GLOBAL WIRELESS HI-FI SPEAKERS MARKET SIZE (2023 -2030)

The Global Wireless Hi-Fi Speakers Market is estimated to be worth USD 13.52 Billion in 2023 and is projected to reach a value of USD 21.55 Billion by 2030, growing at a CAGR of 6% during the forecast period 2023-2030. The primary drivers that will aid in the growth of the market size of Wireless Hi-Fi Speakers market size are audio enthusiasts and people who aim for mobility in their devices.

Industry Overview:

Hi-Fi is the short form for high fidelity. As the name might suggest it is used to describe a high-quality sound that can be produced. Whenever any song is made, it’s made to be played at certain frequencies and a certain caliber. Whenever a sound is played through any speaker you can expect it to distort to a certain degree. With high fidelity or Hi-Fi speakers, it is ensured that the distortion is minimum depending on the brand. YouTube has had a huge contribution to promoting Lo-Fi music. As one can tell, this is the exact opposite of its counterpart Hi-Fi. Low-fidelity music is generally distorted; it’s not very clear and it’s believed to give some sort of deep under-the-surface feel to the music. A Hi-Fi on the contrasting hand provides what audio enthusiasts call, a crisp and clear sound. It’s extremely defined and every single word is clearly heard as possible. In technical words, an audio sample that has a sample rate greater than 44 KHz is said to be Hi-Fi.

COVID-19 impact on the Wireless Hi-Fi Speakers Market:

The pandemic has single-handedly destroyed several economies and has had a role to play in the demise of many markets. The brunt of the COVID-19 pandemic is not something that has been easy to bear by anyone. The unfailing restrictions paired with the loss of lives and overall economic damage have been a key factor in reducing, what we once knew as flourishing industries, to mere nothing. The Wireless Hi-Fi speakers market has seen changes in both directions. It requires separate parts to be constructed which are spread all across the globe. The manufacturing could be in a different continent than from where the parts are bought. Pandemic restrictions further led to supply chain issues as well as manufacturing and production issues due to workers’ unavailability. On the other end of the spectrum, people were home for the majority of their time. This increased the demand which in turn led to an increase in the production rate. At-home use of devices and wireless hi-fi speakers skyrocketed because people needed something to do while at home, thus is anticipated to augment the market size in the forthcoming years as well.

Market Drivers:

Audio enthusiasts excited about them are causing to drive the market growth for Wireless Hi-Fi Speakers:

Wireless Hi-fi speakers are and have been the hype for quite some time. They produce sound and different audio quality that cannot be observed in other speakers or other quality audio devices. The type of crisp, almost flawless audio quality is what is observed to have dragged in the audio enthusiast community. The normal public that is not extremely devoted to music admirers may not understand the hype for Wireless hi-fi speakers and why they’re such a rage. But any music appreciator can disprove that and know how significant the quality of sound is to justifying a song. Therefore, audio enthusiasts have been, are, and will be the key market drivers for Wireless Hi-fi speakers.

The increasing need for wireless devices is predicted to help drive the Wireless Hi-Fi speaker market growth:

Wireless devices across all fortes of technology including earphones, speakers, and other detachable devices have become a very renowned trend. In the new century, people’s lives have been very on the go. The hassle of carrying around wired devices is extremely inconvenient for many people’s lifestyles. According to research, networked devices or devices that are connected to each other and can be accessed via each other will reach about 29.3 billion by the end of the year 2023. This totals up to about 3 to 4 times the world’s population. Wireless speakers are easier to carry around and a lot of products that can be connected by Bluetooth are the size of the palm of a human hand. Thus they are easier to hold, connect and carry around. 

Market Restraints:

The Wireless Hi-Fi Speakers Market's growth is being stifled by the health problems that emerge with the use of speakers at a loud range:

Speakers or wireless headphones and earphones have become an increasingly common and everyday part of our lives. Any occasion leading from weddings to birthdays to even promotion parties all have a key common ingredient and that is a wireless speaker. But prolonged exposure to this is said to be extremely unhealthy. Using loudspeakers and earphones for a long amount of time causes severe harm to the delicate insides of the human ear. Besides that, the use of such devices exposes the user to dangerous radiation which can cause disabling effects over time. Thus all the aforementioned health problems and more a reason why the sales and market growth of Wireless Hi-fi speakers may have tampered.

GLOBAL WIRELESS HI-FI SPEAKERS  MARKET REPORT COVERAGE:

Market Segments:

This research report on the global Wireless Hi-Fi Speakers Market has been segmented based on Connection Technology, application, Distribution Channel, and regions.

Wireless Hi-Fi Speakers Market- By Connection Technology

• AirPlay

• Bluetooth

• Wi-Fi

• Others

It is anticipated that the rotary Bluetooth segment under connection technology will have a dominating market share in the global market during the forecasted years (2023-2030). Furthermore, during the projected period, the Wi-Fi segment is also anticipated to experience the quickest growth. Since they are the simplest to control for direction and most people use it in their homes anyway, these 2 are the ideal choice.

Wireless Hi-Fi Speakers Market- By Distribution Channel

• Online Sales

• Retail markets

• Ecommerce options

During the forecast period, 2023–2030, E-commerce and online sales are estimated to increase at the fastest rate, majorly owing to the increasing trend of purchasing from home. It, along with the Retail segment dominated the market in 2022. The numerous sales that the E-commerce websites launch and the attractive deals they offer are one of the reasons for it showing such huge growth along with the convenience market.

Wireless Hi-Fi Speakers Market- By Application

• Professional

• Automotive

• Residential

• Commercial

• Others

Wireless Hi-Fi Speakers are speakers with superior reach and a long-range till which the sounds can be heard. Nowadays, the automotive section of the application segment is projected to have the fastest growth rate in the estimated forecast period. The residential sector has played a huge role in the past and is predicted to have the largest market share besides commercial uses as they are widespread and most frequently used.

Wireless Hi-Fi Speakers Market- By Region

• North America

• Europe

• Asia-Pacific

• Rest of the World

The biggest and most developed market for the uptake of cutting-edge technologies in wireless systems is North America. Its tech-savvy population and rising demand for newer technologies and having a market to sell Wireless Hi-fi speakers is what has made it so.

Due to the rising population which in turn leads to rising demand and production in countries like China, India, Japan, and South Korea, the Asia Pacific Wireless Hi-Fi Speakers market accounted for the majority of the market shares in 2022 and is anticipated to witness substantial growth rate during the forecasted period as well.

Major Key Players in the Market

1. Onkyo Corporation

2. Bowers & Wilkins Group Ltd.

3. Yamaha Corporation

4. Bose Corporation

5. Panasonic Corporation

6. Harman International Inc.

7. LG Electronics

8. DEI Holdings, Inc.

9. Koninklijke Philips N.V.

10. Samsung Electronics

Market Insights and Developments

• Launched in May 2020, Mu-so 2nd Generation Wireless second-gen speaker is the second most important in the list of speakers to try out. It carries with itself a very hefty price tag which the enthusiasts claim is much deserved. It is manufactured by a company called Naim. It comes in 5 different variations.

• Released in June 2022 and rated by the website Wired in the list of best speakers for 2023 with great Hi-fi is KEF LSX II. It’s a pair of speakers that are of a manageable size along with a not-so-obscure price range. They are sold by the company KEF and are offered in 5 different colors.