Earphones & Headphones Market worth over $150bn by 2026
Published Date: June 30, 2020 Authors: Preeti Wadhwani, Saloni Gankar
Earphones & Headphones Market size is set to exceed USD 150 billion by 2026, according to a new research report by Global Market Insights, Inc.
The growing consumer preferences toward high-quality sound and development of technologically advanced devices are driving earphones & headphones market growth. The consumers are adopting Bluetooth earphones & headphones due to high comfort and convenience in listening to music. Market players are offering earphones & headphones with several technological capabilities such as high-quality sound and noise cancellation. The advent of bone-conducting hearing technology that transmits sound to users’ ears through vibrations has led to improving audio quality, mainly for fitness & sports enthusiasts.
Smartphones have emerged as a highly preferred medium among consumers for streaming online media. The global smartphone shipments have witnessed unprecedented growth over the past few years. Apple shipped around 73 million iPhones in the fourth quarter of 2019, surpassing the 70 million shipment of Samsung Galaxy mobile phones. The development of high-quality earphones compatible with smartphones has resulted in their increased adoption among music enthusiasts for enhancing sound quality and audio experience.
Availability of wireless headphones with noise cancelling technology is propelling market growth
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The headphones segment held around 30% of the global market share in 2019. The advent of lightweight Bluetooth headphones with innovative technology and long battery life is expected to improve market growth. In October 2019, Beats Electronics LLC. launched solo pro wireless on-ear headphones with noise cancellation feature. The headphones offer 22 hours of battery life with a soft, comfortable, and secure fit to consumers. With the growing purchasing power and evolving consumer preference, the adoption of smart headphones is expected to grow over the coming years.
Development of lightweight and low-cost earphones & headphones is propelling wired technology segment growth
Benefits, such as lightweight design and low price point, are driving the adoption of standard wired earphones & headphones market. The prominent market players are targeting price-sensitive customers by offering them low cost and high-performance solutions. In June 2019, Sound One, launched E20 wired earphones at affordable price for Indian customers. The earphone features 3.5 mm connectivity and is compatible with a wide range of smartphones and other devices. The technology offers high controllability and has less interference with the functioning of other devices.
Browse key industry insights spread across 250 pages with 739 market data tables and 34 figures & charts from the report, “Earphones & Headphones Market Size By Product (Earphones, Headphones), By Technology (Wired, Wireless), By Application (Consumer, Call Center, Industrial, Aviation, Construction, Public Safety), By Distribution Channel (Online, Offline), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The corporate application segment will witness high growth in the earphones & headphones market with increasing demand for affordable and high-quality solutions across corporate sector
The call centers are increasingly adopting advanced earphones and headphones for enhancing the quality of human-centric communication. The increase in market demand for video conferencing and VOIP services in the corporate sector is expected to positively influence the sale of earphones and headphones. With the ongoing coronavirus (COVID-19) pandemic and work from home policies, the demand for headphones for improving engagement in a conference room is increasing, driving the industry growth.
Increasing sales of earphones & headphones through offline channels due to easy product returns
The offline distribution channel segment in the earphones & headphones market of is projected to observe steady growth through 2026 owing to better customer support and easy returns benefits offered by brick and mortar stores. The physical stores enable customers to experience the audio quality and comfortability of devices, aiding in making purchase decisions. The benefits of personalized service and instant gratification have encouraged consumers to shop in-store. Market players are changing their marketing strategies by bringing online customers to brick-and-mortar locations.
Presence of established players focusing on introducing innovative solutions is driving the European market
The Europe earphones & headphones market size is anticipated to expand at 6% CAGR during the forecast period propelled by presence of established players such as Anker Technology (UK) Ltd, Bang & Olufsen A/S, Beyerdynamic GmbH & Co. KG, and Bowers & Wilkins Group Ltd., along with the availability of highly sophisticated wireless infrastructure. These players are continuously focusing on integrating innovative technologies, such as gesture recognition, voice assistant, active noise cancellation, and smart controls, to attract a large customer base and expand their presence in the market.
Launching innovative earphones & headphones is the key strategy of leading market players
Key players operating in the earphones & headphones market are Audio-Technica Corporation, Beyerdynamic GmbH & Co. KG, Harman International Industries, Inc., Bowers & Wilkins Group Ltd., Bang and Olufsen A/S, Bose Corporation, Apple, Inc.,3M, Aftershoktz LLC, Anker Technology (UK) Ltd., Microsoft Corporation, Beats Electronics LLC., LG Electronics Inc., Jabra Corporation, JLab Audio, Motorola Solutions, Inc., MPOW, Koninklijke Philips N.V, Jaybird LLC, QCY, Skullcandy, Inc., Sennheiser Electronic, Plantronics, Inc., Sentry Industries, Inc., and Sony Corporation.
The industry is highly fragmented and volatile due to presence of large number of established players. The players are focusing on introducing products with innovative features for elevating capabilities. For instance, in July 2019, Logitech International S.A., launched VISTA, a totally wireless sports headphone with robust, compact, and lightweight design features. This new headphone offers a sweatproof construction and secure & comfortable fit with up to 16 hours of listening and a wireless charging case.
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