WAV audio files can be as large as 4GB, and even smaller files need a lot of space. While WAV format files are of excellent quality, not all users can afford to store them in their devices.
WAV and MP3 are two of the most commonly used audio formats. The difference is that they serve different purposes. The first one is known for its high quality because it stores uncompressed audio data ...
I use Exact Audio Copy along with the freeware BladeEnc encoder to make my mp3s straight from CDs. While I don't do the step of going from .wav to .mp3 myself, I'm sure there are plenty of frontends ...