PUBLISHER: Grand View Research | PRODUCT CODE: 1363012
PUBLISHER: Grand View Research | PRODUCT CODE: 1363012
The global wireless audio devices market size is estimated to reach USD 296.55 billion by 2030, growing at a CAGR of 15.5% from 2023 to 2030, according to the recent reports of Grand View Research, Inc.. The market growth can be attributed to the implementation of different digital technologies in consumer electronics devices and substantial investments from manufacturers who emphasize offering high-quality experiences to customers. Technological advancements have resulted in modifying wireless audio devices over the years, and OEMs are exploring innovative methods to combine technology with comfort. For instance, Telink's true wireless technology has introduced a multiprotocol chip for the upcoming generation of True Wireless Stereo (TWS0) audio systems. The latest addition to Telink's product line has introduced features such as acoustic echo cancellation and electronic noise cancellation capabilities to support ultra-low-level latency Bluetooth solutions. These factors would further drive the market during the forecast period.
The outbreak of the COVID-19 pandemic has propelled several firms to adopt the work-from-home model, which is expected to open new avenues for market growth. Individuals invested in new pairs of sophisticated communication devices with the shift in corporate culture. The surge for noise-canceling devices while attending meetings over Zoom calls and Google Meet is expected to increase the demand for the wireless audio devices market. The new variations of earphones are being developed to meet the needs of exercise enthusiasts. Wireless audio technologies have significantly improved to offer dust and water resistance. Athletes with sweaty workouts prefer earbuds with a high IPX. Hence, smartphone OEMs witnessed an opportunity and started venturing into the earbud space.
Emerging technologies such as Digital Theater Systems (DTS) Neo, Dolby Atmos, and Barco Auro provide spherical audio for acoustic spaces such as home theaters. The usage of such immersive audio technologies for small-scale applications requires more speakers, which leads to high maintenance and cost issues. However, highly advanced product manufacturing driven by rising competition within the market is expected to foster technological innovation in the coming years. Moreover, the growing demand for realistic immersive home audio equipment offers major growth opportunity areas in the wireless audio devices industry. Manufacturers such as Illusonic 3D, Iosono, Immsound, and Barco have been working on simplifying the network configuration and improving the command response time to match the higher picture quality offered by the latest 4K digital systems. These developments are expected to further boost the demand for wireless audio devices over the forecast period.