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Global Wireless Audio Devices Market 2023-2027

The document provides an analysis of the global wireless audio devices market from 2022-2027. It covers market segments, size and outlook, historic market size, five forces analysis, and market segmentation by product. The analysis includes data on market share, size and forecasts for speaker systems and headphones segments.

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Global Wireless Audio Devices Market 2023-2027

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Global Wireless Audio Devices Market 2023-2027

Technavio
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TABLE OF CONTENTS

1 Executive Summary ........................................................................... 12

1.1 Market overview ............................................................................................... 13
Exhibit 01: Executive Summary – Chart on Market Overview ............................................. 13
Exhibit 02: Executive Summary – Data Table on Market Overview ................................... 13
Exhibit 03: Executive Summary – Chart on Global Market Characteristics ...................... 14
Exhibit 04: Executive Summary – Chart on Market by Geography.................................... 15
Exhibit 05: Executive Summary – Chart on Market Segmentation by Product ................ 16
Exhibit 06: Executive Summary – Chart on Market Segmentation by Application ......... 17
Exhibit 07: Executive Summary – Chart on Incremental Growth ........................................ 18
Exhibit 08: Executive Summary – Data Table on Incremental Growth .............................. 18
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning ............................. 19

2 Market Landscape ............................................................................ 20

2.1 Market ecosystem ............................................................................................ 21
Exhibit 10: Parent market .......................................................................................................... 21
Exhibit 11: Market Characteristics ........................................................................................... 24

3 Market Sizing ....................................................................................... 26

3.1 Market definition............................................................................................... 27
Exhibit 12: Offerings of vendors included in the market definition .................................... 27
3.2 Market segment analysis ................................................................................. 28
Exhibit 13: Market segments .................................................................................................... 28
3.3 Market size 2022 ................................................................................................ 29
3.4 Market outlook: Forecast for 2022-2027 ........................................................ 31
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)................... 31
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million) ......... 31
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%) ..................... 32

Technavio
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Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%) ........... 32

4 Historic Market Size............................................................................. 35

4.1 Global wireless audio devices market 2017 - 2021 ..................................... 36
Exhibit 18: Historic Market Size – Data Table on Global wireless audio devices market
2017 - 2021 ($ million) ................................................................................................................ 36
4.2 Product Segment Analysis 2017 - 2021.......................................................... 37
Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million) ........................ 37
4.3 Application Segment Analysis 2017 - 2021 ................................................... 38
Exhibit 20: Historic Market Size – Application Segment 2017 - 2021 ($ million) ................. 38
4.4 Geography Segment Analysis 2017 - 2021................................................... 39
Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million) ................. 39
4.5 Country Segment Analysis 2017 - 2021 ......................................................... 40
Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)........................ 40

5 Five Forces Analysis ............................................................................ 41

5.1 Five forces summary ........................................................................................ 42
Exhibit 23: Five forces analysis - Comparison between2022 and 2027 ............................. 42
5.2 Bargaining power of buyers ........................................................................... 43
Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
...................................................................................................................................................... 43
5.3 Bargaining power of suppliers ........................................................................ 45
Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027 ...... 45
5.4 Threat of new entrants..................................................................................... 47
Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027 .................. 47
5.5 Threat of substitutes .......................................................................................... 48
Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027 ....................... 48
5.6 Threat of rivalry .................................................................................................. 50
Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027 ............................... 50
5.7 Market condition .............................................................................................. 52

Technavio
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Exhibit 29: Chart on Market condition - Five forces 2022 and 2027 ................................... 52

6 Market Segmentation by Product .................................................... 53

6.1 Market segments .............................................................................................. 54
Exhibit 30: Chart on Product - Market share 2022-2027 (%) ................................................ 54
Exhibit 31: Data Table on Product - Market share 2022-2027 (%) ....................................... 54
6.2 Comparison by Product .................................................................................. 56
Exhibit 32: Chart on Comparison by Product ........................................................................ 56
Exhibit 33: Data Table on Comparison by Product .............................................................. 56
6.3 Speaker systems - Market size and forecast 2022-2027 ............................. 57
Exhibit 34: Chart on Speaker systems - Market size and forecast 2022-2027 ($ million) .. 57
Exhibit 35: Data Table on Speaker systems - Market size and forecast 2022-2027 ($
million) ......................................................................................................................................... 57
Exhibit 36: Chart on Speaker systems - Year-over-year growth 2022-2027 (%) ................ 58
Exhibit 37: Data Table on Speaker systems - Year-over-year growth 2022-2027 (%) ....... 58
6.4 Headphones - Market size and forecast 2022-2027 ................................... 60
Exhibit 38: Chart on Headphones - Market size and forecast 2022-2027 ($ million) ....... 60
Exhibit 39: Data Table on Headphones - Market size and forecast 2022-2027 ($ million)
...................................................................................................................................................... 60
Exhibit 40: Chart on Headphones - Year-over-year growth 2022-2027 (%) ...................... 61
Exhibit 41: Data Table on Headphones - Year-over-year growth 2022-2027 (%)............. 61
6.5 Others - Market size and forecast 2022-2027 ............................................... 63
Exhibit 42: Chart on Others - Market size and forecast 2022-2027 ($ million) ................... 63
Exhibit 43: Data Table on Others - Market size and forecast 2022-2027 ($ million) ......... 63
Exhibit 44: Chart on Others - Year-over-year growth 2022-2027 (%) .................................. 64
Exhibit 45: Data Table on Others - Year-over-year growth 2022-2027 (%) ........................ 64
6.6 Market opportunity by Product ..................................................................... 66
Exhibit 46: Market opportunity by Product ($ million) .......................................................... 66

7 Market Segmentation by Application ............................................. 68

7.1 Market segments .............................................................................................. 69

Technavio
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Exhibit 47: Chart on Application - Market share 2022-2027 (%) .......................................... 69
Exhibit 48: Data Table on Application - Market share 2022-2027 (%) ................................ 69
7.2 Comparison by Application ........................................................................... 71
Exhibit 49: Chart on Comparison by Application ................................................................. 71
Exhibit 50: Data Table on Comparison by Application ....................................................... 71
7.3 Residential - Market size and forecast 2022-2027 ....................................... 72
Exhibit 51: Chart on Residential - Market size and forecast 2022-2027 ($ million)............ 72
Exhibit 52: Data Table on Residential - Market size and forecast 2022-2027 ($ million) .. 72
Exhibit 53: Chart on Residential - Year-over-year growth 2022-2027 (%) .......................... 73
Exhibit 54: Data Table on Residential - Year-over-year growth 2022-2027 (%)................. 73
7.4 Commercial - Market size and forecast 2022-2027 .................................... 75
Exhibit 55: Chart on Commercial - Market size and forecast 2022-2027 ($ million)......... 75
Exhibit 56: Data Table on Commercial - Market size and forecast 2022-2027 ($ million) 75
Exhibit 57: Chart on Commercial - Year-over-year growth 2022-2027 (%) ....................... 76
Exhibit 58: Data Table on Commercial - Year-over-year growth 2022-2027 (%).............. 76
7.5 Automotive - Market size and forecast 2022-2027 ..................................... 77
Exhibit 59: Chart on Automotive - Market size and forecast 2022-2027 ($ million) .......... 77
Exhibit 60: Data Table on Automotive - Market size and forecast 2022-2027 ($ million) 77
Exhibit 61: Chart on Automotive - Year-over-year growth 2022-2027 (%)......................... 78
Exhibit 62: Data Table on Automotive - Year-over-year growth 2022-2027 (%) ............... 78
7.6 Market opportunity by Application ............................................................... 80
Exhibit 63: Market opportunity by Application ($ million) .................................................... 80

8 Customer Landscape ........................................................................ 82

8.1 Customer landscape overview ..................................................................... 83
Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption
rates, and purchase criteria .................................................................................................... 83

9 Geographic Landscape ................................................................... 84

9.1 Geographic segmentation............................................................................. 85

Technavio
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Exhibit 65: Chart on Market share by geography 2022-2027 (%) ....................................... 85
Exhibit 66: Data Table on Market share by geography 2022-2027 (%) ............................. 85
9.2 Geographic comparison ................................................................................ 87
Exhibit 67: Chart on Geographic comparison ...................................................................... 87
Exhibit 68: Data Table on Geographic comparison ............................................................ 87
9.3 North America - Market size and forecast 2022-2027 ................................ 88
Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ million)..... 88
Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ million)
...................................................................................................................................................... 88
Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%) ................... 89
Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%) .......... 89
9.4 APAC - Market size and forecast 2022-2027 ................................................ 91
Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 ($ million) .................... 91
Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 ($ million) .......... 91
Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%) ................................... 92
Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%) ......................... 92
9.5 Europe - Market size and forecast 2022-2027 .............................................. 95
Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ million) .................. 95
Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ million) ........ 95
Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%) ................................. 96
Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%) ....................... 96
9.6 South America - Market size and forecast 2022-2027 ................................ 98
Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million) .... 98
Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
...................................................................................................................................................... 98
Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%) ................... 99
Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%) ......... 99
9.7 Middle East and Africa - Market size and forecast 2022-2027................ 101
Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($
million) ....................................................................................................................................... 101

Technavio
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Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027
($ million) ................................................................................................................................... 101
Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%) ... 102
Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
.................................................................................................................................................... 102
9.8 US - Market size and forecast 2022-2027 .................................................... 104
Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million) ........................ 104
Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million) ............... 104
Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%) ....................................... 105
Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%).............................. 105
9.9 China - Market size and forecast 2022-2027 .............................................. 106
Exhibit 93: Chart on China - Market size and forecast 2022-2027 ($ million) .................. 106
Exhibit 94: Data Table on China - Market size and forecast 2022-2027 ($ million) ........ 106
Exhibit 95: Chart on China - Year-over-year growth 2022-2027 (%) ................................. 107
Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%) ....................... 107
9.10 UK - Market size and forecast 2022-2027 .................................................. 108
Exhibit 97: Chart on UK - Market size and forecast 2022-2027 ($ million) ........................ 108
Exhibit 98: Data Table on UK - Market size and forecast 2022-2027 ($ million) .............. 108
Exhibit 99: Chart on UK - Year-over-year growth 2022-2027 (%) ....................................... 109
Exhibit 100: Data Table on UK - Year-over-year growth 2022-2027 (%) ........................... 109
9.11 Japan - Market size and forecast 2022-2027 ........................................... 110
Exhibit 101: Chart on Japan - Market size and forecast 2022-2027 ($ million) ............... 110
Exhibit 102: Data Table on Japan - Market size and forecast 2022-2027 ($ million) ..... 110
Exhibit 103: Chart on Japan - Year-over-year growth 2022-2027 (%) .............................. 111
Exhibit 104: Data Table on Japan - Year-over-year growth 2022-2027 (%) .................... 111
9.12 Germany - Market size and forecast 2022-2027 ..................................... 112
Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 ($ million) .......... 112
Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 ($ million) 112
Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%)......................... 113
Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%) ............... 113

Technavio
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9.13 Market opportunity by geography ........................................................... 114
Exhibit 109: Market opportunity by geography ($ million) ................................................ 114

10 Drivers, Challenges, and Trends .................................................... 116

10.1 Market drivers ................................................................................................ 117
10.2 Market challenges ....................................................................................... 119
10.3 Impact of drivers and challenges ............................................................. 121
Exhibit 110: Impact of drivers and challenges in 2022 and 2027 ..................................... 121
10.4 Market trends ................................................................................................ 122

11 Vendor Landscape ........................................................................ 124

11.1 Overview ........................................................................................................ 125
11.2 Vendor landscape ....................................................................................... 126
Exhibit 111: Overview on Criticality of inputs and Factors of differentiation .................. 126
11.3 Landscape disruption .................................................................................. 127
Exhibit 112: Overview on factors of disruption .................................................................... 127
11.4 Industry risks ................................................................................................... 128
Exhibit 113: Impact of key risks on business ......................................................................... 128

12 Vendor Analysis .............................................................................. 129

12.1 Vendors covered.......................................................................................... 130
Exhibit 114: Vendors covered ................................................................................................ 130
12.2 Market positioning of vendors .................................................................... 132
Exhibit 115: Matrix on vendor position and classification .................................................. 132
12.3 Apple Inc. ...................................................................................................... 134
Exhibit 116: Apple Inc. - Overview ........................................................................................ 134
Exhibit 117: Apple Inc. - Business segments ......................................................................... 134
Exhibit 118: Apple Inc. - Key news ......................................................................................... 135
Exhibit 119: Apple Inc. - Key offerings ................................................................................... 135
Exhibit 120: Apple Inc. - Segment focus ............................................................................... 135

Technavio
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12.4 Bose Corp. ..................................................................................................... 136
Exhibit 121: Bose Corp. - Overview ....................................................................................... 136
Exhibit 122: Bose Corp. - Product / Service .......................................................................... 136
Exhibit 123: Bose Corp. - Key news ........................................................................................ 137
Exhibit 124: Bose Corp. - Key offerings .................................................................................. 137
12.5 Earin AB .......................................................................................................... 138
Exhibit 125: Earin AB - Overview ............................................................................................ 138
Exhibit 126: Earin AB - Product / Service ............................................................................... 138
Exhibit 127: Earin AB - Key offerings ....................................................................................... 138
12.6 LG Electronics Inc. ........................................................................................ 139
Exhibit 128: LG Electronics Inc. - Overview .......................................................................... 139
Exhibit 129: LG Electronics Inc. - Business segments ........................................................... 139
Exhibit 130: LG Electronics Inc. - Key news........................................................................... 140
Exhibit 131: LG Electronics Inc. - Key offerings .................................................................... 141
Exhibit 132: LG Electronics Inc. - Segment focus ................................................................ 141
12.7 Masimo Corp................................................................................................. 142
Exhibit 133: Masimo Corp. - Overview .................................................................................. 142
Exhibit 134: Masimo Corp. - Product / Service .................................................................... 142
Exhibit 135: Masimo Corp. - Key news .................................................................................. 142
Exhibit 136: Masimo Corp. - Key offerings ............................................................................ 143
12.8 Plantronics Inc. .............................................................................................. 144
Exhibit 137: Plantronics Inc. - Overview ................................................................................ 144
Exhibit 138: Plantronics Inc. - Business segments ................................................................. 144
Exhibit 139: Plantronics Inc. - Key offerings .......................................................................... 144
Exhibit 140: Plantronics Inc. - Segment focus ...................................................................... 145
12.9 Samsung Electronics Co. Ltd. ..................................................................... 146
Exhibit 141: Samsung Electronics Co. Ltd. - Overview ....................................................... 146
Exhibit 142: Samsung Electronics Co. Ltd. - Business segments ........................................ 146
Exhibit 143: Samsung Electronics Co. Ltd. - Key news ........................................................ 147
Exhibit 144: Samsung Electronics Co. Ltd. - Key offerings .................................................. 147

