Behavioral shifts among consumers in the audio industry have been highly influenced by the growing penetration of smart phones and tablets. This, combined with the changing preference in media consumption toward streaming services such as Deezer, Pandora, and Spotify, will boost the prospects of the global wireless audio devices market at a CAGR of 1.5% between 2014 and 2024, finds Transparency Market Research (TMR).
Wireless audio devices enable access to huge personal libraries of songs for listeners to enjoy at home or on the go. The advent of this technology has not only steered paradigm shift in consumer preference but has also catapulted wireless and portable MP3 players at the forefront of the music and entertainment industry.
Besides this, latest innovations in the wireless audio technology have caused a major shift in music storing and music streaming technologies. The launch of smartphones, tablets, and other smart devices in-built with high-tech players has replaced dedicated MP3s, thus resulting in a sharp decline in their average sales.
Launch of Better Functionality and Aesthetics to Boost Sales of Wireless Audio Devices
The purchase decision of any customer is not only influenced by the audio performance of a wireless audio device. Manufacturers are therefore required to focus on bringing both audio features and ergonomics of devices at an equilibrium to positively influence a consumer’s buying decision. Taking cue from the changing consumer preferences, Clip+ and Micro were launched by JBL and Divoom launched Bluetune Bean that provide additional features alongside exceptional music streaming features.
Gaining from the demand for increasing functionality and better aesthetics, the global wireless audio devices market is poised to reach US$10.12 bn by 2024, from US$9.04 bn in 2014, states Transparency Market Research.
Demand from Automotive Industry to Create Lucrative Opportunities for Wireless Audio Devices Market
The rising demand for infotainment in the automotive industry has translated into increased sales of wireless audio devices. The demand for wireless audio devices in the automotive industry also gains momentum from high adoption of the Internet of Things (IoT). Deployment of the IoT in automobiles is fast replacing buttons and knobs used to access and control audio devices with the Bluetooth connectivity. As per TMR’s research, approximately 22% of the world’s cars will be connected to the internet by 2022. This will subsequently propel growth of the global connected wireless audio devices market.
Request A Sample Of This Report:
The U.S. and Europe have been exhibiting the most lucrative prospects for the global wireless audio devices market. The growth of digital music has been unprecedented in the U.S. Compelled by the prevailing dynamics, vendors in the U.S. wireless audio devices market are revamping the products they offer to tap into the digital music sources. Prominent suppliers in the market have already added home network technology to their products such as AV receivers, tabletop stereo systems, tabletop radios, home-theater-in-a-box systems, and others. The new technology allows these devices to stream music from networked PC via Wi-Fi.
The U.S. has always been the earliest adopter of any novel technology, thus providing comparatively better opportunities for the large-scale deployment of wireless audio devices. In Europe the market will gain from the increasing demand for smart homes. The wireless audio devices market in Europe is likely to surge at a moderate pace during the forecast period.
Key Players Vying to Capitalize on Opportunities in Emerging Economies
Enterprises operating in the global wireless audio devices market are increasingly focusing on expanding their reach in emerging economies such as India and China, considering the robust demand witnessed in these nations. Apart from this, product innovation and differentiation are also looked upon as viable strategies for attracting positive consumer response. This trend led to the launch of streaming protocol service called “Google Cast” by Google in 2015. Next in line was LG Electronics Inc., who announced the launch of novel sound bars and multirooms in 2016.