Dubai, UAE, June 19, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the global Earphones and Headphones Market size is anticipated to reach USD 45.2 billion by 2028, valued at USD 25.1 billion in 2021, exhibiting a robust CAGR of 11.63% during the projection period. The factors attributing to the growth of the earphones and headphones market include the accelerating digitization of various technologies powered by Artificial Intelligence (AI), machine learning, big data analytics, and contactless sensors across the electronics industry.
Video gaming and music listening both frequently include the use of earphones. The growing popularity of the earphones and headphones market is projected to be fuelled by increasing consumer awareness of the various categories of wearable products. To establish new products that will outperform their current offerings, businesses are actively spending on R&D. Furthermore; market growth is primarily anticipated to be driven by the rising adoption of earphones and headphones during workouts in the upcoming years. Gym-goers spend 30% of their training time conversing, tangling earphones and headphone cables, and engaging in other exercise-related activities.
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Competitive Landscape
Leading businesses involved in the global earphones and headphones market are focusing on employing several strategies, such as investing in R&D activities, innovative product developments, collaborations, mergers, and acquisitions. For instance: in February 2022, Sony Group Corporation teamed up with the gaming business Niantic to offer users of gaming headsets that use aural augmented reality technology. The company's position in the gaming business was anticipated to be strengthened by this agreement.
Key players operating in the earphones and headphones market include:
- Apple Inc.
- Nokia
- Bose Corporation
- SONY ELECTRONICS INC.
- SAMSUNG
- Koninklijke Philips N.V.
- Sennheiser electronic GmbH & Co. KG
- Skullcandy Inc.
- BoAt
- Shure Incorporated
- Pantronics
MARKET SEGMENTATION
By Product
- In-ear
- On-ear
- Over-ear
- Earbuds
Pocket-Friendly Characteristics of In-Ear Earphones to Propel Market Growth
The in-ear segment led the earphones and headphones market share in 2020 due to its numerous characteristics, such as cost-friendliness, offered for medium-range customers, lightweight design, and portability. These products have garnered favor among technologically inclined consumers and individuals keen on fitness.
However, the earbuds segment is expected to experience a significant growth rate owing to the incorporation of advanced active noise cancelling capabilities and various styles' availability. These factors are expected to drive the demand for earphones and headphones.
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By Application
- Fitness
- Gaming
- Media & Entertainment
- Virtual Reality
By Technology
- Wired
- Wireless
Active Noise Cancellation Feature Offered by Wireless Headphones to Continue to Gain Traction
The wireless segment has emerged as the dominant in the global earphones and headphones market, accounting for the largest market share. The significant growth of the segment can be attributed to its characteristic of connecting with numerous Internet of Things (IoT) devices, as well as the incorporation of active noise cancellation technology, which has resulted in a shift in customer preferences towards wireless products.
On the other hand, the wired segment is likely to experience rapid growth, particularly in the Asia Pacific region. The segment's growth can be attributable to its wide availability across diverse demographic segments and the persistence of traditional technology preferences.
By Distribution Channel
- Online
- Offline
Infiltration of Fake and Low-Quality Products to Hamper Earphones and Headphones Market Growth
The earphones and headphones market is steadily growing immense traction, especially among the youth, due to its attractive features. However, the market is experiencing challenges due to the infiltration of fake and low-quality products among the original ones. Customers are lured into purchasing products associated with local players when they see deceptive advertisements. Additionally, the market share of earphones and headphones needs to be improved by emerging economies' lax enforcement of privacy laws.
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Innovations in Technology and the Dominance of OTT Platforms to Drive the Earphones and Headphones Market Growth
One of the primary drivers propelling the earphones and headphones market is the emergence of spatial audio technologies, high-definition quality, and the expanding music business. The global earphones and headphones market is anticipated to grow over the forecast period due to consumers' growing preference for high-tech audio experiences in appealing and fashionable designs. Consumers and tech-savvy customers are drawn to the new popular feature of active noise-canceling earbuds. Furthermore, the global demand for earphones and headphones is driven by the growing acceptance of smart wearables such as wireless earphones with active noise canceling, enhanced hearing, and management of extraneous sounds.
Additionally, the popularity of OTT services such as Amazon Prime, Netflix, Disney+, Hulu, HBO, Twitch, Youtube, and Apple TV, among others, has strongly influenced the media and entertainment sector. Additionally, the global market for earphones and headphones will be driven by the expansion of intelligent surveillance and diverse video streams from IoT devices. The popularity of Video-on-Demand (VoD) has raised consumer demand for earphones and headphones considerably.
Key Development
- In February 2022, Skullcandy partnered strategically with Budweiser, introducing a limited edition collection of four headphones. The collection comprises the Skullcandy Crusher Evo, Sesh Evo, Skullcandy Indy Evo, and Skullcandy Dime models.
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North America to Dominate the Global Earphones and Headphones Market Owing to the High Percentage of Video Gamers
North America dominated the global earphones and headphones market share in 2021 and is anticipated to continue leading the market throughout the projection period. The regional growth is majorly attributable to the increasing percentage of video gamers, along with the presence of advanced technologies.
The growing interest in subscribing to music and fitness podcasts has resulted in an increased demand for earphones and headphones in the region. For instance, Apple Inc introduced spatial audio with Dolby Atmos, accompanied by a subscription to Apple Music, in November 2021. This move reflects the industry's response to consumer preferences and the evolving audio experience.
Asia Pacific to Experience Fastest Growth Due to the Rise of Smartphone Users
Asia Pacific is anticipated to witness the fastest growth in the earphones and headphones market due to the rise in availability of affordable smartphones, rising disposable income, and growth of multi-faceted consumer requirements. Furthermore, the Asia Pacific is witnessing a surge in the popularity of online music streaming, which is driving the growth of the regional market. Moreover, the increasing awareness about the wide range of electronic devices available in the market is expected to contribute to sales growth in the earphones and headphones market. This trend highlights the changing consumer preferences and the potential for market growth in the region.
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Key Points from TOC:
Chapter 1. Executive Summary
Chapter 2. Online Methodology
2.1. Online approach
2.2. Scope, definition, and Assumptions
2.3. Data sources
2.3.1. Secondary Sources
2.3.1.1. Preliminary data mining
2.3.2. Primary Sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Online Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.3. Market drivers
3.4. Market restraints
3.5. Market opportunities
3.6. Market Challenges
3.7. Porter’s Five Forces analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact On Earphones and Headphones Market
Chapter 5. Global Earphones and Headphones Market Overview, By Product, 2015 - 2028(USD Million)
Chapter 6. Global Earphones and Headphones Market Overview, By Technology, 2015 - 2028(USD Million)
Chapter 7. Global Earphones and Headphones Market Overview, By Application, 2015 - 2028(USD Million)
Chapter 8. Global Earphones and Headphones Market Overview, By Distribution Channel, 2015 - 2028(USD Million)
Chapter 9. Global Earphones and Headphones Market Overview, By Geography, 2015 - 2028(USD Million)
Continued………..
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