Technavio
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Exhibit 145: Samsung Electronics Co. Ltd. - Segment focus .............................................. 147
12.10 Sennheiser Electronic GmbH and Co. KG ............................................. 148
Exhibit 146: Sennheiser Electronic GmbH and Co. KG - Overview .................................. 148
Exhibit 147: Sennheiser Electronic GmbH and Co. KG - Business segments ................... 148
Exhibit 148: Sennheiser Electronic GmbH and Co. KG - Key news .................................. 148
Exhibit 149: Sennheiser Electronic GmbH and Co. KG - Key offerings ............................ 149
Exhibit 150: Sennheiser Electronic GmbH and Co. KG - Segment focus ........................ 149
12.11 Shure Inc. ..................................................................................................... 150
Exhibit 151: Shure Inc. - Overview ......................................................................................... 150
Exhibit 152: Shure Inc. - Product / Service ............................................................................ 150
Exhibit 153: Shure Inc. - Key offerings .................................................................................... 150
12.12 Sonos Inc. ..................................................................................................... 151
Exhibit 154: Sonos Inc. - Overview ......................................................................................... 151
Exhibit 155: Sonos Inc. - Product / Service ........................................................................... 151
Exhibit 156: Sonos Inc. - Key offerings ................................................................................... 151
12.13 Sony Group Corp. ...................................................................................... 152
Exhibit 157: Sony Group Corp. - Overview ........................................................................... 152
Exhibit 158: Sony Group Corp. - Business segments............................................................ 152
Exhibit 159: Sony Group Corp. - Key offerings ..................................................................... 153
Exhibit 160: Sony Group Corp. - Segment focus ................................................................. 153
12.14 TruSound Audio........................................................................................... 155
Exhibit 161: TruSound Audio - Overview ............................................................................... 155
Exhibit 162: TruSound Audio - Product / Service ................................................................. 155
Exhibit 163: TruSound Audio - Key offerings ......................................................................... 155
12.15 VIZIO Holding Corp. Inc. ............................................................................ 156
Exhibit 164: VIZIO Holding Corp. Inc. - Overview ................................................................ 156
Exhibit 165: VIZIO Holding Corp. Inc. - Product / Service................................................... 156
Exhibit 166: VIZIO Holding Corp. Inc. - Key offerings........................................................... 156
12.16 VOXX International Corp. ......................................................................... 157

Technavio
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Exhibit 167: VOXX International Corp. - Overview .............................................................. 157
Exhibit 168: VOXX International Corp. - Business segments ............................................... 157
Exhibit 169: VOXX International Corp. - Key offerings ........................................................ 158
Exhibit 170: VOXX International Corp. - Segment focus .................................................... 158
12.17 Yamaha Corp. ............................................................................................ 159
Exhibit 171: Yamaha Corp. - Overview ................................................................................ 159
Exhibit 172: Yamaha Corp. - Business segments ................................................................. 159
Exhibit 173: Yamaha Corp. - Key offerings........................................................................... 160
Exhibit 174: Yamaha Corp. - Segment focus ...................................................................... 160

13 Appendix ........................................................................................ 161

13.1 Scope of the report...................................................................................... 162
13.2 Inclusions and exclusions checklist ............................................................ 163
Exhibit 175: Inclusions checklist .............................................................................................. 163
Exhibit 176: Exclusions checklist ............................................................................................. 163
13.3 Currency conversion rates for US$............................................................. 165
Exhibit 177: Currency conversion rates for US$ ................................................................... 165
13.4 Research methodology .............................................................................. 167
Exhibit 178: Research methodology ..................................................................................... 167
Exhibit 179: Validation techniques employed for market sizing ....................................... 168
Exhibit 180: Information sources ............................................................................................ 169
13.5 List of abbreviations ..................................................................................... 170
Exhibit 181: List of abbreviations ............................................................................................ 170

Technavio
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1 Executive Summary

Exhibit 01: Executive Summary – Chart on Market Overview

Exhibit 02: Executive Summary – Data Table on Market Overview

2022 2023 2024 2025 2026 2027

Market
size ($ 39,518.81 45,030.43 52,328.61 62,450.02 77,425.71 97,406.27
million)

Exhibit 08: Executive Summary – Data Table on Incremental Growth

2022 2027

Market size ($ million) 39,518.81 97,406.27

The global wireless audio devices market is a part of the global consumer electronics market.
The global consumer electronics market is valued at $413.22 billion in 2022.

Exhibit 10: Parent market

Technavio categorizes the global wireless audio devices market as a part of the global
consumer electronics market within the global household durables market. The parent market,
the global consumer electronics market, covers products and companies engaged in the
manufacturing/marketing consumer robotics, home audio and video products, televisions,
digital cameras, and related products. The market excludes mobile phones, PCs, and
peripherals, which have been classified under the technology hardware, storage, and
peripherals market. The market also excludes video games, gaming consoles, and gaming
peripherals, which have been classified under the interactive home entertainment market.

Technavio calculates the global household durables market size based on the combined
revenues generated by manufacturers/marketers of consumer electronics, furnishings and
decorative products, household appliances, and homeware.

Growth in the global consumer electronics market will be driven by the following factors:

• New product launches: New products with innovative features are continually being
introduced by key consumer electronics companies to increase their customer base.
Smart products are also in great demand and have opened up new avenues for
manufacturers.

• Premiumization: Manufacturers of consumer electronics have been focusing on

premium pricing as a differentiating factor to launch high-end versions of existing
product lines. With increasing consumer spending, the demand for premium products is
increasing. Manufacturers are adding value to their products through enhancements in
material and technology. Factors such as the rising middle-class population and the
preference for consumer electronics with advanced features are driving the trend of
premiumization in the global consumer electronics market.

• Rising number of dual-income households: The rising number of dual-income

households is a key factor driving the global consumer electronics market. A global
increase in the number of working women has resulted in a subsequent increase in the

• Rise of e-commerce: E-commerce enables access to a wide range of brands and

products, which is one of the primary reasons for the rapid popularity of this channel.
Many consumer electronics companies have launched interactive and informative
websites to increase customer reach. These websites provide manuals on the use of
products, along with promotional offers and discounts. This is important because
millennials look for information on products and their features and prices before
purchasing them. They also read customer reviews to make informed decisions. Online
sales will be a major driver for the retail growth of consumer electronics. Additionally,
omnichannel retailing has also gained significance as an effective alternative to
engage consumers both online and offline.

Some of the key issues faced by the global consumer electronics market include the following:

• Data security issues associated with smart consumer electronics: With increasing
preference for smart consumer electronics, concerns over data security and privacy
are increasing. The automated interaction between connected devices in an IoT
environment is often invisible to users. Hence, this carries the risk of utility companies or
third-party energy management service providers collecting private and personal data
under the guise of energy-efficiency management.

• Criticality of inventory management and product sourcing: Managing inventory is

crucial for vendors. Inventory concerns have evolved in tandem with changing
consumer purchasing patterns. Consumers' preferences change over time, speeding
up the inventory turnover requirements. Suppliers or manufacturers of consumer
electronics must adjust to the smaller orders placed by wholesalers and retailers, which
creates the need for improved inventory turnaround times. This predominantly creates
pressure on the raw material, quality control, transportation, and labor costs of
manufacturers. For instance, the increase in energy prices and manufacturing costs in
China is encouraging vendors to seek more effective and efficient production
locations. Stronger supply chain relationships are of extreme importance for effective
inventory management. To cope with this supply chain concern, most manufacturers of
consumer electronics rely on in-house or third-party IT tools to improve the
manufacturing and distribution processes. On the other hand, product sourcing is a
two-pronged issue. The ability of countries like Brazil, India, South Africa, and Russia to
handle the movement of the production processes from China can affect critical
delivery schedules. This has given rise to local and regional sourcing. An awareness of
the operations in facilities across the supply chain influences the adoption of
responsible purchasing strategies that can enhance the brand image of
manufacturers. These operations range from the sourcing of raw materials to
manufacturing and shipping.

• Low product replacement cycle: Consumer electronics products such as TVs are of
reliable quality. These products are made of durable metals and are characterized by
long replacement cycles. Vendors engage in in-depth R and D and develop innovative
and durable materials to extend the operational life of consumer electronics products.
However, the long lifespan of consumer electronics reduces the frequency of product
replacements, which adversely affects the year-over-year growth of the market. Major
manufacturers offer product warranties and guarantees, which further increase the
product life span. Such factors decrease repeat purchases of consumer electronics
products. The low maintenance costs of consumer electronics products further
contribute to infrequent product purchases.

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The global consumer electronics market is at a cross-road facing the positive impact of new
product launches, rising average dual-household incomes, an increase in adoption of smart
consumer electronics, and growing online sales. The demand for technologically advanced
variants of consumer electronics is also expected to increase during the forecast period. On the
other hand, the high average product lifecycle and data security issues associated with smart
consumer electronics may have a negative impact on growth. The combined impact of these
factors will lead to moderate growth of the global consumer electronics market.

The global consumer electronics market comprises the following segments:

• Entertainment products: Includes TVs, DVD/Blu-ray players, radios, setup boxes, MP3
players, speakers and home audio systems, headphones and earphones, remote
control (RC) toys, and digital cameras and camcorders

Exhibit 11: Market Characteristics

• Lifecycle stage of the market – innovation vs. growth vs. maturity

• Structure of the market – fragmentation vs. concentration

• Impact of external forces – disruptive and regulatory forces on the market

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24
• Market behavior of the participants to capture organic growth (innovation) vs.
inorganic growth (M and A activity).

The global wireless audio devices market is a fragmented industry in a phase of growth in 2022.
By 2027, the market structure will continue to be fragmented. Its lifecycle stage will continue to
be in the growth phase.

Wireless audio devices are electronic devices that are generally used to play audio by using
Bluetooth or Wi-Fi technology. Connectivity, expandability, versatility, and convenience are all
advantages of a wireless audio device. Wireless audio devices stream music from audio-
enabled devices to wireless output systems using wireless platforms such as Bluetooth, radio
frequency, infrared, Wi-Fi, SKAA, and airplay.

Exhibit 12: Offerings of vendors included in the market definition

Products/Services included in the market

Vendor
definition

Apple Inc. Wireless audio devices

Bose Corp. Wireless audio devices

Masimo Corp. Wireless audio devices

Samsung Electronics Co. Ltd. Wireless audio devices

Sennheiser Electronic GmbH and Co. KG Wireless audio devices

Sonos Inc. Wireless audio devices

Sony Group Corp. Wireless audio devices

VIZIO Holding Corp. Inc. Wireless audio devices

VOXX International Corp. Wireless audio devices

Yamaha Corp. Wireless audio devices

The global wireless audio devices market has been analyzed based on various dimensions and
segments to help suppliers within the industry have a better understanding of the structure of
current demand and the components of demand, which will drive growth in the future. Suppliers
in the global wireless audio devices market outperforming the overall industry are expected to
focus on the higher potential segments within the market.

Exhibit 13: Market segments

Segment name Description

North America, APAC, Europe, South America,

Geography
and Middle East and Africa

Product Speaker systems, Headphones, and Others

Application Residential, Commercial, and Automotive

To estimate the market size of global wireless audio devices market, Technavio has tracked the
recent trends and developments in the industry. The market size has been developed in terms of
value by considering the following factors:

• Retail sales: Price when sold from retailers to consumers as reported by vendors in the
industry. The market size excludes all discounts, allowances, and returns.

• Revenues: Taken in local currencies, if not available in US dollars, for each country and
vendor and then converted to US dollars using the yearly average currency exchange
rate of 2022, the base year. This implies that the figures reflect industry trends, not
distorted by fluctuations in international exchange rates.

• Exclusions: The report does not consider the effect of inflation and price fluctuations
during the forecast period.

• Currency: Unless explicitly mentioned, all revenues are represented in US dollars.

The market sizing has been built and validated using multiple demand-side and supply-side
approaches for a detailed understanding of the global wireless audio devices market. The
specific market sizing approaches used for evaluating the global wireless audio devices market
are:

• Top down: Validated the market based on the contribution of global wireless audio
devices market to the global consumer electronics market

• Segmental extrapolation: Validated the market based on extrapolation of the size of

product and application segments of the market

Within the above-mentioned market sizing models, analysts have made assumptions and
estimates listed below:

• Revenue generated by the consumer electronics companies manufacturing wireless

audio devices

• Revenue generated by retailers offering wireless audio devices

For this report, we have also used the following macro data in modeling the market size for 2022:

• GDP growth

• Urbanization

• Employment (labor force participation)

• Population at different income-level

• Per capita income

• Disposable income

Based on the above data models, Technavio has estimated the total market for wireless audio
devices as $39,518.81 million in 2022.

Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)

Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market
size ($ 39,518.81 45,030.43 52,328.61 62,450.02 77,425.71 97,406.27
million)

The market outlook has been developed by studying the combined impact of factors that drive
growth in conjunction with the challenges faced by the industry to estimate a compounded
annual growth rate of 19.77% between 2022 and 2027.

The global wireless audio devices market is valued at $39,518.81 million in 2022 and is estimated
to grow to $97,406.27 million in 2027. This will create an incremental growth opportunity worth
$57,887.46 million between 2022 and 2027, which translates to around 147% of the market size in
2022. This represents significant growth opportunities for vendors. Vendors can continue to grow
by leveraging the inherent growth opportunities available within the market while avoiding
direct competition.

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31
The overall growth of the global wireless audio devices market is built on consistent growth
across all the years of the forecast period between 2022 and 2027. The year-on-year growth will
vary between a range of 13.95% and 25.81%.

Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)

Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
13.95% 16.21% 19.34% 23.98% 25.81%
year growth

Estimating growth rates for emerging and high-growth markets

Modeling of developing and high-growth markets is a challenge, given the uncertainties around
the evolution of the market. Hence, we start by developing an optimistic and pessimistic range
and then use it to build a realistic estimate of the market size based on various marked modeling
techniques and inputs from industry participants.

Estimating growth rates for mature markets

Mature markets are characterized by stable and high adoption rates, with slower growth rates
due to several factors, including:

• Impact of demographic changes

• Change in product mix

The 19.77% growth forecast is a realistic assessment of the market. However, the market could
grow at a rate higher than the projected figure if the following factors come into play:

• Increase in the replacement rate

• Increase in the customer base

Conversely, the 19.77% growth forecast could be missed with the market growing slower than
expected if the following factors come into play:

• Increase in competition from local or regional players

• Competition from improved products

• Supply disruption from raw material suppliers

The global wireless audio devices market is expected to witness significant growth during the
forecast period due to the increasing penetration of smart devices, especially in developing
countries. The demand for smart devices prompts a rise in the demand for related accessories
such as wireless audio devices. The rapidly growing demand for multimedia and gaming
products is also fueling the demand for the global wireless audio devices market. Technological
advances and innovation in wireless product design are also factors driving demand for wireless
audio devices. Wireless audio devices are mainly characterized by appearance, design,
functionality, and technology.

Increased preference for wireless convenience is driving the demand for wireless audio devices.
However, some people perceive wireless audio devices to be responsible for health hazards.
Constant use of wireless audio devices for longer periods of time may result in temporary or
permanent hearing loss. Such health-related concerns among consumers are likely to inhibit the
growth of the wireless audio devices market during the forecast period. The media and
entertainment industry is growing considerably due to increasing investments in it and also the
number of digital products and services. This has positively influenced the demand for wireless
audio devices due to the advances in portable media devices.

Technologically advanced consumers and early adopters prefer to purchase the latest and
technologically innovative wireless products. The continuous development of smart and
advanced wireless audio devices, such as sports and fitness headphones, is likely to favor market
growth during the forecast period. Wireless headphone vendors are highly focused on offering
tailored, comfortable, and high-performance products to consumers. User-friendly designs,
portable structure, two-axis moveable and foldable headbands, cushioned and cozy earcups,
bright colors, noise cancellation features, sweat and moisture resistance, as well as deep and
powerful bass are some of the latest features that vendors offer to influence customer demand.
The global wireless audio devices market is moderately fragmented. It is filled with a mix of
international and regional vendors, which has intensified the competitive scenario. To remain
competitive, vendors offer advanced products and introduce aggressive price strategies. The
majority of the vendors are investing heavily in R and D.

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33
The market in focus faced major challenges in 2020 due to the outbreak of COVID-19 globally.
All the major economies, such as the US, China, and European countries, such as Germany, Italy,
and Spain, faced a severe outbreak of the disease. Government organizations, such as the US
government, in several countries, such as the US, China, and India, imposed lockdowns to
prevent the spread of COVID-19. The lockdowns led to the disruption of manufacturing as well
as supply chains of headphones in China and the US. The pandemic also negatively impacted
gaming events in North America and Europe. For instance, in 2020, several gaming events, such
as Pokemon European International Championship, NBA 2K League, and Overwatch League
events, were canceled/postponed due to the pandemic. Such cancelation of gaming events
has reduced the demand for wireless audio devices from hardcore gaming players during the
first half of 2020. However, in 2021, due to the introduction of various COVID-19 vaccines and
large-scale vaccination drives, manufacturers globally resumed the production of headphones
with stringent social distancing norms. Such factors are anticipated to increase the demand for
wireless audio devices, which will drive the growth of the global wireless audio devices market
during the forecast period.

The vendors in the wireless audio devices market report include the following: Apple Inc.,
Harman International Industries Inc., Bose Corp, Sonos Inc., Sony Corp., Sound United LLC,
Sennheiser electronic GmbH and Co. KG, VIZIO Holding Corp. Inc., VOXX International Corp.,
Yamaha Corp., Zound Industries International AB, LG Electronics Inc., Imagine Marketing Pvt.
Ltd., GN Store Nord AS, and Plantronics Inc., Shure Inc., PHAZON, TRUSOUND AUDIO, FKA
Distributing Co. LLC, and EARIN.

Exhibit 18: Historic Market Size – Data Table on Global wireless audio devices market 2017 - 2021 ($
million)

Year 2017 2018 2019 2020 2021

Global ($
28,062.04 28,821.14 30,433.03 32,456.83 35,209.28
million)

Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million)

Year 2017 2018 2019 2020 2021

Speaker systems 13,113.39 13,557.46 14,410.04 15,468.93 16,889.89

Headphones 11,513.86 11,761.91 12,352.77 13,102.82 14,136.53

Others 3,434.79 3,501.77 3,670.22 3,885.08 4,182.86

Total 28,062.04 28,821.14 30,433.03 32,456.83 35,209.28

Exhibit 20: Historic Market Size – Application Segment 2017 - 2021 ($ million)

Year 2017 2018 2019 2020 2021

Residential 10,523.27 10,802.16 11,403.26 12,151.84 13,175.32

Commercial 8,831.12 9,104.60 9,650.31 10,331.01 11,249.36

Automotive 8,707.65 8,914.38 9,379.46 9,973.98 10,784.60

Total 28,062.04 28,821.14 30,433.03 32,456.83 35,209.28

Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

Year 2017 2018 2019 2020 2021

North
9,294.15 9,473.50 9,927.25 10,506.28 11,309.22
America

APAC 7,545.88 7,819.18 8,329.52 8,961.33 9,805.78

Europe 5,808.84 5,948.68 6,263.12 6,660.14 7,203.82

South
3,490.92 3,594.00 3,804.13 4,066.84 4,422.29
America

MEA 1,922.25 1,985.78 2,109.01 2,262.24 2,468.17

Total 28,062.04 28,821.14 30,433.03 32,456.83 35,209.28

Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

Year 2017 2018 2019 2020 2021

US 8,021.85 7,881.45 7,944.35 8,210.19 8,694.14

China 3,347.30 3,186.04 3,138.20 3,195.15 3,359.10

UK 2,605.60 2,537.94 2,542.27 2,616.98 2,766.32

Japan 1,773.49 1,687.51 1,661.79 1,691.69 1,778.35

Germany 1,489.86 1,450.79 1,452.99 1,495.50 1,580.75

The market dynamics for vendors are moderately challenging in 2022. They will remain
unchanged during the forecast period.

Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

The moderate bargaining power of buyers in 2022 provides them with pricing power. In the
environment of high growth, the moderate bargaining power of buyers can offer an opportunity
for vendors to improve profit margins. The bargaining power of buyers is expected to remain
unchanged during the forecast period.

Buyers in the global wireless audio devices market are individual customers. Purchases from
individuals are moderately differentiated. Hence, vendors have strong product portfolios to
cater to varied customer preferences. As the cost of wireless audio devices varies largely based

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43
on the brand and customer preferences, the cost of purchase may or may not be a key cost to
the buyers. The low threat of buyers integrating backward in combination with the above-
mentioned factors is expected to be moderate the bargaining power of buyers in 2022, which is
expected to remain the same during the forecast period.

Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

The pressure on industry vendors due to the moderate bargaining power of buyers in 2022 was
mitigated by the low bargaining power of suppliers. Industry vendors can use the low bargaining
power of suppliers to manage input costs and offset their limited pricing power to be able to
protect and grow their profit margins. The bargaining power of suppliers is expected to remain
unchanged during the forecast period.

Components such as magnets, system-on-chip, microcontrollers, audio codecs, and Wi-Fi and
Bluetooth chipsets are some of the raw materials required for manufacturing wireless audio
devices. There are many suppliers supplying these raw materials to the manufacturers of wireless
audio devices. The market also has well-established vendors that can manufacture these

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components in-house, which further reduces the bargaining power of suppliers. Hence, the
bargaining power of suppliers is expected to be low in 2022 and is expected to remain the same
during the forecast period.

Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

The threat of new entrants is determined based on the presence of entry barriers in the global
wireless audio devices market. The number of entry barriers in the global wireless audio devices
market is not expected to change during the forecast period because the threat of new
entrants was moderate in 2022 and will remain the same by 2027.

As the global wireless audio devices market is growing, it is substantially prone to the threat of
new entrants. However, factors such as high initial investment and brand loyalty of customers
make it challenging for new entrants to increase their client base. Hence, the threat of new
entrants is expected to be moderate in 2022 and is expected to remain the same during the
forecast period.

Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

The high threat of substitutes, along with the moderate bargaining power of buyers, can create
a scenario where buyers can not only exert pressure on vendors but also exercise the option of
switching to substitutes. In this context, the threat of substitutes can pose challenges to vendors.
The threat of substitutes is expected to remain unchanged during the forecast period.

Traditional wired headphones, inbuilt speakers in devices, smart speakers, and home theaters
are some of the key alternatives to wireless audio devices. The moderate switching cost of
products for consumers increases the threat of substitutes in the market. Hence, the threat of

Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

The global wireless audio devices market has several regional and international vendors. The
entry barriers in the market are not very high, which attracts new entrants. However, the market
is dominated by a few vendors, such as Apple Inc. and Sennheiser Electronic GmbH and Co.
KG, which occupy the majority of the share. This lowers the competition. However, established
vendors face substantial competition from other mid-sized vendors as well as start-ups that are

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50
emerging rapidly. They focus significantly on technological advances in developing wireless
audio devices. Overall, the threat of rivalry is expected to be moderate in 2022 and is expected
to remain the same during the forecast period.

The five forces are quantified via an index to measure the favorability of market conditions for
vendors. A score closer to one indicates market conditions working completely in favor of
vendors. Conversely, a score closer to zero indicates market conditions working completely
against vendors. The market favorability index will remain unchanged at value of 0.52 between
2022 and 2027, indicating no change in the market dynamics on account of the five forces.

Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

The segments covered in this chapter are Speaker systems, Headphones, and Others.

Exhibit 30: Chart on Product - Market share 2022-2027 (%)

Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

Year Speaker systems Headphones Others

2022 48.28% 39.93% 11.79%

2023 48.59% 39.71% 11.70%

2024 48.90% 39.49% 11.61%

2025 49.22% 39.27% 11.51%

2026 49.52% 39.05% 11.43%

2027 49.83% 38.83% 11.34%

Exhibit 32: Chart on Comparison by Product

Exhibit 33: Data Table on Comparison by Product

Speaker systems Headphones Others

Segment growth (%
20.53 19.11 18.84
CAGR)

Market share gain (%) 1.55 -1.1 -0.45

Exhibit 34: Chart on Speaker systems - Market size and forecast 2022-2027 ($ million)

Exhibit 35: Data Table on Speaker systems - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market
size ($ 19,079.68 21,880.29 25,588.69 30,737.90 38,341.21 48,537.55
million)

Speaker systems is the largest segment of the market in 2022 and will continue to be the largest
segment of the market in 2027, growing faster than the overall market (19.77%). It will grow at a
compounded annual growth rate of 20.53% between 2022 and 2027. Speaker systems will be the
fastest growing segment within the overall market and will grow from $19,079.68 million in 2022 to
$48,537.55 million in 2027. Speaker systems will contribute 50.89% of the incremental growth in the
overall market between 2022 and 2027.

Speaker systems contributes 48.28% to the overall market in 2022 and will increase its contribution
to 49.83% of the global wireless audio devices market in 2027.

Exhibit 37: Data Table on Speaker systems - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
14.68% 16.95% 20.12% 24.74% 26.59%
year growth

Wireless speaker systems have an enhanced aesthetic appeal and numerous applications. One
of the major factors that are positively influencing the growth of the segment is the increased
penetration of wireless speakers among tourists. The demand for wireless speaker systems is
increasing among tourists, especially the younger generation. One of the major issues faced by
the wireless speaker systems segment is the battery life of speakers. The batteries in these
speakers have to be changed regularly because of the high-power consumption during the
transmission of radiofrequency from the source to the receiver.

The other option would be to have a built-in battery that can be charged through a USB.
Though it is inconvenient for users, it is an effective way for users to save money in the long term.
Interference issues also pose a challenge for users. With a high number of wireless signals being
transmitted in close proximity, the traffic may cause interference. This can result in lower audio
quality or audio discrepancy. In addition, there is a possibility of music crossing between devices.
Even large amounts of metal can cause interference.

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Other major factors driving the growth of the segment are the increasing use of wireless speakers
by tourists, the growing adoption of smart home devices and smart home automation, and the
emergence of voice assistants and smart wireless speakers. Voice-activated smart speakers can
listen, record, and respond to the user's commands. For instance, Alexa, Google Assistant, and
Siri can perform tasks, such as turning off the TV and turning on the lights.

Several other vendors have also started launching smart speakers with voice-activated
assistants. The vendors keep on launching wireless products. For instance, in February 2022,
Mivi.in launched an Octave 3 Bluetooth speaker. The speaker provides dual connectivity with
the latest Bluetooth 5.1. Such product launches will drive the growth of the wireless technology
segment in the global wireless audio devices market during the forecast period.

Exhibit 38: Chart on Headphones - Market size and forecast 2022-2027 ($ million)

Exhibit 39: Data Table on Headphones - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market
size ($ 15,779.86 17,881.58 20,664.57 24,524.12 30,234.74 37,822.85
million)

Headphones is the 2nd-largest segment of the market in 2022 and will continue to be the 2nd-
largest segment of the market in 2027, growing slower than the overall market (19.77%). It will
grow at a compounded annual growth rate of 19.11% between 2022 and 2027. Headphones will
be the 2nd-fastest growing segment within the overall market and will grow from $15,779.86
million in 2022 to $37,822.85 million in 2027. Headphones will contribute 38.08% of the incremental
growth in the overall market between 2022 and 2027.

Headphones contributes 39.93% to the overall market in 2022 and will decrease its contribution
to 38.83% of the global wireless audio devices market in 2027.

