In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
A wireless audio device is an electronic device which receives and transmits various sound signals with the help of different technologies, namely Bluetooth, Wi-Fi, air play and others. A wireless audio device offers connectivity, flexibility, expandability and convenience. Head phones, speakers, audio systems, radio tuners are some of the wireless audio device present in the market. Wireless audio device are being used in many sectors such as transportation, industries, commercial, residential and others.
Global wireless audio device market is anticipated to flourish at a compound annual growth rate (CAGR) of 26.1% over the forecast period 2017-2024. The global wireless audio device market is projected to reach at a valuation of about USD 24.2 Billion by the end of 2024. Rising adoption for infotainment devices, increase in demand for mobile and its accessories and rapid urbanization are some of the key factors which are driving the global market of wireless audio device market.
Geographically, global wireless audio device market is segmented into North America, Asia Pacific, Europe, Middle East & Africa and Latin America region.
North America region accounted for the highest market share, with more than 40% share in overall wireless audio device market. North America region is likely to drive the global wireless audio device market due to higher adoption of electronic devices and high income of the consumers in this region.
Developing economics such as India, China and others in Asia Pacific region has boosted the growth rate of wireless audio device market in this region. Increasing demand for infotainment devices and mobility services are the anticipated to drive the wearable audio device market over forecast period 2017-2024.CLICK TO DOWNLOAD FREE SAMPLE REPORT
Over the past few years, wireless audio devices have faced many transformations. Leading market players are developing high resolution wireless audio devices with improved sound quality. Latin America and Middle East & Africa regions are also anticipated to witness a satisfactory growth in near future.
Our-in depth analysis of the global wireless audio devices market includes the following segments:
Global wireless audio device market is further classified on the basis of region as follows:
Development of new technologies in wireless audio device sectors has been attracting the consumers and thus, propels the demand for wireless audio devices. Rise in adoption for infotainment device and mobility services are some of the major drivers of the global wireless audio devices market.
The compatibility of modern wireless audio devices with other technologies such as mobile phones, computer, laptop, tablet and other devices is a major reason for the rise in demand for the wireless audio devices.
Increasing purchasing power of the consumers and their willingness to purchase new and advance technologically driven products has sparked the demand for wireless audio devices. The wireless audio devices are being used in almost every sector like in automobiles, residential, defense & security, commercial and others
However, compatibility of wireless audio devices with every enhancement in other technology including mobiles, laptops, tablet and other is one of the major challenges to the wireless audio device manufacturers. Apart from that, the presence of local vendors in market has affected the overall revenue of the global market. Their cheap quality and low price product offering is reducing the market share of the organized players.