Wireless Audio Devices (BT, Sound Bar and Wi-Fi Multiroom) Market to Reach US$10.12 bn by 2024, Sales of Portable Bluetooth Speakers Surging: Transparency Market Research

May 13, 2016, 10:30 ET from Transparency Market Research

ALBANY, New York, May 13, 2016 /PRNewswire/ --

According to a new market report published by Transparency Market Research entitled "Wireless Audio Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024," the wireless audio devices market was valued at US$ 9.04 Bn in 2014 and is forecast to grow at a CAGR of 1.5% during the period from 2016 to 2024. The reasons for the growth of the global wireless audio devices market includes rising adoption of wireless connectivity technologies and growing demand for infotainment and regulatory requirements from the automotive industry across the world. In addition, high adoption of new technology and continuous innovation are further expected to drive the growth of this market over the forecast period. 

In the wireless audio devices market by product type, the Bluetooth speakers segment was the largest in 2015, accounting for 66.1% of the overall market. Innovative shapes and sizes have helped the wireless audio devices find increased appeal and usability among customers. Audio performance is not the only feature that customers look for; ergonomics (ease of handling and carrying) and aesthetics are other factors affecting their buying decisions. Wireless speakers such as Blue tune Bean from Divoom and Micro and Clip+ from JBL provide a handle for mounting and carrying. Stands provided with Bluetooth speakers help in holding their position or to dock other portable devices such as smartphones.

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The rise of downloads and streamed music have also forced home audio suppliers to remake their products to tap into new digital music sources. Suppliers have added home network technology to component AV receivers, tabletop radios, compact tabletop stereo systems, home-theater-in-a-box (HTiB) systems, and active sound bars. Via Wi-Fi, these products stream music from networked PCs or network-attached storage (NAS) devices, from smartphones and tablets, and through a networked broadband modem, from Internet radio stations and such music services as Pandora and Slacker. Also wireless audio devices sales are driven by slim one-piece amplified sound bars, wireless multi-room audio systems and other networked-audio products, which includes Bluetooth portable speakers. High-resolution home and portable audio products reproduce downloaded lossless music files with better-than-CD sound quality.

Major industry players profiled in the study include Bose Corporation, Ultimate Ears (UE, Logitech), Vizio Inc., Beats (Apple, Inc.),Harman International (JBL), Sony Corporation, Sonos, Samsung Electronics, LG Electronics, and Philips.

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The Global Wireless Audio Devices market has been segmented as follows: 

Global Wireless Audio Devices market, by Product Type 

  • Bluetooth Speaker
  • Sound Bars
  • Wi-Fi Multiroom Speaker

Global Wireless Audio Devices market, by Region 

  • The U.S.
  • Europe
  • Rest of World (RoW)

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SOURCE Transparency Market Research