Earphone and headphone market to achieve substantial revenue via rising demand for product miniaturization over 2017-2024
Publisher : Fractovia | Published Date : 2017-02-17Request Sample
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 developments in earphone and headphone industry. Moreover, growing consumer preference for product miniaturization and rise in disposable incomes have been forecast to massively propel the industry growth. According to Global Market Insights, Inc., earphone and headphone market is anticipated to grow at a CAGR of 4% over the period of 2017-2024. The growing use of these products in the corporate sector, mainly in the call center industry for telecommunication purposes will further provide a lucrative boost to earphone and headphone industry share.
If research analysis is to be taken into consideration, wired products have dominated earphone and headphone market share for quite a while now, however, of late, this technology has been losing its share to the formidable wireless technology. Earphone and headphone industry giants have been continuously investing vast amounts for the development of novel Bluetooth headsets, considering their widespread popularity and growing adoption rate. To broaden their existing consumer base, major earphone and headphone market players have been focusing on the cost effectiveness of the product. For instance, recently, JVC announced the launch of new inexpensive Bluetooth headphones that are likely to garner profitable sales in a shorter duration. Notable players in earphone and headphone market include Sennheiser, Skullcandy, Shure, Panasonic Corporation, Beats Electronics (Apple), Grado Labs, Bose corporation, Sony Corporation, and JVC. The incorporation of comprehensive styling and technological advancements such as active noise control or noise cancellation, light weight, etc. will fuel the technology growth, thereby impelling earphone and headphone industry size.
China earphones market size, by application, 2016 & 2024 (USD Million)
Earphone and headphone market has also been depicting an upward surge 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 augment the growth of earphone and headphone market. According to Global Market Insights, Inc., global earphone and headphone industry share is estimated to surpass USD 25 billion by 2024. Furthermore, manufacturers have been concentrating on providing a great and holistic music experience to consumers, which is certain to enhance the industry outlook over the coming years. Constantly changing functionality, fashion, features, and damage or loss of earphones & headphones leading to shorter replacement cycle, are likely to fuel the earphone and headphone market size.
Apart from the entertainment purpose, the adoption rate of headphones and earphones in daily fitness workout activities has increased eventually. The rising number of sport activities along with the surging demand for biometric sports tracking is favorably influencing earphone and headphone market size. Recently, Jabra, a Denmark based on-ear and in-ear audio wearables manufacturing subsidiary of GN Netcom, made it to the headlines for launching wireless Bluetooth earplugs for fitness lovers. The escalating development of such products equipped with highly innovative features for various applications will undeniably stimulate earphone and headphone industry share.
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. earphone and headphone covered over 25% of the regional contribution of North America in 2016. North America, considered the hub of technological advancements, will witness a huge demand for innovatively designed earphones & headphones. Speaking of the topographical landscape, it is prudent to mention that China will also contribute majorly toward APAC earphone and headphone market. An increasing number of users, with increasing number of devices will propel earphone and headphone market growth.
There has been a stupendously increasing demand from consumers for portable personal electronic devices, which has invariably contributed toward the expansion of earphones market share. The use of portable music systems such as iPods, tablets, media players, and smart phones is projected to thrive the earphones market demand over the coming six years. In addition, the rising sales of smartphones across the developing as well as developed economies coupled with increasing spending capacity of consumers will further contribute toward the earphone and headphone market growth.
The collaborating output product of Apple AirPods and Samsung Gear have led to the inception of the next generation era of technologically advanced Bluetooth earphones, which will create competitiveness among the players in earphone and headphone market. Product development and constant improvisation are the key tactics implemented by the market participants. The earphone and headphone industry is highly competitive with majority of companies investing in research & development to ensure product differentiation. Moreover, innovation-focused companies are committed to being the first-to-market with unique features and new applications. Experts also claim that mergers & acquisitions are trending in this market over the past few years, and will substantially create a positive impact on the overall business space.
