The best replacement for wav is mp3.

The best alternatives to wav are rated as following:
★★★★★  mp3
★★★★★  aiff
★★★★  flac
★★★★  wma
★★★  apple lossless
★★★  aac
★  m4a
★  ogg
★  mp3 quality
★  alac
★  wma lossless
★  mp3 sound quality
★  mp3 higher quality
★  wmv
  mp3 file size
  mp3 better
  mp3 file
  pcm
  mp3 files
  aif
  mp4
  320 mp3
  mp3 format
  bwf
  cda
  aiff better quality
  aiff quality
  mpeg
  mp3 difference
  mp3 better quality
  mps
  lossless
  midi
  mp3 size
  wma file
  flac better
  wma format
  cd quality
  mp3 itunes
  aiff better

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Google Trends

Scale is based on the average worldwide traffic of wav in all years. Click on graph for more.
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