Northbrook, IL 60062 -- (SBWire) -- 05/16/2022 --The wireless audio device market is projected to grow at a strong rate in the coming years. Find out how this market is expected to develop and what factors are driving it, With the increasing prevalence of wireless devices, more and more people are embracing this technology. In this article, you'll learn about the growing wireless audio device market as well as its industry projections for the next few years.

What are the Factors Driving Wireless Audio Device Market?

The growth of the wireless audio device market is primarily driven by the increasing demand for audio and video content, as well as the growing trend of Smartphones and other portable devices. The increasing popularity of music streaming services, such as Spotify, Pandora, and Apple Music, is also contributing to the growth of the wireless audio device market. In addition to this, there is an increasing demand for wireless audio devices among people who are travelling. The high adoption of Bluetooth technology in the wireless audio device market is also contributing to the growth of this market.

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The Asia-Pacific region is expected to be the largest market for wireless audio devices by 2024. This region is expected to witness a CAGR of 7.1% during the forecast period. The market in North America is expected to be the second largest market in terms of revenue. The market in Europe is expected to be the third largest market in terms of revenue. The Asia-Pacific region is expected to dominate the global wireless audio device market due to increased investments in this region by players such as Samsung and Apple.

Wireless Audio Device market by Region

The wireless audio device market revenue was accounted for USD 69.6 billion in 2021 and is projected to reach USD 153.3 billion by 2026, at a CAGR of 17.1% during the forecast period. The Asia Pacific region is projected to be the largest market for wireless audio devices by 2024, with a share of 26%. The growth in the Asia Pacific region is attributed to the increasing demand for multimedia and entertainment across various platforms, such as smartphones, tablets, and PCs.

The North America region is expected to be the fastest-growing market for wireless audio devices, with a CAGR of 10.4%. This growth can be attributed to the increasing trend of using wireless audio devices in outdoor activities such as hiking and biking. The Latin American region is also projected to grow significantly over the forecast period, with a CAGR of 8.1%. This growth can be attributed to the increasing adoption of wireless audio devices by music artists and movie studios in this region.

The Europe region is expected to be the second-largest market for wireless audio devices, with a share, this growth can be attributed to the increasing adoption of wireless audio devices by businesses and households in this region. The Middle East and Africa region is projected to grow at the highest CAGR during the forecast period.