Exhibit 41: Data Table on Headphones - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
13.32% 15.56% 18.68% 23.29% 25.10%
year growth

Headphones or earphones are mobile accessories that are used to enhance the audio
experience of a user. They comprise a pair of earphones that are placed over the head with the
help of a band. The growing demand for technologically advanced products is expected to
drive the market during the forecast period. The market is characterized by product
improvement in terms of functionality and aesthetics. The proliferation of portable media
devices has added to the increase in the demand for headphones.

Early adopters in the market focus on style components or aesthetics over product features. For
instance, Sennheiser offers its Momentum range of headphones that feature stitched leather
headbands and earcups. This is developed to counter Beat's headphones that feature brightly
colored cups, a foldable headband, and a powerful bass. The demand for smart devices
prompts a rise in the demand for related accessories such as wireless audio devices. The rapidly
growing demand for multimedia and gaming products is also fueling the demand for
headphones.

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Technological advances and innovation in wireless product designs are also factors driving
demand for wireless audio devices. Wireless audio devices are mainly characterized by
appearance, design, functionality, and technology. Increased preference for wireless devices is
driving the demand for wireless audio devices. However, some people perceive wireless audio
devices to be responsible for health hazards. Constant use of wireless audio devices for longer
periods of time may result in temporary or permanent hearing loss. Such health-related concerns
among consumers are likely to inhibit the growth of the headphones sub-segment.

The media and entertainment industry is growing considerably due to increasing investments
and the use of digital products and services. This has positively influenced the demand for
headphones due to the advances in portable media devices. Technologically advanced
consumers and early adopters prefer to purchase the latest and technologically innovative
wireless products. The continuous development of smart and advanced wireless audio devices,
such as sports and fitness headphones, is likely to favor market growth during the forecast
period.

Exhibit 42: Chart on Others - Market size and forecast 2022-2027 ($ million)

Exhibit 43: Data Table on Others - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market size
4,659.27 5,268.56 6,075.35 7,188.00 8,849.76 11,045.87
($ million)

Others is the smallest segment of the market in 2022 and will continue to be the smallest segment
of the market in 2027, growing slower than the overall market (19.77%). It will grow at a
compounded annual growth rate of 18.84% between 2022 and 2027. Others will be the slowest
growing segment within the overall market and will grow from $4,659.27 million in 2022 to
$11,045.87 million in 2027. Others will contribute 11.03% of the incremental growth in the overall
market between 2022 and 2027.

Others contributes 11.79% to the overall market in 2022 and will decrease its contribution to
11.34% of the global wireless audio devices market in 2027.

Exhibit 45: Data Table on Others - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
13.08% 15.31% 18.31% 23.12% 24.82%
year growth

The others product segment includes soundbars and microphones. Soundbars provide powerful
sound and offer a cinematic experience at home. They provide surrounding sound without the
installation of many visible loudspeakers or cables. The demand for slimmer and sleeker TVs is
increasing. Thus, vendors are manufacturing sleek TVs, which do not have the best sound
technologies. The demand for soundbars is expected to rise with the increase in technological
advances. With the growth of flat-panel TVs, the sound quality is compromised. This has led to
increased sales of soundbars as consumers are buying them as add-ons for their TVs. Most of the
soundbars that are introduced in the market are equipped with Bluetooth or Wi-Fi connectivity,
which makes it easier to connect them to various electronic devices.

Vendors are launching soundbars with advanced sound technologies and slimmer designs. For
instance, Sony introduced a series of home electronics, including surround home theater
systems, at CES 2018, also unveiling three new soundbars that support Dolby Atmos. Sony
announced the release of HT-Z9F, which will be the world's first 3.1-channel Dolby Atmos
soundbar, and HT-X9000F, another Atmos-enabled soundbar. Both these soundbars are
equipped with Sony's Vertical Surround Engine, a proprietary alternative to the traditional up-

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64
firing speaker design or ceiling reflection. Both the HT-Z9F and the HT-X9000F are compatible with
4K, high dynamic range (HDR) 10, and Dolby Vision HDR. Thus, image pass-through to televisions
will not result in a loss of quality. Wireless microphones are expected to be the most demanded
wireless audio devices during the forecast period. These microphones are battery-powered and
are connected with amplifying devices and recording devices through Bluetooth or radio
waves. Wireless microphones are being used by ground news reporters to support their mobility
and negate background sounds.

Moreover, these microphones are increasingly being used in live shows and concerts by artists.
This allows them to use the stage conveniently and reduces the risk of tripping over the wire of
microphones. Considering these factors, the market for wireless microphones is expected to
grow during the forecast period. Consumer preferences are constantly changing with the
increase in technological advances. The spending capability of the population in developed
countries, such as the US, the UK, France, and Germany, and developing countries, including
China and India, has increased because of the rise in disposable income. The availability of
advanced surround sound technology has increased the demand for soundbars worldwide.

Exhibit 46: Market opportunity by Product ($ million)

The market growth from $39,518.81 million in 2022 to $97,406.27 million in 2027 will create an
incremental growth opportunity of $57,887.46 million during the forecast period. Speaker systems

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will provide significant opportunities within the global wireless audio devices market as it will
contribute the highest to the incremental growth in the overall market between 2022 and 2027.

The segments covered in this chapter are Residential, Commercial, and Automotive.

Exhibit 47: Chart on Application - Market share 2022-2027 (%)

Exhibit 48: Data Table on Application - Market share 2022-2027 (%)

Year Residential Commercial Automotive

2022 37.40% 32.07% 30.53%

2023 37.38% 32.19% 30.43%

2024 37.36% 32.31% 30.33%

2025 37.34% 32.43% 30.23%

2026 37.32% 32.55% 30.13%

2027 37.30% 32.67% 30.03%

Exhibit 49: Chart on Comparison by Application

Exhibit 50: Data Table on Comparison by Application

Residential Commercial Automotive

Segment growth (%
19.71 20.22 19.38
CAGR)

Market share gain

-0.1 0.6 -0.5
(%)

Exhibit 51: Chart on Residential - Market size and forecast 2022-2027 ($ million)

Exhibit 52: Data Table on Residential - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market
size ($ 14,780.04 16,832.37 19,549.97 23,318.84 28,895.27 36,332.54
million)

Residential is the largest segment of the market in 2022 and will continue to be the largest
segment of the market in 2027, growing slower than the overall market (19.77%). It will grow at a
compounded annual growth rate of 19.71% between 2022 and 2027. Residential will be the 2nd-
fastest growing segment within the overall market and will grow from $14,780.04 million in 2022 to
$36,332.54 million in 2027. Residential will contribute 37.23% of the incremental growth in the
overall market between 2022 and 2027.

Residential contributes 37.4% to the overall market in 2022 and will decrease its contribution to
37.3% of the global wireless audio devices market in 2027.

Exhibit 54: Data Table on Residential - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
13.89% 16.15% 19.28% 23.91% 25.74%
year growth

The residential segment is expected to witness significant growth during the forecast period. The
necessity of wireless audio devices in households is a major factor driving the growth of the
residential users segment. The recent popularity of digital content and subscription services such
as Amazon Prime, Netflix, and YouTube, as well as other digital content platforms, is stressing the
necessity of smart speakers in households globally. Many wireless audio devices now have a
voice control feature and are designed to serve as a hub to connect with various digital
streaming platforms as well as TVs and other devices. Therefore, there has been a constant surge
in the adoption of wireless audio devices for personal use in households. In the US, many
consumers own more than one smart speaker in their homes.

The demand for wireless audio devices, such as smart audio devices, among residential users is
also driven by the increasing number of home renovation projects as consumers are moving
toward the concept of smart homes. For instance, the amount spent on kitchen remodeling in
the US has increased in recent years. The average investment in living spaces, such as living and
dining rooms, increased by around in 2021 compared with 2020 in the US. During 2021-2020,
almost half of the wireless audio devices owners had their products placed in the living room of

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73
their homes. Therefore, there is a strong correlation between home renovation projects and the
number of smart speakers sold for personal use. Thus, the residential users' segment of the global
wireless audio devices market is expected to register an accelerating year-over-year growth
rate during the forecast period.

Exhibit 55: Chart on Commercial - Market size and forecast 2022-2027 ($ million)

Exhibit 56: Data Table on Commercial - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market
size ($ 12,673.68 14,495.30 16,907.37 20,252.54 25,202.07 31,822.63
million)

Commercial is the 2nd-largest segment of the market in 2022 and will continue to be the 2nd-
largest segment of the market in 2027, growing faster than the overall market (19.77%). It will
grow at a compounded annual growth rate of 20.22% between 2022 and 2027. Commercial will
be the fastest growing segment within the overall market and will grow from $12,673.68 million in
2022 to $31,822.63 million in 2027. Commercial will contribute 33.08% of the incremental growth in
the overall market between 2022 and 2027.

Commercial contributed 32.07% to the overall market in 2022 and will increase its contribution to
32.67% of the global wireless audio devices market in 2027.

Exhibit 58: Data Table on Commercial - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
14.37% 16.64% 19.79% 24.44% 26.27%
year growth

Corporates, restaurants, and small retail outlets are the commercial users of smart speakers in
the global market. Smart speakers are used for scheduling meetings, listening to the news,
viewing calendars, setting reminders, and search information. In restaurants, smart speakers are
used for ordering food and requesting other services. However, voice assistants in commercial
places are not as efficient as in personal/residential places. Commercial places are noisy and
prone to sound distortion, which might prevent smart speakers from functioning in the intended
way. Therefore, the adoption of smart speakers is very low among commercial users compared
with residential users.

The users in commercial places are diversified in terms of the language that they speak. In such
cases, smart speakers tend to misread the command and perform unintended actions.
Therefore, such limitations are expected to impede the adoption of smart speakers in the
commercial users segment, which will drive the global wireless audio devices market during the
forecast period.

Exhibit 59: Chart on Automotive - Market size and forecast 2022-2027 ($ million)

Exhibit 60: Data Table on Automotive - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market
size ($ 12,065.09 13,702.76 15,871.27 18,878.64 23,328.37 29,251.10
million)

Automotive is the smallest segment of the market in 2022 and will continue to be the smallest
segment of the market in 2027, growing slower than the overall market (19.77%). It will grow at a
compounded annual growth rate of 19.38% between 2022 and 2027. Automotive will be the
slowest growing segment within the overall market and will grow from $12,065.09 million in 2022
to $29,251.1 million in 2027. Automotive will contribute 29.69% of the incremental growth in the
overall market between 2022 and 2027.

Automotive contributes 30.53% to the overall market in 2022 and will decrease its contribution to
30.03% of the global wireless audio devices market in 2027.

Exhibit 62: Data Table on Automotive - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
13.57% 15.83% 18.95% 23.57% 25.39%
year growth

Automotive wireless audio devices are essential components of an integrated audio system in
an automobile. They are usually offered as standard original equipment manufacturer (OEM)
fitments or as an option for upgrading the in-car infotainment system. An onboard audio system
usually has multiple speakers working in tandem to deliver the desired quality of sound output.
Generally, an audio system comprises a head unit (usually a touchscreen display), speakers,
subwoofers, amplifiers, tweeters, and controllers.

The global demand for automotive wireless audio devices is expected to grow exponentially
owing to changing customer preferences for better sound quality audio systems and
automotive OEMs endurance to create differentiation in the highly competitive automotive
industry during the forecast period. Emerging economies, such as China and India, have high
growth prospects in the market in focus owing to the higher adoption of luxury cars in these
countries and increased adoption of aftermarket audio speakers in mid-sized passenger cars.

Modern vehicles are equipped with advanced entertainment systems that enhance the driving
experience. The audio systems in modern vehicles include surround sound systems that comprise

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78
eight or more speakers. The IoT-based automotive audio speakers are gaining popularity as the
adoption of premium audio systems is increasing in the new vehicles sold across the world.
Automotive OEMs focus on providing premium audio systems to attain product differentiation in
the automotive industry. Such advancements in automotive audio speaker products will boost
the growth of the global wireless audio devices market during the forecast period.

Luxury vehicles are witnessing the fitment of a higher number of speakers for various uses, such
as central speakers, separate tweeters/woofers, instrument cluster warning tones, and additional
speakers, to communicate safety-related information. Some luxury car models have as many as
20 speakers for these functions. For instance, in August 2021, Mahindra XUV700 features Sony's
premium 3D audio system, which is a 360 spatial sound technology. The system setup includes 13
channel DSP amplifier and 12 custom-designed speakers, including a sub-woofer. Thus, the
increasing adoption of speakers in passenger cars will drive the growth of the wireless audio
devices market during the forecast period.

The aftermarket offering of automotive audio speakers is also an important factor for the growth
of the global wireless audio devices market. The aftermarket offerings allow customers to
experience extraordinary sound quality for their audio systems. Additionally, the aftermarket
products also provide seamless integration with the audio system in the continent plug-and-play
fitment. Hence, vehicle owners globally are adopting aftermarket fitment of audio speakers to
increase the sound quality of the audio system.

Exhibit 63: Market opportunity by Application ($ million)

The market growth from $39,518.81 million in 2022 to $97,406.27 million in 2027 will create an
incremental growth opportunity of $57,887.46 million during the forecast period. Residential will

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provide significant opportunities within the global wireless audio devices market as it will
contribute the highest to the incremental growth in the overall market between 2022 and 2027.

Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and
Exhibit 64:
purchase criteria

The regions covered in this chapter are North America, APAC, Europe, South America, and
Middle East and Africa.

Exhibit 65: Chart on Market share by geography 2022-2027 (%)

Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

North South Middle East

Year APAC Europe
America America and Africa

2022 31.87% 28.09% 20.40% 12.59% 7.05%

2023 31.62% 28.33% 20.34% 12.62% 7.09%

2024 31.37% 28.57% 20.28% 12.65% 7.13%

2025 31.12% 28.81% 20.22% 12.68% 7.17%

2026 30.87% 29.05% 20.16% 12.71% 7.21%

2027 30.62% 29.29% 20.10% 12.74% 7.25%

Exhibit 67: Chart on Geographic comparison

Exhibit 68: Data Table on Geographic comparison

North South Middle East

APAC Europe
America America and Africa

Segment
growth (% 18.82 20.78 19.42 20.06 20.44
CAGR)

Market share
-1.25 1.2 -0.3 0.15 0.2
gain (%)

Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ million)

Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market
size ($ 12,594.64 14,238.62 16,415.49 19,434.45 23,901.32 29,825.80
million)

North America will generate growth in all the years of the forecast period between 2022 and
2027. The year-on-year growth during this period will vary between 13.05% and 24.79%.

