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.
This report segments the wireless audio market on the basis of product, technology, application, and geography. In terms of product, speaker systems are expected to hold a major market size by 2023. In case of wireless speakers, no wires are connected to the speakers or to the sound systems. In addition, smart devices can be directly connected to the speakers through wireless connectivity. Therefore, consumers prefer wireless speakers.
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.