This market is primarily driven by the growth of this market include the growth of smartphone market, increasing popularity of wireless technology, high expenditure on R&D for wireless audio technology, advancements in technologies, and the growing demand of infotainment services. The speaker system market segment was the largest in wireless audio market. Wireless speakers are similar to conventional loudspeakers where audio signals are transmitted using radio frequency (RF), infrared (IR), near-field communication (NFC), or Bluetooth. The main benefit offered by the wireless speaker systems is that there are no wires connecting the speakers to the sound system; hence, there is no need for users to worry about tripping over wires that are connected to the speaker system.
The home audio segment was the largest market for wireless audio and the consumer market is expected to grow at the highest CAGR during the forecast period. The wireless audio technology is a buzzword and gaining popularity in the vast consumer electronics market. The growth of the consumer segment is majorly driven by the rapid growth of the smartphone, computer, and tablet markets. Most of the smartphones, tablets, and computers in the market are equipped with inbuilt Bluetooth and Wi-Fi connectivity thus it’s very convenient for users of smartphones, tablets, and computers to play music using wireless audio products.
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The Americas accounted for the largest share in wireless audio market. The products based on advanced wireless technologies (such as Bluetooth, AirPlay, and Wi-Fi) and high disposable incomes of consumers are expected to boost sales of wireless audio devices in this region.
Key market players inlcude Apple Inc. (U.S.), Samsung Electronics Co. Ltd. (South Korea), Sony Corporation (Japan), Voxx International Corporation (U.S.), Harman International Industries, Incorporated (U.S.), Bose Corporation (U.S.), Sonos, Inc. (U.S.), Dei Holdings Inc. (U.S.), Sennheiser Electronic GmbH & Co. KG (Germany) and Vizio, Inc. (U.S.).
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