Transparency Market Research has released an industry analysis indicating the wireless audio devices market was valued at USD9.04 billion in 2014 and is forecast to grow at a CAGR of 1.5 percent during the period from 2016 to 2024, the company said.
The reasons for the growth of the global wireless audio devices market includes rising adoption of wireless connectivity technologies and growing demand for infotainment and regulatory requirements from the automotive industry across the world. In addition, high adoption of new technology and continuous innovation are further expected to drive the growth of this market over the forecast period.
In the wireless audio devices market by product type, the bluetooth speakers segment was the largest in 2015, accounting for 66.1 percent of the overall market. Innovative shapes and sizes have helped the wireless audio devices find increased appeal and usability among customers.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services.