Market Trends of Asia-Pacific Wireless Audio Industry
This section covers the major market trends shaping the APAC Wireless Audio Market according to our research experts:
Bluetooth Speakers to Witness Higest Market Growth
- The need and popularity of the wireless speakers bolstered the demand for Bluetooth speakers over the past few years. This trend can be attributed to the greater availability of these devices at affordable prices and the consumer preference for smart portable devices.
- With this rising demand for wireless speakers, Bluetooth technology has gained momentum in the market for speakers, globally. This is because the technology works with a wide range of mobile devices, including Apple iPhone and Android smartphones. Bluetooth speakers also tend to be less pricey than WiFi options.
- Moreover, in the Chinese market, the prominence of Bluetooth speakers has increased. According to Qualcomm, as of 2019, the Chinese consumers looked for better sound quality, ability to play at loud volumes without distortion, long standby hours on battery, and affordable price, and Bluetooth speakers fit best for these demands.
- Furthermore, the launch of Bluetooth 5.0 version enabled a new feature, which allows the user to play audio on two connected devices at the same time. In other words, one can play audio on two different speakers in different rooms. This is expected to boost the market growth for Bluetooth speakers.
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China to Dominate the Market Growth
- China dominates the Asia-Pacific wireless audio device market. The Chinese economy maintains high-speed growth which has been stimulated by the consecutive increases of industrial output, imports & exports, consumer consumption, and capital investment. Moreover, increased R&D expenditure by OEMs for the development of new and advanced wireless audio devices is fueling the growth of the wireless audio device market in the country.
- Owing to the vast availability of resources and cheap labor, various multinational companies have also set up their manufacturing plants, thus making the country an ideal destination for multi-million investments in the field of wireless audio devices.
- Moreover, China is poised to be a leader, in terms of the volume of smartphones, with a 37% share, by 2018. This emphasizes the importance and growing demand for wireless audio devices in China.
- Asian countries, such as China, India, South Korea, Taiwan, and Japan, have a significant presence of manufacturers of the raw materials used in wireless speakers manufacturing, who has experienced lockdown and disrupted the production schedules. The sales have been down as the lockdown in most of the global economies has been resulted in deliveries limited to essentials and has resulted in companies revising their revenue targets.
- However, with the resurgence, the Chinese market is likely to grow and dominate the Asia-Pacific wireless audio market as there is a surge in the global demand for infotainment devices and a rise in the use of wireless audio devices in the commercial sector.
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