Wireless Audio Market Expected to Grow 23.2 Percent CAGR through 2022
It’s convenient. It’s easy to “install.” And according to a new report from RnR Market Research, the wireless audio market is expected to continue booming over the next few years. In a statement last week, RnR reported that the wireless audio market—which is driven mainly by the success of the smartphone—is expected to reach $54.07 billion by 2022 at a compound annual growth rate (CAGR) of 23.2 percent.
RnR said that there is an increasing demand for wireless audio products—a market that includes myriad devices such as headphones, speakers, wireless headsets, and soundbars. The demand is driven by the continued growth and success of the smartphone market. Smartphones, as we know, are used as the source of the entertainment, wirelessly streaming music, movies, and more, through these wireless audio devices. Further, the wireless audio market is being helped by high expenditure on R&D for wireless audio technology by OEMs, advancements in technologies, and growing demand for infotainment services, RnR said.
“The growth of the consumer application is majorly driven by the rapid growth of the markets for smartphones, computers, and tablets,” RnR said in the statement. “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 the users of smartphones, tablets, and computers to play music using wireless audio products.”