The Web Audio API that is developed by Google is easier to work with and has more features compared to alternatives. But, it still lacks of browser support.
It accepts multiple file formats for cross-browser compatibility, has caching and can play many sounds at the same time (it is also mute/un-mute them one-by-one or globally).
The sounds can be looped, a fadeIn/fadeOut effect exists and standard media controls are just a part of the library.
It is lightweight (5kb), has support for chaining methods and doesn’t require any JS frameworks.