North America is the largest region in the market in 2022 and will continue to be the largest
segment in 2027. It will grow at a compounded annual growth rate of 18.82% between 2022 and
2027, which is slower than that of the overall market. It will be the slowest growing region in the
overall market and will grow from $12,594.64 million in 2022 to $29,825.80 million in 2027. It will
contribute 29.77% to the incremental growth of the overall market between 2022 and 2027.

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North America contributes 31.87% to the global wireless audio devices market in 2022, and its
contribution will decline to 30.62% in 2027.

Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)

Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
13.05% 15.29% 18.39% 22.98% 24.79%
year growth

In 2021, North America was the largest segment of the global wireless audio devices market,
and it is likely to remain dominant during the forecast period. The US, Canada, and Mexico are
the major contributing countries in the region, adding to the demand for wireless audio devices.
Though the consumer electronics industry in the Americas is moving toward saturation, the
availability of fitness, sports, and entertainment wireless audio devices will fuel the growth of the
wireless audio devices market in the region during the forecast period. The high penetration of
wireless audio devices has been seen in the region due to technological progress, which has
accelerated their adoption. Most of the countries in the region are developed and considered
technologically advanced. The high adoption rate of smart devices and multimedia gadgets is
expected to propel the demand for wireless audio devices soon.

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The North American market is expected to witness rapid growth due to the fast-growing
economies and increasing purchasing power in countries other than the US and Canada. The
increase in the adoption of music streaming services such as Spotify is also another reason for
the growth of the market. The growing penetration of music libraries using cloud technology has
enabled end-users to access audio content from cloud music services such as Spotify, Google
Play Music, Amazon Music, and Style Jukebox. This has increased the proliferation of
downloaded and streamed music in the US, which has provided vendors with opportunities to
launch speakers that are compatible with music libraries and smartphones. Several music
streaming service providers collaborate with smart speaker manufacturers to integrate music
streaming services with their systems. Amazon.com, Apple, and Google are launching smart
speakers integrated with music streaming platforms.

From a global perspective, the US is expected to be the leading country in the market. The US is
witnessing moderate growth owing to the maturity of the market. Increasing imports from APAC,
mainly from China, are hindering the market in the US. Less expensive imports from APAC are
largely affecting the regional wireless headphone manufacturers. The market is witnessing an
increase in the demand for premium wireless audio devices. Mass customization of wireless
audio devices is one of the key trends in the US market.

The COVID-19 outbreak, officially named COVID-19, was so huge that it was declared a
pandemic by the WHO in 2020. The pandemic was indeed a tragedy for humankind, and it has
had a far-reaching impact on industries too. The COVID-19 outbreak has led to disruptions in the
routine operations of many industries globally. Owing to the pandemic situation, most suppliers
of consumer electronics and electrical products faced serious consequences globally in the
form of supply chain disruptions. The COVID-19 crisis decreased the frequency of purchase of
consumer electronics and increased the lead time for delivery of orders. Limited availability of
raw materials and components, restricted labor supply, and other supply chain-related costs
were some of the challenges that most industry players focused. The lifting of lockdowns in
various parts of the globe since H1 has brought significantly high consumer traffic for this industry,
mostly through online channels.

Furthermore, manufacturers need to design their production plans and distribution networks with
this changing business environment. Key players such as Sennheiser, Sony, Panasonic, and
Skullcandy have changed their recruitment practices to comply with the social distancing norms
enforced across several regions to mitigate the risk of infection. Additionally, companies are
emphasizing on using advanced recruiting solutions and digital assets to avoid in-person
meetings. Purchase intentions were flat prior to the COVID-19 outbreak, largely due to the
emergence of smart speakers, but the demand for headphones and earbuds increased with
increasing work-at-home and entertainment-in-place globally. Such factors had a mixed impact
on the market in 2020 and the first half of 2021. Therefore, the market is expected to grow at a
normal pace during the forecast period.

Exhibit 73: Chart on APAC - Market size and forecast 2022-2027 ($ million)

Exhibit 74: Data Table on APAC - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market
size ($ 11,100.83 12,757.12 14,950.28 17,991.85 22,492.17 28,530.30
million)

APAC will generate growth in all the years of the forecast period between 2022 and 2027. The
year-on-year growth during this period will vary between 14.92% and 26.85%.

APAC is the 2nd-largest region in the market in 2022 and will continue to be the 2nd-largest
segment in 2027. It will grow at a compounded annual growth rate of 20.78% between 2022 and
2027, which is faster than that of the overall market. It will be the fastest growing region in the
overall market and will grow from $11,100.83 million in 2022 to $28,530.30 million in 2027. It will
contribute 30.11% to the incremental growth of the overall market between 2022 and 2027.

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APAC contributes 28.09% to the global wireless audio devices market in 2022, and its
contribution will increase to 29.29% in 2027.

Exhibit 75: Chart on APAC - Year-over-year growth 2022-2027 (%)

Exhibit 76: Data Table on APAC - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
14.92% 17.19% 20.34% 25.01% 26.85%
year growth

The growth of the wireless audio devices market in the region is driven by the high population
and rising disposable income. The presence of leading vendors such as Sony and Samsung
Electronics in the region contributes to the increasing awareness of speakers in the region. The
wireless audio devices market in APAC is likely to experience the highest growth during the
forecast period. The growth in disposable income and the rise in the purchase of wireless audio
devices through online channels are driving strong growth in the sales of wireless audio devices
in the region. Countries such as China, India, Japan, Malaysia, and Singapore are witnessing
constant growth in the disposable income of people. For instance, according to the
International Monetary Fund (IMF) World Economic Outlook 2021, the gross domestic product
(GDP) per capita of India was $2,191 during 2020-2021.

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Similarly, according to the Government of Singapore, the average monthly household income
from work per household member in Singapore rose by 2.8% during 2020-2021. The increase in
disposable income across APAC countries is driving consumer spending on leisure items, such as
home entertainment products, including advanced and high-end wireless audio devices.
Therefore, such factors are likely to drive the growth of the regional wireless audio devices
market during the forecast period. In terms of technology, most of the countries in APAC have
been late adopters. This is because the region has the lowest average disposable income
compared with the countries in North America and Europe. However, the dynamics of
technology adoption are changing with the growing per capita income and Internet
penetration.

Consumers are becoming aware of the benefits of these products and technologies. The region
accounted for the highest smartphone shipment in 2021, which led to the increased demand for
wireless audio devices. The growing adoption of smartphones is likely to increase the demand
for wireless audio devices during the forecast period. The countries in APAC are witnessing an
increase in investments in high-speed Internet services, such as long-term evolution and 5G. This
is expected to support the rise in penetration of IoT and smart devices that require high data
transfer speeds for efficient performance. Wireless audio devices require high-speed Internet to
transfer the radio frequency signals to servers and to process these signals. As a result, the
deployment of high-speed 5G infrastructure is expected to propel the adoption of wireless audio
devices in this region during the forecast period. Vendors focused on developing strategies such
as providing discounts by major companies such as Alibaba and Amazon.com have increased
the adoption of wireless audio devices in the region.

Some of the recent product launches in APAC are mentioned below:

• In July 2021, Amazon.com announced the launch of its new product, Echo Show 5 and
Echo Show 10 smart speakers in India, to expand its smart home products for the Indian
market. The device uses the company's voice assistant Alexa.

• In July 2020, Google LLC announced the launch of a new Nest smart speaker in Japan.
It also announced the availability of these devices at the company's online store.

The COVID-19 pandemic negatively impacted the sales of wireless audio device retailers in
APAC in 2020. Various retailers and brands in the regional wireless audio devices market faced
short-term challenges related to cash flow, supply chain, health and safety, and customer
demand. The employees working in electronic manufacturing units were limited to curbing the
spread of the disease as per the government guidelines in the region. APAC countries, such as
China, South Korea, India, Taiwan, and Japan, have a significant presence of manufacturers of
the raw materials used in the manufacturing of wireless audio devices. China and India
experienced strict lockdowns, which disrupted the production schedules in 2020. Therefore, the
regional wireless audio devices market was adversely impacted by declining revenues in Q1
and Q2 of 2020.

Vendors promoted online sales through third-party e-commerce players, such as Amazon.com
and eBay Inc, for survival in the competition in the regional wireless audio devices market.
However, the sales of wireless audio devices increased from Q3 of 2020, owing to the gradual
lifting of lockdown restrictions, which resulted in the opening of electronic manufacturing units.
Additionally, in developing countries, such as India, China, Vietnam, Thailand, and Singapore,
the technological advancement and penetration of smartphones increased substantially due to
the remote working scenarios and change in conventional studying methods owing to the
lockdown restrictions of the pandemic. Therefore, the wireless audio devices market in APAC is
expected to witness high growth during the forecast period.

Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ million)

Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market
size ($ 8,061.84 9,159.19 10,612.24 12,627.39 15,609.02 19,578.66
million)

Europe will generate growth in all the years of the forecast period between 2022 and 2027. The
year-on-year growth during this period will vary between 13.61% and 25.43%.

Europe is the 3rd-largest region in the market in 2022 and will continue to be the 3rd-largest
segment in 2027. It will grow at a compounded annual growth rate of 19.42% between 2022 and
2027, which is slower than that of the overall market. It will be the 4th-fastest growing region in
the overall market and will grow from $8,061.84 million in 2022 to $19,578.66 million in 2027. It will
contribute 19.9% to the incremental growth of the overall market between 2022 and 2027.

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Europe contributes 20.4% to the global wireless audio devices market in 2022, and its
contribution will decline to 20.1% in 2027.

Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)

Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
13.61% 15.86% 18.99% 23.61% 25.43%
year growth

The wireless audio devices market in Europe is expected to witness moderate growth during the
forecast period owing to the rising popularity of music in Western Europe and Scandinavian
countries and the penetration of smart headphones. The wireless audio devices market in
Europe is stepping toward maturity, which is the key reason for its modest growth. The UK,
Germany, France, and Russia are the key demand influencers. The major reason for the growth
of the wireless audio devices market in Europe is the presence of vendors, such as Philips and
Sennheiser electronic GmbH and Co. KG. Also, the market is growing due to the increase in the
adoption of smart devices.

In Europe, smart home penetration was 21% in 2017 and is expected to increase to 34.32% by
the end of 2022. The wireless audio devices market in the region is growing due to the growth
potential of music streaming services. Therefore, music streaming service providers are launching

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their services in the region to expand their subscriber base and increase their market presence.
The wireless audio devices market has been on the rise for nearly a decade in European
countries such as France, Germany, the UK, and Sweden. The region has a strong network
infrastructure, which increases the adoption of smart devices such as wireless audio devices.
Internet penetration in European countries is also high.

The vendors in the region are launching new products to enhance their presence and product
portfolio. For instance, in October 2020, Nokia Essential Wireless audio devices were launched in
Europe. The growth of the wireless audio devices market in Europe is supported by the increasing
number of mergers and acquisitions (M and A) activities among gaming solution providers,
gaming content providers, and other gaming platform providers focusing on integrating the
latest technology and graphical interface in their product offerings. The European Games
Developer Federation announced its plan to invest in the European game development sector
in 2020. Such investments in the gaming industry are likely to propel the demand for wireless
audio devices in the region, which, in turn, will positively impact the growth of the wireless audio
devices market during the forecast period.

The UK, Italy, Spain, France, and Germany are a few of the worst affected countries by the
COVID-19 pandemic in Europe. Although several countries in the region imposed lockdowns to
contain the spread of the disease, a few vendors launched new variants of wireless audio
devices in the region in 2020 and 2021. For instance, in March 2020, Sennheiser electronic GmbH
and Co. KG announced the launch of CX 350BT wireless audio devices in the region. The new
variant features Bluetooth 5.0 for fast and reliable connectivity. Governments in the region
eased COVID-19 restrictions after the second half of 2020. For instance, in May 2020, the
Government of the UK announced the reopening of electronic shops after the removal of
lockdown restrictions. Lockdowns imposed by the governments in Europe created the need for
recreational activities, such as games, which increased the penetration of the gaming industry in
the region. Such factors positively impacted gaming hardware sales, such as wireless audio
devices and gaming simulators, in 2020 and 2021. Also, with the lifting of lockdown restrictions
and the initiation of vaccination drives, market growth increased in 2021. Furthermore, the
development of new games and the adoption of business strategies, such as new product
launches and collaborations by wireless audio device vendors in the region, are expected to
boost the growth of the regional wireless audio devices market during the forecast period.

Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)

Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market size
4,975.42 5,682.84 6,619.57 7,918.66 9,840.81 12,409.56
($ million)

South America will generate growth in all the years of the forecast period between 2022 and
2027. The year-on-year growth during this period will vary between 14.22% and 26.1%.

South America is the 4th-largest region in the market in 2022 and will continue to be the 4th-
largest segment in 2027. It will grow at a compounded annual growth rate of 20.06% between
2022 and 2027, which is faster than that of the overall market. It will be the 3rd-fastest growing
region in the overall market and will grow from $4,975.42 million in 2022 to $12,409.56 million in
2027. It will contribute 12.84% to the incremental growth of the overall market between 2022 and
2027.

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South America contributes 12.59% to the global wireless audio devices market in 2022, and its
contribution will increase to 12.74% in 2027.

Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)

Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
14.22% 16.48% 19.62% 24.27% 26.10%
year growth

The wireless audio devices market in South America is growing due to the proliferation of wireless
technologies, such as 4G and 5G, coupled with the increasing penetration of smartphones and
connected devices. The need for a convenient lifestyle has led to the rapid development of IoT
devices in smart devices. The ability to control smart devices with an Internet connection and a
smartphone is shifting the focus of end-users toward smart products.

Moreover, there is an increase in awareness among end-users about upcoming smart devices
through social media feeds, television, recommendations, and other platforms. Vendors are also
launching innovative products and expanding their geographic presence to increase their
customer base. The rise in product launches and expansion of vendor presence in South
America have increased the adoption of wireless audio devices in this region. As vendors are

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launching wireless audio devices integrated with AI, end-users will opt for smart home solutions in
the region during the forecast period.

