price range of US$ 200-500 are estimated to witness the highest demand as new companies are entering the mid-range segment. Key players could also try to strengthen their long-term business contracts and provide superior aftersales service to distinguish themselves from rivals in the wireless audio devices market.
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