Earphones and Headphones Market - Global Outlook and Forecast 2019-2024
The global earphones and headphones market is projected to reach values of more than $36 billion by 2024, growing at CAGR of around 13% during 2018-2024. The market research report also offers market share analysis in terms of unit volumes during the forecast period.
The increase in the number of mobile devices, access to music and video content on-the-go, and the fast-evolving music industry are some of the major factors attributing to the growth of the global market. The exponential growth of digital media, especially entertainment services such as video, audio, and multimedia will drive the demand for innovative devices in the market.The global earphones and headphones market is driven by the growing demand for portable devices for high-quality sound and an enhanced audio experience. The growing array of platforms on which users can access and stream audio and video content will contribute to the revenues in the global market. The market research report provides in-depth market analysis and segmental analysis of the global earphones and headphones market by technology, type, features, end-use, and geography.
The report considers the present scenario of the global earphones and headphones market and its market dynamics for the period 2018−2024. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply side of the market. It also profiles and analyzes leading companies and several other prominent companies operating in the earphones and headphones market.
Earphones and Headphones Market – Dynamics
Market vendors have recently launched wireless headphones with noise-cancellation features that can regulate ambient sounds using active noise control, thereby enabling consumers to concentrate solely on the music without being tied to a device. These wireless headphones can also deliver a mix of ambient sounds and music from the device, thereby allowing consumers to listen to the digital stream while keeping them aware of their surroundings as well.Consequently, people are enrolling themselves in gyms and fitness clubs. The growing health-conscious population and the increasing awareness about the benefits of exercises are prompting individuals to join fitness clubs in their locality.Usually, people use headphones to listen to music, stream digital podcasts and audiobooks, and to answer calls while keeping their hands free. Consumers mostly listen to music during their daily commute and fitness activities. The use of wireless headphones has been gaining high popularity over the years since they offer users freedom to manage wires, thereby increasing their mobility.Some vendors have created real-time language translation devices that work both with and without networks. A few companies have also created mobile applications that enhance the usability of translating devices. In 2016, Waverly Labs launched a wearable, language-translating device with two earpieces meant for speakers. This device was akin to true wireless headphones. Recently, Waverly has also integrated music streaming functionality into its product.
Earphones and Headphones Market – Segmentation
This market research report includes a detailed segmentation of the market by technology, type, features, end-use, and geography.The global earphones and headphones market by technology is classified into wired, wireless, and true wireless. Wireless segment dominated the total market share in 2018, growing at a CAGR of approximately 16% during the forecast period. The increasing requirement of high-quality sound experience and integration with hearing aids and commercial headsets is fueling the growth of this segment in the global market.The growing demand for wired products across emerging countries in APAC will fuel the growth of the global market. Wireless earbuds offer higher control over surrounding sounds and Apple, Motorola, HTC, Google, and LeEco are leading players in this segment in the global earphones and headphones market.
The product type segment in the global earphones and headphones market is divided into in-ear, on-ear, and over-ear. In-ear products are the fastest growing segment in the global market, at a CAGR of more than 13% during the forecast period. The relatively low cost of ownership, compactness, and convenience of the in-ear products is fueling the growth of this segment in the global market.The top companies are focusing on improving the battery life to increase the playback time of their wireless models and launch new lightweight over-head models to gain a larger global earphones and headphones market.The global earphones and headphones market by features is segmented into smart and non-smart. Smart devices occupied the largest market share in 2018, growing at a CAGR of approximately 17% during the forecast period. The launch of new smart products with latest technologies including water resistance, noise cancellation, HD and Blu-ray sound format, 3D surround sound, storage capacity, and several other innovations are fueling the growth of this segment in the global market.
Non-smart products offer basic functions such as connecting via cable or Bluetooth, answering calls, and streaming music. The development of advanced wireless devices will reduce the demand for these products in the global earphones and headphones market.The end-use segment in the global earphones and headphones market is categorized into entertainment, fitness & sports, and gaming. Fitness and sports is the fastest growing end-use segment in the global market, at a CAGR of more than 15% during the forecast period. The fitness and sports segment offer high earning potential, and leading players are upgrading their products to cater to the growing demand in the global market.The use of products in the entertainment sector offer high-quality sound and a highly personalized listening experience to the consumers in the market. The launch of gaming headphones that are sturdy yet comfortable build, noise canceling functions for both earpiece and the microphone, and improved range and latency will drive revenues in the global earphones and headphones market.
Market Segmentation by Technology
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