Earphone and Headphone Market to Expand at USD 62.24 Billion by 2030 with a CAGR of 11.20% - Report by Market Research Future (MRFR)
Technological Advances to Bolster Earphone and Headphone Market Growth
New York, US, April 21, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Earphone and Headphone Market” information by Type, by Application and Region – forecast to 2030” market size to reach USD 62.24 billion, growing at a compound annual growth rate of 11.20% by 2030.
The earphone and headphone market is growing continually, mainly due to the tremendous popularity of compact audio devices. Wired/wireless earphone and headphone technology perfectly suits wearable and mobile applications, including smartphones, smartwatches, and portable audio devices. Due to their cost-competitive and user-friendly features, these devices perceive an increasing demand worldwide.
Also, the market is predominantly driven by the growing unit sale of smartphones. The large penetration of smart audio devices and technological advances boost the market size. Besides, the rise in disposable income provides impetus to the market value leading to increased expenditure on high-end electronic products, majorly smartphones and wearable audio-video devices.
Dominant Key Players on Earphone and Headphone Market Covered are:
Bowers & Wilkins
Koninklijke Philips N.V.
Zound Industries (Marshall)
Sennheiser electronic GmbH & Co.
Pakushve Marketing LLC (BOAT)
Sony Corporation of America
Harman International Industries (JBL)
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Market USP Exclusively Encompassed:
A key driving force behind the earphone and headphone market is major advances in audio technologies, such as noise cancellation, Bluetooth enabled, and others. The increased integration of new technologies in headphones and earphones and the rising ownership of mobile phones, tablets, and mp3 players, drive the market significantly.
The earphone and headphone market size is also boosted by the rise in numbers of professional gamers due to the proliferation of gaming technology and the market. Emerging nations across the globe present untapped opportunities for earphone and headphone uses. The Asia Pacific region has become a global manufacturing hub for audio devices, with many notable brands setting up high-volume production facilities.
Moreover, with their significant developments in wireless technologies, Singapore, Indonesia, and Australia demonstrate high potential for the earphone and headphone market. The number of earphone and headphone manufacturing facilities in these countries is also growing, intensifying the competition among manufacturers further.
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India and China are the fastest-growing economies in the Asia-Pacific, where the telecom industry is growing significantly. Additionally, electronic industries in these countries have witnessed some revolutionary changes over the last decade in terms of their applications in consumer electronics, IT & telecom industries, and other application areas. All these factors cumulatively offer significant opportunities for the earphone and headphone market players.
On the other hand, wireless technology is a little expensive than wired, which often increases the overall market price of wireless earphones/headphones. Therefore, the high costs of wireless headphones and earphones are considered a major factor restraining the market's growth.
Also, fluctuating component prices pose significant challenges to the market players. There are several small components used in wireless/wired headphones and earphones. Fluctuating prices and the demand-supply gap in various key components pose major challenges to the earphone and headphone market players.
Eminent manufacturers like Apple, Sony, Samsung, and others operating in the market are constantly investing in order to bring innovations to the earphones & headphones, eventually stirring the competition in the market. Their sedulous efforts are projected to ascend market growth further during the assessment period.
Segmentation of Market Covered in the Research:
The earphone and headphone market is segmented based on types, applications, and regions. The type segment is further sub-segmented into wired headphones and earphones and wireless headphones and earphones. The application segment is sub-segmented into fitness/sports, gaming & virtual reality, media & entertainment, corporate, and others. The region segment comprises the Americas, Asia Pacific, Middle East & Africa, Europe, and Rest-of-the-World.
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North America Dominates the Global Earphone And Headphone Market
North America is expected to remain a highly attractive market for earphones & headphones during the assessment period. Large advances in audio technology and R&D investments to drive innovations foster market growth. Besides, the high presence of global players, invariably reinventing and rebranding their existing products to enhance the quality and design, impacts the earphone and headphone market growth positively. The US is the largest market for earphones and headphones in North America.
Highly competitive, the earphone and headphone market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and expansion remain prevailing key trends for the leading players as these strategic moves support their growth and expansion plans.
Industry players tap into the emerging consumer electronics market by investing substantially in R&D to develop adept technologies and product portfolios. For instance, on Jan.10, 2022, Urbanista, a Swedish audio brand, announced its foray into the Indian market, aiming to have around 5 % of the market share in the premium headphones and True Wireless Stereo (TWS) segments by the end of 2022.
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As part of its retail strategy, this company is focusing on online and offline channels, with an ambitious plan to have its products available at 500 stores by March 2022, including tier-II cities. Urbanista has a strong presence in more than 90 countries worldwide and more than 30,000 global stores. It further aims to have a slice of the headphones and earphones market, a segment now growing faster after the pandemic.
Urbanista products are developed by combining high-quality audio engineering and Sweden design inspired by the urban life of popular global cities. With India being the world's mobile capital, the brand believes its products will resonate well with the Indian people. It has introduced a range of products in India, including Urbanista Los Angeles, the world's first and only solar-powered headphones and Urbanista Lisbon, the smallest ever TWS earbuds.
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