The demand for wireless audio devices in South America is increasing, owing to the growing
adoption of new technologies such as active noise canceling and better Bluetooth sound
quality and the improving economic conditions of countries such as Brazil and Colombia in the
region. Most of the demand for smartphones and wireless audio devices stems from Brazil, Peru,
Chile, and Colombia. The rising number of investments in telecommunication network
technologies is expected to increase the number of mobile phone users and the adoption of
wireless audio devices, which drives the growth of the wireless audio devices market in the
region during the forecast period.

Brazil, Argentina, Colombia, and Peru are some of the most affected countries by the COVID-19
pandemic in the region. Several countries in the region imposed lockdowns to control the
spread of the disease in 2020. However, in June 2020, the Brazilian government eased restrictions
associated with COVID-19 due to vaccination drives. Hence, electronic shops and malls got
reopened in the country. In April 2020, Samsung announced the reopening of its smartphone
plant in Brazil. These are some of the factors that have positively influenced the sales of wireless
audio devices in the region. Moreover, with the lifting of lockdown restrictions and the initiation
of vaccination drives, the wireless audio devices market recovered in 2021 and is expected to
grow during the forecast period.

Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)

Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market size
2,786.08 3,192.66 3,731.03 4,477.67 5,582.39 7,061.95
($ million)

Middle East and Africa will generate growth in all the years of the forecast period between 2022
and 2027. The year-on-year growth during this period will vary between 14.59% and 26.5%.

Middle East and Africa is the smallest region in the market in 2022 and will continue to be the
smallest segment in 2027. It will grow at a compounded annual growth rate of 20.44% between
2022 and 2027, which is faster than that of the overall market. It will be the 2nd-fastest growing
region in the overall market and will grow from $2,786.08 million in 2022 to $7,061.95 million in
2027. It will contribute 7.39% to the incremental growth of the overall market between 2022 and
2027.

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Middle East and Africa contributes 7.05% to the global wireless audio devices market in 2022,
and its contribution will increase to 7.25% in 2027.

Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)

Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
14.59% 16.86% 20.01% 24.67% 26.50%
year growth

The wireless audio devices market in MEA is expected to witness growth due to the increase in
per capita income across several developing economies. The increasing focus of people on
health and fitness is another driver for the wireless audio devices market in MEA. The growing
adoption of smartphones and multimedia devices is expected to increase the scope of
expenditure on accessories such as wireless audio devices during the forecast period. However,
high prices of premium wireless audio devices are likely to hamper the wireless audio devices
market growth in the region. There has been an increase in demand for smart devices in the
region, especially in countries such as the UAE, where the shift toward a luxurious lifestyle is
creating the demand for smart devices, including wireless audio devices. In African countries,
new developments in wireless audio devices are hindered by many challenges, including

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underdeveloped broadband infrastructure, licensing concerns from governments and
publishers, and sourcing music from local artists.

The wireless audio devices market in Africa has also been underserviced and lacks marketing
and promotions. Despite these challenges, Africa's music streaming and downloading
landscape is facing an increase in competition from domestic players such as iROKING, and
Spinlet, which are trying to establish themselves in the global market. Several vendors, such as
Deezer, Pandora Media, and Spotify, are expanding their geographical presence to gain a high
market share in Africa. The music streaming services continuously advertise various smart audio
devices, including wireless audio devices. Also, these companies offering music streaming
services offer various discounts on purchasing smart audio devices, including wireless audio
devices. This will increase the adoption of smart devices, such as wireless audio devices, during
the forecast period.

Countries such as Iran, Saudi Arabia, and South Africa are a few of the worst affected countries
by the COVID-19 pandemic in the region. In MEA, the demand for smartphones and wireless
audio devices has been positively influenced by the growing inclination toward work-from-home
culture and online learning since 2020. A few vendors are focusing on launching new variants of
wireless audio devices in the region. For instance, in October 2020, LG Corporation announced
the launch of new wireless audio devices in South Africa. Similarly, in August 2020, Sony Group
Corp. launched its WH-1000XM4 headphones in MEA. In July 2020, the company launched the
WF-SP800N variant of wireless audio devices in the UAE. Also, with the lifting of lockdown
restrictions and the initiation of vaccination drives, the market in focus has grown in MEA since
2021. Such factors are expected to positively influence the growth of the wireless audio devices
market in the region during the forecast period.

Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)

Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market
size ($ 8,694.14 9,713.04 11,002.46 12,686.64 14,979.61 18,284.29
million)

US will generate growth in all the years of the forecast period between 2022 and 2027. The year-
on-year growth during this period will vary between 11.72% and 22.06%.

US is the largest country in the market in 2022 and will continue to be the largest segment in
2027. It will grow at a compounded annual growth rate of 16.03% between 2022 and 2027,
which is lower than that of the overall market. Among the key countries, US will be the slowest
growing country and will grow from $8,694.14 million in 2022 to $18,284.29 million in 2027. It will
contribute 16.57% to the incremental growth of the overall market between 2022 and 2027.

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US contributes 22.0% to the global wireless audio devices market in 2022, and its contribution will
decline to 18.77% in 2027.

Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)

Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
11.72% 13.28% 15.31% 18.07% 22.06%
year growth

Exhibit 93: Chart on China - Market size and forecast 2022-2027 ($ million)

Exhibit 94: Data Table on China - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market size
3,359.10 3,789.94 4,347.57 5,097.60 6,160.37 7,782.99
($ million)

China will generate growth in all the years of the forecast period between 2022 and 2027. The
year-on-year growth during this period will vary between 12.83% and 26.34%.

China is the 2nd-largest country in the market in 2022 and will continue to be the 2nd-largest
segment in 2027. It will grow at a compounded annual growth rate of 18.3% between 2022 and
2027, which is lower than that of the overall market. Among the key countries, China will be the
2nd-fastest growing country and will grow from $3,359.1 million in 2022 to $7,782.99 million in 2027.
It will contribute 7.64% to the incremental growth of the overall market between 2022 and 2027.

China contributes 8.5% to the global wireless audio devices market in 2022, and its contribution
will decline to 7.99% in 2027.

Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
12.83% 14.71% 17.25% 20.85% 26.34%
year growth

Exhibit 97: Chart on UK - Market size and forecast 2022-2027 ($ million)

Exhibit 98: Data Table on UK - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market size
2,766.32 3,100.00 3,525.22 4,085.64 4,857.92 5,990.21
($ million)

UK will generate growth in all the years of the forecast period between 2022 and 2027. The year-
on-year growth during this period will vary between 12.06% and 23.31%.

UK is the 3rd-largest country in the market in 2022 and will continue to be the 3rd-largest segment
in 2027. It will grow at a compounded annual growth rate of 16.71% between 2022 and 2027,
which is lower than that of the overall market. Among the key countries, UK will be the 4th-fastest
growing country and will grow from $2,766.32 million in 2022 to $5,990.21 million in 2027. It will
contribute 5.57% to the incremental growth of the overall market between 2022 and 2027.

UK contributes 7.0% to the global wireless audio devices market in 2022, and its contribution will
decline to 6.15% in 2027.

Exhibit 100: Data Table on UK - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
12.06% 13.72% 15.90% 18.90% 23.31%
year growth

Exhibit 101: Chart on Japan - Market size and forecast 2022-2027 ($ million)

Exhibit 102: Data Table on Japan - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market size
1,778.35 2,006.61 2,302.09 2,699.63 3,263.12 4,123.89
($ million)

Japan will generate growth in all the years of the forecast period between 2022 and 2027. The
year-on-year growth during this period will vary between 12.84% and 26.38%.

Japan is the 4th-largest country in the market in 2022 and will continue to be the 4th-largest
segment in 2027. It will grow at a compounded annual growth rate of 18.32% between 2022 and
2027, which is lower than that of the overall market. Among the key countries, Japan will be the
fastest growing country and will grow from $1,778.35 million in 2022 to $4,123.89 million in 2027. It
will contribute 4.05% to the incremental growth of the overall market between 2022 and 2027.

Japan contributes 4.5% to the global wireless audio devices market in 2022, and its contribution
will decline to 4.23% in 2027.

Exhibit 104: Data Table on Japan - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
12.84% 14.73% 17.27% 20.87% 26.38%
year growth

Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 ($ million)

Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 ($ million)

Year 2022 2023 2024 2025 2026 2027

Market size
1,580.75 1,771.58 2,014.82 2,335.47 2,777.50 3,425.91
($ million)

Germany will generate growth in all the years of the forecast period between 2022 and 2027.
The year-on-year growth during this period will vary between 12.07% and 23.35%.

Germany is the smallest country in the market in 2022 and will continue to be the smallest
segment in 2027. It will grow at a compounded annual growth rate of 16.73% between 2022 and
2027, which is lower than that of the overall market. Among the key countries, Germany will be
the 3rd-fastest growing country and will grow from $1,580.75 million in 2022 to $3,425.91 million in
2027. It will contribute 3.19% to the incremental growth of the overall market between 2022 and
2027.

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Germany contributes 4.0% to the global wireless audio devices market in 2022, and its
contribution will decline to 3.52% in 2027.

Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%)

Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%)

Year 2023 2024 2025 2026 2027

Year-over-
12.07% 13.73% 15.91% 18.93% 23.35%
year growth

Exhibit 109: Market opportunity by geography ($ million)

The market growth from $39,518.81 million in 2022 to $97,406.27 million in 2027 will create an
incremental growth opportunity of $57,887.46 million during the forecast period. APAC will

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113
provide significant opportunities within the global wireless audio devices market, as it will
contribute the highest to the incremental growth in the overall market between 2022 and 2027.

10.1.1 Convenience of wireless technology

The emergence of wireless technology was one of the technological advances in the 21st
century. These short-range radio waves help in sharing data such as pictures, music, documents,
and videos. It is also used in headphones and speakers to transfer signals, which help in sharing
sound from a smart device to a wireless audio device. In addition, the abandonment of wireless
audio devices such as headphone jack by smartphone manufacturers such as Apple is also
expected to drive the wireless audio devices market during the forecast period. This is likely to
increase the requirement for wireless audio devices rather than conventional wired audio
devices.

10.1.2 Increasing penetration of smart devices

Convenience of wireless technology Increasing penetration of smart devices Popularity of
wireless streaming of audio content The emergence of wireless technology was one of the
technological advances in the 21st century. These short-range radio waves help in sharing data
such as pictures, music, documents, and videos. It is also used in headphones and speakers to
transfer signals, which help in sharing sound from a smart device to a wireless audio device. In
addition, the abandonment of wireless audio devices such as headphone jack by smartphone
manufacturers such as Apple is also expected to drive the wireless audio devices market during
the forecast period. This is likely to increase the requirement for wireless audio devices rather
than conventional wired audio devices.

The cord-free feature of wireless audio devices is convenient for users. It offers mobility and a
hands-free experience to continue doing any other task without hassles. Noise filtering, long-
distance operations, multitasking, high-quality audio, reliability, and multitasking are some of the
key features of wireless audio devices that are driving the market. Increasing penetration of
smart devices The growing penetration of smart devices such as smartphones, tablets, laptops,
smart TVs, streaming media players, and other multimedia devices is expected to drive the
demand for supporting accessories such as wireless audio devices. Bluetooth headphones are
widely preferred wearable connected devices that work in sync with smartphones.

Developing regions such as APAC, the Middle East, Africa, and South America are observing
significant growth in the penetration of smart devices. Economic growth, increasing literacy rate,
and rising purchasing power are boosting the demand for smartphones and other devices.
China and India are the largest markets for smartphones in APAC and are experiencing rapid
growth. Africa has shown a noteworthy increase in demand for smartphones. The advances in
cellular technology, such as 3G and 4G, have also fueled the adoption of smart devices. The
demand for smart devices is mainly increasing in urban and semi-urban areas. Smartphone
vendors are also largely focused on these areas to increase their market share. The augmented
sales of smart devices are expected to drive the growth of the global wireless audio devices
market during the forecast period.

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10.1.3 Popularity of wireless streaming of audio content
The emergence of wireless technology was one of the technological advances in the 21st
century. These short-range radio waves help in sharing data such as pictures, music, documents,
and videos. It is also used in various wireless audio devices to transfer signals, which help in
sharing sound from a smart device to a wireless headphone. In addition, the abandonment of
the headphone jack by smartphone manufacturers such as Apple Inc. is also expected to drive
the market during the forecast period. This is likely to increase the requirement for wireless audio
devices rather than conventional wired headphones.

10.2.1 Need for high-speed Internet connectivity

The need for complete network coverage and high-speed data is one of the factors that limit
the growth of the global wireless audio devices market. For instance, smart speakers, which are
connected to smart home automation devices, require reliable and high-speed Internet
connectivity to function effectively. Though many countries, such as South Korea, Japan, and
the UK, have high-speed Internet infrastructure, several countries, such as South Africa, lack such
network infrastructure, which affects the adoption of smart speakers in such countries.

End-users of wireless audio devices rely on Bluetooth or a Wi-Fi plugin to connect their smart
audio devices, such as headphones and speakers, to other devices that are part of home
automation systems, including devices such as surveillance systems and smart lighting systems
and smart locks. To achieve a reliable connection between smart speakers, headphones, and
home automation devices, Internet connectivity is required.

Poor network coverage results in poor connection, no voice command, and automatic
disconnection from Wi-Fi. The lack of high-speed Internet connectivity defeats the purpose of
smart wireless audio device speakers. For instance, Google declared that Google Home faced
a connectivity issue where the device occasionally failed to detect other connected devices.
As a result, users were unable to connect to devices in such instances. Thus, the lack of basic
network infrastructure affects the adoption of smart wireless audio devices.

10.2.2 High price of wireless audio devices

Wireless audio devices often come with a high price tag, and technological advances are likely
to increase their cost. In addition, the growing consumer appetite for additional features is
enhancing the price of wireless audio devices. Similarly, the popularity of sports and fitness
wireless audio devices is growing, and they are generally offered at high prices. The global
wireless audio devices market is in its growth stage. As of 2021, vendors in the global wireless
audio devices market offer their products at high prices.

The high-priced premium wireless audio devices are expected to discourage consumers from
adopting such products in developing countries. The increased costs associated with wireless
audio devices are expected to impact market growth negatively.

