According to Stratistics MRC, the global wireless audio device market is estimated at $14.56 billion in 2016 and is expected to reach $32.56 billion by 2023 growing at a CAGR [compound annual growth rate] of 12.1% from 2016 to 2023.
The research group adds that some of the factors influencing the market include growing demand for smart phones as a basis of entertainment, rapid technological advancements and high expenditure on semiconductor for wireless devices. In addition, demand from automotive industry creates huge growth opportunities for market. However, negative health effects on children and other user groups and strict regulations on the frequency range of audio devices are some key factors inhibiting the market growth.
Among applications, home audio segment acquired the largest market share owing to constant technological advancements in home audio devices and rising consumer demand for high-performance home theaters. Based on product, sound bars segment is anticipated to grow at the significant CAGR during the forecast period due to its high compatibility with LED TVs, mobile devices, coupled with rising consumer electronics market.
North America held the maximum revenue in the global market which can be attributed to higher acceptance of electronic devices and high disposable income of consumers, according to Stratistics MRC. In addition, U.S. has always been the initial adopter of any new technology, thus providing relatively better opportunities for the large-scale deployment of devices.