Advancing Technology to Propel a Boom in the Wireless Audio Devices Market
The wireless audio devices market is evaluated at US$27.837 billion in 2020 and is projected to grow at a CAGR of 16.96% reaching the market size of US$54.456 billion in 2027.
The increased connectivity and flexibility of wireless audio devices over wired ones have increased demand for the product. The development of wireless technology has increased audio system sales over time. The market is anticipated to grow throughout the forecast period as a result of factors including rising portable device adoption, product advancements, increased online retail sales of goods & services, rapid digitalization, and the emergence of new platforms for media and entertainment content. Additionally, improvements in the global consumer electronics market and an increase in the middle class in nations like China, India, and Japan are the main factors boosting market expansion. Additionally, the widespread use of smartphones, laptops, and tablets has aided in the development of wireless wearables.
The increasing demand for audio-based gadgets is driving the overall market growth.
The increasing demand for audio-based gadgets is one of the primary factors driving the overall market growth. Wireless audio devices’ improved features, such as portability, ease of management, and remote accessibility for audio communication, have increased their popularity. Wireless operation, speedy and simple audio transmission, and simple installation of wireless audio devices improve customer experiences. As a result, the wireless audio devices market is expected to be driven by increased consumer demand for high-quality audio experiences. According to Qualcomm’s State of Sound report 2021, global research of audio consumer habits and wishes, 70% of those polled said that having superb sound in their wireless headphones or speakers provides the best experience when using a smartphone. According to the data, 42% of those polled utilize truly wireless earphones for gaming across PC, console, and mobile platforms.
Bluetooth’s Rich Connectivity and Compatibility Features Will Drive Segmental Growth
Bluetooth technology has been increasingly important in people’s daily lives since it was originally introduced to the world. Bluetooth technology has brought many improvements to audio, from untethered audio devices to better audio experiences, altering the way we use media and experience the environment. The Bluetooth segment now accounts for the majority of overall market value and is expected to rise throughout the forecast period. Consumer desires for Bluetooth connectivity, as well as developments in Bluetooth technology, are important drivers of the segment’s future growth. Following the pace of Bluetooth audio innovation, leading manufacturers have incorporated cutting-edge technologies into their products. Airoha Technology announced in July 2022 that its new generation of Bluetooth audio chips has passed the latest Bluetooth Low Energy Audio Qualification Process. LE audio and Bluetooth 5.3 are supported by the flagship series of chipsets for a variety of applications such as TWS earbuds, Bluetooth smart speakers, assistive listening devices, and Bluetooth transmitters. This new function will improve people’s interactions with the world and contribute to the creation of new life-changing audio experiences.
The smart home automation industry is propelling the rise of audio devices such as smart speakers.
Smart home automation system adoption is expected to drive demand for smart speakers, which may use voice assistants to monitor and manage connected devices. Smart speakers are gaining popularity as a result of various new features that have made life easier and less stressful. Smart speakers can now answer questions, set timers, play music, manage other gadgets in the home, and even assist youngsters with their homework with a single command. Smart speakers are utilized as the beginning point for home automation, not merely for listening to music and answering voice instructions. Many of the same devices that individuals use to automate their lights, power plugs, and monitor smoke and door alarms can now be managed via smart speakers. For instance, In January 2023, Apple released a new $299 HomePod smart speaker with improved sound, intelligence, and smart capabilities. The new HomePod features room-sensing technology, which adjusts the sound profile based on its surroundings. It also has an enhanced audio return channel (eARC), which allows for seamless audio integration with Apple TV. In addition, the new HomePod includes humidity and temperature sensors that can be utilized as triggers for smart home automation.
True wireless stereo (TWS) audio quality improvements and lower pricing have played a vital part in the expansion of the wireless audio device market.
Because of the advancement of wireless technologies such as Bluetooth and Wi-Fi, consumers are shifting to wireless audio equipment. As a result of this gradual shift, the demand for earbuds and headphones has increased. Furthermore, some of the drivers driving the market include simple functioning, affordable prices, dependable audio quality, and the small size of wireless audio devices. For instance, Nothing, a London-based firm, announced the release of Nothing Ear (Stick) TWS earbuds in global markets in October 2022. Nothing claims the earphones are feather-light or have an ergonomic shape that molds to people’s ears. They come in a one-of-a-kind charging case that is believed to be influenced by traditional cosmetic shapes and tiny enough to fit easily into pockets. Furthermore, with the release of the BTW20 TWS earbuds in India, Blaupunkt has expanded the range of their true wireless earbuds. The TWS earbuds are believed to have a longer battery life of up to 30 hours at a lower price tag of Rs 1,299. The Bluetooth Headphone contains a Smart LED Digital Display, which makes it easy to monitor how much battery life is left after charging.
Covid Insights
The COVID-19 pandemic’s effect on consumers’ ability to leave their homes has offered a rare chance for the demand for luxury audio products to soar. Having decent audio quality at home has never been more crucial because watching movies and listening to music are two main ways that people pass the time when under lockdown. Reduced out-of-home spending on vacations and eating out has freed up discretionary funds for purchases of high-end audio gear. The COVID-19 pandemic is predicted to have a long-term impact on consumer habits, particularly as remote working becomes more prevalent. The post-COVID world will most certainly be more home-focused, with more chances for customers to listen to music and watch movies at home, putting a greater premium on the quality of home audio devices.