10.2.3 Perceived health hazards

The popularity of wireless audio devices is rising rapidly due to the changing consumer patterns
for wire-free listening and the adoption of smartphones. However, there are many consumers
who are cautious about the health hazards pertaining to wireless audio devices. Wireless audio
devices operate using three technologies, namely, radio, infrared, and Bluetooth. Bluetooth is
the most preferred technology for wireless audio devices because of its enhanced
performance. Even though Bluetooth functions at a lower radio frequency (2,400 to 2,483.5 MHz)
in comparison to cellular signals, it leads to several biological effects due to the alternating
electromagnetic fields (EMF).

Wireless audio devices are designed to be placed directly in the ears and stay near the brain for
long periods. The regular use and increased contact time with EMF radiations may severely

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affect head and brain tissues. The electromagnetic waves produced by wireless audio devices
may lead to serious brain damage. The sustained use of wireless audio devices may lead to
other health risks, such as hearing complications and hearing loss. When the volume exceeds 90
decibels, it could result in hearing loss. The use of wireless audio devices at high volumes can
offer temporary as well as permanent hearing loss. In addition, the sharing of headphones
among multiple users can cause ear contamination and infections.

The inner ear is directly linked to the brain, which allows wireless audio devices to affect the
brain. The health risks associated with the use of wireless audio devices negatively impact their
demand. Thus, such risks contribute to a decline in the growth of the global wireless audio
devices market during the forecast period.

Exhibit 110: Impact of drivers and challenges in 2022 and 2027

10.4.1 Advent of cloud-hosted music streaming services

Cloud computing provides individuals with legal access to online music. It allows subscribed
users to access digital content stored on remote servers. The rising adoption of cloud-hosted
music services will lead to an increase in music streaming during the forecast period. This is
expected to increase the applications of wireless audio devices. Earlier, listening to music was
only possible using devices such as cassettes, CD players, and iPods. However, in the current
scenario, consumers are switching to an access-based approach, where they subscribe to
digital libraries stored in the cloud.

With the availability of networked audio devices connected with Wi-Fi, Bluetooth, or AirPlay,
listeners can directly access the content stored in the cloud. For instance, SongPal and Spotify
are services that can be accessed via networked audio products. In addition, products such as
Amazon Echo connect to the Alexa Voice Service to play music and provide real-time
information on news, sports scores, and weather. This is opening up new opportunities for service
providers to create exclusive services around these devices.

10.4.2 Technological advances and miniaturization

The wireless audio devices market is still emerging and witnessing several technological
advances, which are likely to boost market growth during the forecast period. The market has
witnessed several developments in terms of product aesthetics, size, and features. The growing
focus on product miniaturization and customer-tailored product offerings is expected to propel
the demand for wireless audio devices during the forecast period. For instance, some of the
advances that are expected to gain traction during the forecast period are listed below:

• Spatial sound: This technology is likely to be incorporated into headphones over the
coming years. This technology professionally monitors the audio content, including
surround and elevation audio cues.

• Bone conduction: Bone conduction is the conduction of sound in the inner year
through bones in the skull. Several headphones have incorporated this technology.

• Noise cancellation: This technology continuously measures, compares, and responds to

external noise and then stops it with reverse signaling. The size of wireless audio devices
has reduced multifold and is expected to decrease further in the future.

The emergence of nanochip technology has boosted the development of wireless audio
devices that can fit into human ears. Apple AirPods is a product that has contributed
significantly to the miniaturization of wireless audio devices. Advances such as these are
expected to propel the global wireless audio devices market during the forecast period.

10.4.3 High R and D investments

Vendors are spending huge amounts on the R and D of wireless audio devices. They have
successfully improved the battery life and efficiency of the devices compared with previous
versions. They are also focusing on manufacturing wireless audio devices that are waterproof,

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suitable for outdoor use, and can withstand harsh conditions. Some of the noteworthy rugged
wireless audio devices are Bose SoundLink Color, TREX Max A34, UE Megaboom, ECOXGEAR Eco
Stone, Braven BRV-X, and Aukey SK-M4. For instance, in November 2020, Noveto Systems Ltd.
launched Noveto's futuristic device with beaming audio media. The company invested in
dubbed sound beaming, which is a new technology that utilizes a 3D sensing module from the
speaker, and enhanced features of locating and tracking the ear's position to send audio via
ultrasonic waves. The technology enables waves to create sound pockets in the user's ears and
can be heard in a spatial 360-degree sound around the listener. Such investments are expected
to propel the growth of the global wireless audio devices market during the forecast period.

The global wireless audio devices market is fragmented due to the presence of numerous
regional and global players. Vendors compete in terms of differentiated product offerings as
well as business expansions. Some of the major players have a vast geographical presence and
greater market outreach. The key vendors dominating the global portable speaker market are
Apple Inc., Harman International Industries Inc., Bose Corp, Sonos Inc., Sony Corp., Sound United
LLC, Sennheiser electronic GmbH and Co. KG, VIZIO Holding Corp. Inc., VOXX International
Corp., Yamaha Corp., Zound Industries International AB, LG Electronics Inc., Imagine Marketing
Pvt. Ltd., GN Store Nord AS, and Plantronics Inc.

Market competition is expected to intensify during the forecast period, owing to technological
innovations and the expansion of the operations of vendors in different regions. Vendors make
significant investments in high-quality raw materials and focus on product-related R and D to
develop advanced pianos. They also focus on building brand equity to differentiate themselves
from the competitors. Therefore, the global portable speaker market is anticipated to witness
high growth during the forecast period.

To assess the supply side and the demand side challenges faced by vendors in the market, the
interplay of inputs for vendors with the differentiated product and service outputs as presented
to the customer are analyzed. The most important input for vendors in the global wireless audio
devices market is capex. The next set of inputs in order of importance are research and
development, technology, and brand. The most important factors of differentiation in 2022 are
price, quality, and innovation.

Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

The potential for the disruption of the market landscape is moderate in 2022, and its threat is
expected to remain unchanged by 2027.

While the disruption threats are strategic in nature, operational risks for suppliers have been
mapped based on their negative business impact and their probability of occurrence.

Exhibit 112: Overview on factors of disruption

Exhibit 113: Impact of key risks on business

None of the identified risks have a high business impact.

Vendors are included in the report based on their offerings in the global wireless audio devices
market. They are identified based on their revenues, market dominance, geographical
presence, product portfolio, and financials. Twenty important vendors in the global wireless
audio devices market have been covered in this report. The contribution of the revenue from
the global wireless audio devices market to the overall business of a vendor is analyzed via the
influence index. For all the twenty vendors, the revenue from the global wireless audio devices
market contributes to the overall revenue of the vendor but is not a key component of the
vendors' revenue and hence all vendors have been classified as contributing on the influence
index. Given that a majority of the vendors covered are classified as contributing on the
influence index, changes in the market dynamics may not significantly impact the business
prospects of vendors in the global wireless audio devices market.

Exhibit 114: Vendors covered

Company
Vendor names Structure revenue ($ Headquarters Influence index
million)

Apple Inc. Public 365,817.00 US Contributing

Bose Corp. Private 3,000.00 US Contributing

Earin AB Private 0-100 million Sweden Contributing

FKA Distributing
Private 0-100 million US Contributing
Co. LLC

GN Store Nord AS Public 2,508.22 Denmark Contributing

LG Electronics South Korea

Public 67,249.48 Contributing
Inc. (Republic of Korea)

Masimo Corp. Public 1,239.15 US Contributing

PHAZON Private 0-100 million Canada Contributing

Plantronics Inc. Public 1,681.14 US Contributing

Samsung
South Korea
Electronics Co. Public 251,644.31 Contributing
(Republic of Korea)
Ltd.

Sennheiser
Electronic GmbH Private 753.00 Germany Contributing
and Co. KG

Shure Inc. Private 100-500 US Contributing

Sonos Inc. Public 1,716.74 US Contributing

Sony Group
Public 81,485.39 Japan Contributing
Corp.

TruSound Audio Private 0-100 million US Contributing

VIZIO Holding
Public 2,124.00 US Contributing
Corp. Inc.

VOXX
International Public 635.92 US Contributing
Corp.

Xiaomi Inc Public 50,920.74 China Contributing

Yamaha Corp. Public 3,268.05 Japan Contributing

Zound Industries
Private 342.24 Sweden Contributing
International AB

Exhibit 115: Matrix on vendor position and classification

Technavio
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131
The market positioning of vendors has been arrived at considering both internal and external
analyses of the vendors covered in the report. As a part of the internal analysis, the offerings of a
vendor are analyzed. If a vendor is focused only on the global wireless audio devices market,
then it is classified as a pure-play vendor. On the other end of the spectrum, a vendor with
interests in multiple industries is classified as a diversified vendor. The external analysis is a
qualitative assessment of the ability of a vendor to impact the global wireless audio devices
market by its actions. Dominant vendors can impact the global wireless audio devices market
significantly, while a weak vendor has no ability to influence the market dynamics.

Apple Inc. is a public company headquartered in US. It is a global company generating

$365,817 million in revenues and has around 154,000 employees. Its revenue from the global
wireless audio devices market contributes to its overall revenues along with its other offerings, but
it is not a key revenue stream for the company.

Exhibit 116: Apple Inc. - Overview

Exhibit 117: Apple Inc. - Business segments

Segment Name Description

This segment offers smartphones based on iOS

iPhone
operating system.

This segment offers multi-purpose tablets based

iPad
on iOS operating system.

This segment offers desktop and portable

Mac personal computers based on macOS
operating system.

This segment offers wearables, home and

Wearables, Home and Accessories accessories such as Apple TV and Apple
Watch.

This segment offers services such as digital

Services content and services, iCloud, AppleCare, and
Apple Pay.

Year Key News

In January, the company announced that

Monica Lozano, president and CEO of College
2021
Futures Foundation, has been elected to
board of directors.

In October, the company announced the

2020 launch of iPhone 12 Pro and iPhone 12 Pro Max
with 5G.

Exhibit 119: Apple Inc. - Key offerings

Key Offerings Description

The company offers wireless audio devices

Wireless audio devices such as airpods pro and airpods with magsafe
charging case.

Exhibit 120: Apple Inc. - Segment focus

Segment Focus

iPhone High

iPad Low

Mac Low

Wearables, Home and Accessories Low

Services Low

Bose Corp. is a privately held company headquartered in US. It is a global company generating
$3,000 million in revenues and has around 6,000 employees. Its revenue from the global wireless
audio devices market contributes to its overall revenues along with its other offerings, but it is not
a key revenue stream for the company.

Exhibit 121: Bose Corp. - Overview

Exhibit 122: Bose Corp. - Product / Service

Segment Name Description

Through this segment, the company offers a

wide range of headphones such as noise
Headphones
cancelling, wireless, sports, hearing, aviation
headsets, and accessories.

Through this segment, the company offers a

wide range of speakers such as portable, smart
Speakers home, home theater, soundbars, Wave, stereo,
soundwear, computer, portable PA, and
accessories.

Through this segment, the company offers Bose

Audio Sunglasses Frame audio sunglasses with models, Alto and
Rondo.

Exhibit 123: Bose Corp. - Key news

In October, the company launched new

2021 addition to its iconic SoundLink Bluetooth
speaker family, the SoundLink Flex.

In August, the company introduced the new

QuietComfort 45 headphones, replacing the
2021
legendary QuietComfort 35 II with improved
noise cancellation for instant quiet anywhere.

Exhibit 124: Bose Corp. - Key offerings

Key Offerings Description

The company offers wireless audio devices

Wireless audio devices such as quietcomfort 35 wireless headphones II
and bose quietcomfort earbuds.

Earin AB is a privately held company headquartered in Sweden. It is a global company

generating $0-100 million in revenues, and with 0-50 employees. Its revenue from the global
wireless audio devices market contributes to its overall revenues along with its other offerings, but
it is not a key revenue stream for the company.

Exhibit 125: Earin AB - Overview

Exhibit 126: Earin AB - Product / Service

Segment Name Description

Through this segment, the company offers a

Unified line of small, wireless earbuds designed to
connect to devices via Bluetooth.

Exhibit 127: Earin AB - Key offerings

Key Offerings Description

The company offers wireless audio devices

Wireless audio devices
such as earbuds.

LG Electronics Inc. is a public company headquartered in South Korea (Republic of Korea). It is a

global company generating $67,249.48 million in revenues and has around 75,000 employees. Its
revenue from the global wireless audio devices market contributes to its overall revenues along
with its other offerings, but it is not a key revenue stream for the company.

Exhibit 128: LG Electronics Inc. - Overview

Exhibit 129: LG Electronics Inc. - Business segments

Segment Name Description

Through this segment, the company

manufactures and sells refrigerators,
Home Appliance and Air Solution
microwaves, vacuum cleaners, washing
machines and air conditioners.

Through this segment, the company

Home Entertainment manufactures and sells PCs, televisions,
monitors and digital media products.

Through this segment, the company

Mobile Communications manufactures and sells mobile communication
equipment.

Through this segment, the company

Vehicle Components manufactures and sells mobile communication
equipment.

Business to Business Through this segment, the company

manufactures and sells information displays,

solar modules and others.

Through this segment, the company

manufactures and sells LED, camera modules,
LG Innotek
substrate and material, motor and sensor and
others.

Through this segment, the company offers

Other segments water solutions, equipment production and
others.

Exhibit 130: LG Electronics Inc. - Key news

Year Key News

In April, the company launched NeON H solar

2021 panel for both residential and commercial
applications.

In September, the company collaborated with

2020 Hyundai to bring home convenience to
electric vehicles.

In September, the company announced the

launch of new LG QNED MINI LED TV having
2021 exclusive quantum dot nano-cell color
technology to present the most authentic
colors and exquisite visual experience.

In March, the company honored by Red Dot

2022 award for products LG washer and dryer, OLED
TV and LG Dual Up Monitor Ergo.

Exhibit 131: LG Electronics Inc. - Key offerings

Key Offerings Description

The company offers wireless audio devices

such as lg xboom go xg5qbk portable
bluetooth speaker w up to 18hr battery and
Wireless audio devices
xboom 360 omnidirectional sound portable
wireless bluetooth speaker with mood lighting
peacock green.

