CHICAGO, Aug. 5, 2024 /PRNewswire/ -- The Wireless Audio Device Market is projected to reach from USD 56.5 billion in 2024 to USD 70.9 billion by 2029; it is expected to grow at a CAGR of 4.7% from 2024 to 2029 according to a new report by MarketsandMarkets. The upsurge is driven by rising demand for portable and high-quality audio solutions across multiple industries, such as personal entertainment, professional audio, and smart home applications.
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160 - Tables
60 - Figures
230 - Pages
Wireless Audio Device Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 56.5 billion |
Estimated Value by 2029 | $ 70.9 billion |
Growth Rate | Poised to grow at a CAGR of 4.7% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product, Technology, Application, Functionality and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Compromising audio quality due to bandwidth constraints, coding delays, and errors |
Key Market Opportunities | Gaining popularity among health and fitness sector |
Key Market Drivers | Rising need for Bluetooth and portable speakers |
By Product: True Wireless Hearables/EarPods is projected to grow at the highest CAGR during the forecast period.
Bluetooth technology has evolved rapidly, resulting in smaller, more efficient, and cost-effective true wireless stereo (TWS) earphones. These developments enable characteristics such as noise cancellation, echo reduction, and increased battery life, which makes them more desirable to consumers. Consumers seek easy audio solutions that improve efficiency and fun when working from home or exercising. The compatibility of earbuds with smartphones and other electronics provides seamless interaction, which is especially appealing to tech-savvy people.
By Technology: Bluetooth technology to account for the highest CAGR during the forecast period.
Bluetooth technology is becoming increasingly popular in wireless audio devices for a variety of reasons. Bluetooth connections eliminate the need for unwieldy cords, allowing headphones, speakers, and earbuds to move about more easily. Furthermore, newer Bluetooth versions provide longer range and more robust connections, decreasing dropouts and interference even in high-density wireless situations. Bluetooth technology includes unique features such as multipoint connectivity, which allows users to connect to many devices at the same time and provides seamless transitions between audio sources.
By Application: The consumer application is projected to register the highest CAGR during the forecast period.
The consumer market is experiencing an increase in demand for Bluetooth wireless headphones and earbuds intended for personal usage. Individuals can engage in a variety of activities, such as workouts, commutes, and everyday routines, without being limited by physical connections. The consumer application segment is gaining market share due to rising demand for home entertainment systems, shifting consumer preferences, the growing popularity of wireless headphones and earbuds, widespread adoption of smartphones and portable devices, and the expansion of smart homes and multi-room audio systems.
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By Region: Asia Pacific to hold larger wireless audio device industry share in 2023.
The Asia Pacific region has large numbers of people and a fast-growing middle class, which fuels significant demand for sophisticated audio solutions such as wireless headphones, earbuds, and speakers. The growing use of wireless audio devices in business settings such as call centers, events, and exhibitions is driving market expansion in Asia Pacific. The increasing ubiquity of smartphones and other smart gadgets that operate as audio sources, adding to the growing need for wireless audio devices in Asia Pacific.
The major players in the wireless audio device companies include Apple Inc (US), SAMSUNG (South Korea), Bose Corporation (US), Sonos, Inc. (US), Sony Corporation (Japan).
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