The paradigm shift from home audio sets to portable audio microphones over the years has led to an upward drift in earphones & headphones market. Growing emphasis on product integration with microphones has eventually led to technological development in the earphones and headphones industry. Moreover, growing consumer preference for product miniaturization and rise in disposable income will propel the industry growth. According to Global Market Insights, Inc., “Earphones and Headphones Market size is anticipated to grow at a CAGR of 4.6% over the period of 2016-2024.” Growing use of these products in the corporate sector, mainly in the call center industry for telecommunication purpose will further expand the earphones and headphones industry share.
Earphones and headphones industry is surging due to its superior compatibility with personal electronics devices. In addition to this, key developments in technologies such as Bluetooth, Wi-Fi, and Infrared will increase the growth of earphone and headphone market. According to Global Market Insights, Inc., global earphones and headphones market share is estimated to surpass USD 18 billion by 2023. Furthermore, manufacturers’ focus on providing a great and holistic music experience will enhance the industry outlook over the coming years. Constantly changing functionality, fashion, features, and damage or loss of earphone & headphones leading to shorter replacement cycle, is likely to fuel the earphones and headphones market size.
Europe earphones and headphones market size, by technology, 2012-2023 (USD Million)
Robust urbanization and development in emerging economies such as India, China, and Brazil is projected to drive the product penetration over the coming years. U.S. earphones and headphones market is projected to grow at a rate of 4.8% over the period of 2016-2023. China headphones market is anticipated to register a CAGR of 5.6% from 2016-2023. An increasing number of users, with increasing number of devices will contribute towards the regional earphones and headphones market growth.
Increasing consumer demand for portable personal electronics have positively impacted the earphones market share. The use of portable music systems such as iPod, tablets, media players, and smart phones is projected to thrive the earphones market demand over the coming six years. Moreover, rising sales of smartphones coupled with increasing spending capacity will further contribute towards the earphones and headphones market growth.
The global headphones market is also composed for high growth, owing to expansion of various distribution channels along with growing preferences in product innovations. Global headphones market is set to witness heavy gains with target market size slated to reach USD 6 billion by 2023. Moreover, incorporation of fitness features with other enhancements in the sport headphones will also generate a substantial product demand over the coming six years.
Wired earphones and headphones market share is estimated to register a CAGR of 4.6% over the period of 2016-2023. Comprehensive styling and technological advancements such as active noise control or noise cancellation, light weight, etc. will fuel the technology growth.
Product development and constant improvisation are the key tactics implemented by the market participants. The earphones and headphones industry is highly competitive with majority of companies investing in research & development to maintain product differentiation. Moreover, innovation-focused companies are committed to being the first-to-market with innovative features and new applications. Merges & acquisitions are trending in the earphones and headphones business space over the past few years. Notable industry players include Sennheiser, Shure, Beats Electronics (Apple), and Bose.
Written By : Ojaswita Kutepatil