The wireless audio market is expected to grow from USD 16.13 billion in 2016 to USD 31.8 billion by 2023, at a CAGR of 10.6 percent between 2017 and 2023. Factors such as increasing demand for smartphones as a source of entertainment, consumer preferences for portable devices, and advancements in wireless technologies are driving the growth of the market.
The growth of the market for home audio applications can be attributed to the continuous technological innovations in home audio devices and growing consumer demand for high-performance home theater experience owing to increased disposable income as per MarketandMarket. In addition, developments in Wi-Fi and Bluetooth speakers, and dedicated speaker docks are expected to increase consumer spending on audio equipment to enhance audio quality.
Suppliers and manufacturers of such equipment are increasingly focusing on expanding in the market by making these systems user friendly and visually less intrusive. Also, there is an increasing demand for portable audio equipment, which has the ability to stream high-quality audio content from the Internet. Therefore, the advancements in digital technology, with changing media options from conventional to modern system, are contributing to the growth of the market for home audio applications.
The wireless audio market in the Americas is likely to be driven by the increase in sale and installation of home entertainment devices. The growing population of music listeners, increasing digital music sales, and popularity of the audio and video entertainment segments are expected to influence the regional market positively over the next decade. The US is at the forefront of installing and buying the upcoming technologies such as wireless speakers and home entertainment systems.