Exhibit 132: LG Electronics Inc. - Segment focus

Segment Focus

Home Appliance and Air Solution High

Home Entertainment High

Mobile Communications Low

Vehicle Components Low

Business to Business Low

LG Innotek Low

Other segments Low

Masimo Corp. is a public company headquartered in US. It is a global company generating

$1,239.15 million in revenues and has around 2,200 employees. Its revenue from the global
wireless audio devices market contributes to its overall revenues along with its other offerings, but
it is not a key revenue stream for the company.

Exhibit 133: Masimo Corp. - Overview

Exhibit 134: Masimo Corp. - Product / Service

Segment Name Description

The company is focused on the development,

Unified business segment manufacturing, and marketing of a range of
patient monitoring and related products.

Exhibit 135: Masimo Corp. - Key news

Year Key News

In November, the company announced the

launch of its product dual SET pulse oximetry to
enhance the automation of newborn
2021
screenings using dual SET Oximetry along with
the customize option to align with hospitals
CCHD screening protocol.

Key Offerings Description

The company offers wireless audio devices

Wireless audio devices
through Soundunited brand.

Plantronics Inc. is a public company headquartered in US. It is a global company generating

$1,681.14 million in revenues and has around 6,500 employees. Its revenue from the global
wireless audio devices market contributes to its overall revenues along with its other offerings, but
it is not a key revenue stream for the company.

Exhibit 137: Plantronics Inc. - Overview

Exhibit 138: Plantronics Inc. - Business segments

Segment Name Description

Under this segment, the company offers

Products
headsets, voice, and video products.

Under this segment, the company offers

Services support, professional, managed, and cloud
services and solutions.

Exhibit 139: Plantronics Inc. - Key offerings

Key Offerings Description

The company offers wireless audio devices

Wireless audio devices
such as headsets and headphones.

Exhibit 140: Plantronics Inc. - Segment focus

Products High

Services Low

Samsung Electronics Co. Ltd. is a public company headquartered in South Korea (Republic of
Korea). It is a global company generating $251,644.31 million in revenues and has around
113,485 employees. Its revenue from the global wireless audio devices market contributes to its
overall revenues along with its other offerings, but it is not a key revenue stream for the
company.

Exhibit 141: Samsung Electronics Co. Ltd. - Overview

Exhibit 142: Samsung Electronics Co. Ltd. - Business segments

Segment Name Description

This segment manufactures and sells digital TVs,

CE
monitors, air conditioners, and refrigerators.

This segment manufactures and sells mobile

IM phones, communication systems, and
computers.

This segment manufactures semiconductor

products such as memory, foundry, and system
DS
LSI and display products such as LCD and
OLED panels.

Exhibit 143: Samsung Electronics Co. Ltd. - Key news

In June, the company launched ZNS SSD with

2021 maximize available user capacity and
extended lifespan.

In April, the company launched PixCell LED for

2021 intelligent headlight systems to enhance road
safety.

In January, the company announced the

recognition as its QD display technology which
is the standard for next generation TV picture
2022
quality. It was certified by SGS for its true color
tones, pure RBG luminance and ultrawide
viewing angle.

Exhibit 144: Samsung Electronics Co. Ltd. - Key offerings

Key Offerings Description

The company offers wireless audio devices

Wireless audio devices
such as galaxy buds 2 pro and galaxy buds2.

Exhibit 145: Samsung Electronics Co. Ltd. - Segment focus

Segment Focus

CE Low

IM High

DS High

Sennheiser Electronic GmbH and Co. KG is a privately held company headquartered in

Germany. It is a global company generating $753 million in revenues and has around 1,969
employees. Its revenue from the global wireless audio devices market contributes to its overall
revenues along with its other offerings, but it is not a key revenue stream for the company.

Exhibit 146: Sennheiser Electronic GmbH and Co. KG - Overview

Exhibit 147: Sennheiser Electronic GmbH and Co. KG - Business segments

Segment Name Description

The company offers professional audio, live

Professional
sound, studio and professional headsets.

The company offers headphones for private

Consumer customers, and audiology and
telecommunication products.

Exhibit 148: Sennheiser Electronic GmbH and Co. KG - Key news

Year Key News

In March, the company announced the

launch of special design edition earbuds which
2022
deliver premium sound with active noise
cancellation.

Key Offerings Description

The company offers wireless audio devices

Wireless audio devices
such as hd 25, XSW IEM set and hd 400 pro.

Exhibit 150: Sennheiser Electronic GmbH and Co. KG - Segment focus

Segment Focus

Professional High

Consumer Low

Shure Inc. is a privately held company headquartered in US. It is a global company generating
$100-500 million in revenues, and with over 1,000 employees. Its revenue from the global wireless
audio devices market contributes to its overall revenues along with its other offerings, but it is not
a key revenue stream for the company.

Exhibit 151: Shure Inc. - Overview

Exhibit 152: Shure Inc. - Product / Service

Segment Name Description

This segment focuses on designing and

Unified developing microphones, wireless systems, in-
ear monitoring and others.

Exhibit 153: Shure Inc. - Key offerings

Key Offerings Description

The company offers wireless audio devices

Wireless audio devices
such as microphones and earphones.

Sonos Inc. is a public company headquartered in US. It is a global company generating

$1,716.74 million in revenues and has around 1,525 employees. Its revenue from the global
wireless audio devices market contributes to its overall revenues along with its other offerings, but
it is not a key revenue stream for the company.

Exhibit 154: Sonos Inc. - Overview

Exhibit 155: Sonos Inc. - Product / Service

Segment Name Description

The company is involved in offering Sonos

Unified wireless speakers, smart soundbars for TV,
movies, music, gaming, and more.

Exhibit 156: Sonos Inc. - Key offerings

Key Offerings Description

The company offers wireless audio devices

Wireless audio devices
such as speakers and home theatre.

Sony Group Corp. is a public company headquartered in Japan. It is a global company

generating $81,485.39 million in revenues and has around 108,900 employees. Its revenue from
the global wireless audio devices market contributes to its overall revenues along with its other
offerings, but it is not a key revenue stream for the company.

Exhibit 157: Sony Group Corp. - Overview

Exhibit 158: Sony Group Corp. - Business segments

Segment Name Description

Through this segment, the company includes

the digital software and add on content,
Game and Network Services
network services and hardware and others
categories.

Through this segment, the company offers

Music recorded music, music publishing, and visual
media and platforms.

Through this segment, the company includes

the worldwide production, acquisition and
Pictures
distribution of live action and animated motion
pictures.

Through this segment, the company offers TV,

Electronics Products and Solutions audio and video, still and video cameras,
mobile communications, and others.

Through this segment, the company undertake

product research, development, design,
manufacturing, marketing, sales, production,
Imaging and Sensing Solutions
distribution and customer services for
complementary metal oxide semiconductor
image sensors, and other semiconductors.

Through this segment, the company offers

various financial services including insurance
Financial Services and savings and loans, as well as offering
individual customers high value added
products and high quality services.

Through this segment, the company consists of

various operating activities, including the disc
All Other manufacturing business outside of Japan, and
the recording media and storage media
businesses.

Exhibit 159: Sony Group Corp. - Key offerings

Key Offerings Description

The company offers wireless audio devices

such as wh1000xm4 wireless noise cancelling
Wireless audio devices
headphones and wh xb900n wireless noise
cancelling headphones.

Exhibit 160: Sony Group Corp. - Segment focus

Segment Focus

Game and Network Services High

Music Low

Pictures Low

Electronics Products and Solutions High

Imaging and Sensing Solutions Medium

Financial Services Medium

All Other Low

TruSound Audio is a privately held company headquartered in US. It is a global company

Exhibit 161: TruSound Audio - Overview

Exhibit 162: TruSound Audio - Product / Service

Segment Name Description

Through this segment, the company offers

Unified wireless Bluetooth earbuds for sports and fitness
workouts.

Exhibit 163: TruSound Audio - Key offerings

Key Offerings Description

The company offers wireless audio devices

Wireless audio devices
such as Bluetooth wireless earbuds.

VIZIO Holding Corp. Inc. is a public company headquartered in US. It is a global company
generating $2,124 million in revenues and has around 800 employees. Its revenue from the
global wireless audio devices market contributes to its overall revenues along with its other
offerings, but it is not a key revenue stream for the company.

Exhibit 164: VIZIO Holding Corp. Inc. - Overview

Exhibit 165: VIZIO Holding Corp. Inc. - Product / Service

Segment Name Description

The company is involved in offering a wide

Unified range of products such as TVs, home theater
systems, soundbars and many more.

Exhibit 166: VIZIO Holding Corp. Inc. - Key offerings

Key Offerings Description

The company offers wireless audio devices

Wireless audio devices such as home theater and compact sound
bar.

VOXX International Corp. is a public company headquartered in US. It is a global company

generating $635.92 million in revenues and has around 1,082 employees. Its revenue from the
global wireless audio devices market contributes to its overall revenues along with its other
offerings, but it is not a key revenue stream for the company.

Exhibit 167: VOXX International Corp. - Overview

Exhibit 168: VOXX International Corp. - Business segments

Segment Name Description

Under this segment, the company designs,

manufactures, distributes and markets rear-
seat entertainment devices, satellite radio
products, automotive security, remote start
Automotive Electronics systems, mobile multimedia devices,
aftermarket/OE-styled radios, car-link
smartphone telematics applications, collision
avoidance systems and location-based
services.

Under this segment, the company designs,

manufactures, distributes and markets home
theater systems, high-end loudspeakers,
outdoor speakers, business music systems,
Consumer Electronics
cinema speakers, flat panel speakers,
Bluetooth speakers, soundbars, headphones
and Digital Living Network Alliance compatible
devices.

Under this segment, the company designs,

Biometrics markets and distributes iris identification and
biometric security related products.

Exhibit 169: VOXX International Corp. - Key offerings

Key Offerings Description

The company offers wireless audio devices

Wireless audio devices
through Haco and Magnat brands.

Exhibit 170: VOXX International Corp. - Segment focus

Segment Focus

Automotive Electronics High

Consumer Electronics High

Biometrics Medium

Yamaha Corp. is a public company headquartered in Japan. It is a global company generating

$3,268.05 million in revenues and has around 20,021 employees. Its revenue from the global
wireless audio devices market contributes to its overall revenues along with its other offerings, but
it is not a key revenue stream for the company.

Exhibit 171: Yamaha Corp. - Overview

Exhibit 172: Yamaha Corp. - Business segments

Segment Name Description

This segment focuses on the manufacturing

and sales of pianos; digital musical instruments;
Musical Instruments
wind, string, and percussion instruments; and
other music-related solutions.

This segment focuses on the manufacturing

and sales of audio products, professional audio
Audio Equipment equipment, information and
telecommunication equipment, and certain
other products.

This segment includes the electronic devices

business, automobile interior wood
Others components, factory automation equipment,
golf products, resort, and certain other lines of
business.

Key Offerings Description

The company offers wireless audio devices

Wireless audio devices
such as speakers.

Exhibit 174: Yamaha Corp. - Segment focus

Segment Focus

Musical Instruments High

Audio Equipment Medium

Others Low

13.1.1 Market definition

13.1.2 Objectives
• To provide actionable intelligence alongside the market size of various segments

• To detail the major factors influencing the market (drivers, opportunities, industry-
specific challenges, and other critical issues)

• To determine the geographic breakdown of the market in terms of detailed analysis

and impact

• To analyze business dimensions with an eye on individual growth trends and the
contribution of upcoming market segments

• To track the competitive landscape of the market

13.1.3 Notes and caveats

• Market size has been derived based on demand.

• Market forecast does not take inflation into consideration.

• Selling price has been considered for market analysis. Selling price refers to the price at
which manufacturers or service providers sell their products or services.

• For readability, all figures have been rounded off (as necessary). However, due to
rounding off, the numbers presented throughout this report may not add up precisely to
the totals provided.

• The others product segment includes soundbars and microphones.

• The revenues of vendors listed in this report are taken from their latest annual report
available.

• The key vendors have been identified based on parameters such as revenues, market
visibility, geographical reach, brand value, and market developments.

Exhibit 175: Inclusions checklist

Inclusion

Sales

Exhibit 176: Exclusions checklist

Exclusion

Online sales

Channel of distribution

Off trade

On trade

Price point

Unit shipments

New installations

Installation services

Aftermarket

Cumulative demand

Production volume

Retrofit

Service revenue

Warranty services

The currency conversion rates used in this report are given in the table below.

Exhibit 177: Currency conversion rates for US$

Currency Symbol 2019 2020 2021

Australian Dollar AUD 0.6951 0.7720 0.7512

British Pound GBP 1.2761 1.3649 1.3759

Canadian Dollar CAD 0.7537 0.7849 0.7979

Chinese Yuan CNY 0.1448 0.1530 0.1551

Danish Kroner DKK 0.1499 0.1649 0.159

Euro EUR 1.1195 1.2271 1.1827

Japanese Yen JPY 0.0092 0.0097 0.0091

Korean Won KRW 0.0009 0.0009 0.0009

Swiss Franc CHF 1.0064 1.1360 1.094

UAE Dirham AED 0.2723 0.2723 0.2723

Hong Kong Dollar HKD 0.1276 0.1290 0.1286

Indian Rupee INR 0.0142 0.0137 0.0135

Taiwan Dollar TWD 0.0324 0.0356 0.0358

South Africa Rand ZAR 0.0693 0.0681 0.0677

Swedish krona SEK 0.1058 0.1223 0.1166

Singapore Dollar SGD 0.7330 0.7566 0.7442

Norwegian Krone NOK 0.1137 0.1172 0.1164

Kuwaiti Dinar KWD 3.2907 3.2886 3.3140

Exhibit 178: Research methodology

The abbreviations used in this report are listed in the table below.

Exhibit 181: List of abbreviations

Abbreviations Expansion

APAC Asia Pacific

EMF electromagnetic fields

GDP gross domestic product

HDR high dynamic range

IMF International Monetary Fund

M and A mergers and acquisitions

MEA Middle East and Africa

OEM original equipment manufacturer

POS point of sale

PCB printed circuit board

RC remote control

R and D research and development

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