— Wireless audio electronics company Photive is thrilled with a new report from Transparency Market Research that says the wireless audio market will have a worldwide compound annual growth rate of 1.5 percent between 2014 and 2024.
The growth of the market is being driven by behavioral shifts among consumers, according to the research company, who are being influenced by the growing penetration of smartphones and tablets and who are also changing preferences for media consumption towards streaming services such as Deezer, Pandora and Spotify.
In addition to that, wireless audio companies are responding to consumers’ desires to have both high audio functionality, plus appealing aesthetics in their wireless audio equipment.
“The purchase decision of any customer is not only influenced by the audio performance of a wireless audio device,” Transparency Market Research said in a press release. “Manufacturers are therefore required to focus on bringing both audio features and ergonomics of devices at an equilibrium to positively influence a consumer’s buying decision.”
With the United States and Europe leading the way, the global wireless audio devices market is poised to reach US$10.12 billion by 2024, from US$9.04 billion in 2014, the market research company added.
The report is great news says Ian Sakkal, President of Photive, which recently released its latest wireless audio equipment, the HF1 Wireless Bluetooth Headphones on Amazon.
“This report paints a pretty rosy picture of the future of wireless audio and we are, of course, happy to see that,” Sakkal said. “As wireless audio technology continues to improve, more and more consumers will start demanding the convenience of going wireless. As long as the equipment is sturdy and it looks aesthetically pleasing, consumers are going to want it. What’s going to really set a company apart now is its innovation.
The automotive industry is also driving the push toward wireless audio technology, as the report says. It’s not just personal audio equipment, but also the equipment that will sync with their cars that consumers are interested in.”
Photive, which also manufactures and sells power banks, portable chargers and mobile phone cases, has seen its own sales rising over the past few years, mirroring what the Transparency Market Research report is saying about the industry.
Emerging markets like China and India are also on the radar of the big firms in the wireless audio electronics field, according to the report, and while Photive is largely concentrating on the lucrative United States market, expansion into other markets, including the aforementioned emerging markets, is a possibility for the company in the future.
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