Earbuds Market worth USD 9.23 billion by 2025 with a CAGR Value 22.8% during the forecast period, 2019-2025
Published Date | 2019 March 9
According to BlueWeave Consulting, The global Earbuds Market is projected to worth $9.23 billion by 2025, with a CAGR of around 22.8% during 2019-2025.The global demand for earbuds is primarily driven by the constantly growing demand for smartphones, tablets, and portable media devices. With the advancements in technology, not only the earbuds become compact but also comprises more rich features (ex- incorporation of microphones, noise cancellation technology, and water-resistant, among others).
Consequently, their applications have also extended beyond personal entertainment and media to sports, gaming, healthcare, and corporate segments. Furthermore, the rise in consumer disposable income and evolving consumer digital habits is expected to propel the demand for earbuds globally. The rise in the adoption is attributed to the fact that consumer is tethered to their smart devices, such as iPods, mobiles, and tablets, for a significant portion of their day, primarily for listening music, watching videos, or playing games.
Moreover, 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 key factors contributing to the growth of the global market. Furthermore, vendors are integrating active voice assistance features like Siri, Google Now, and Alexa to offer the convenience of use and ease of handling for the consumers, which specifically designed and marketed for athletes and health-conscious individuals in the global earbuds market. In addition, the increasing consumer demand for increased fidelity and style is also creating a positive impact on the overall growth of the market; thus, the introduction of devices with assisted hearing capabilities will help players gain a larger share in the global market.
Rapid Inclination toward Wireless Earbuds Expected To Catapult the Demand of Earbud over the Forecast Period
The global earbuds market by feature is segmented as wired and wireless earbuds. The wireless earbuds are the next technological revolution in the consumer electronics market. Usage of smart devices such as smartphones, laptops, and the increasing demand for wireless technology is boosting the market growth of wireless earbuds in the market. The manufacturers are gaining revenue growth in the market due to its low cost and user-friendly features. Wireless earbuds rely much on Bluetooth technology for its connectivity and are integrated with mic, remote for volume, and playback control. Increasing demand for gaming and virtual reality applications is one major factor driving the growth of the wireless earphone market.
Technological Advancements Boost the Sale of Premium Range Earbuds over the Forecast Period
The global earbuds market by price is segmented as low, mid, and Premium range price. The premium range segment occupied more than half of the market share and is expected to grow with a healthy growth rate over the forecast period. With the integration of extra functions such as layered hearing and speech amplification by key companies will augment the growth of the global market. Some of the top players operating in the market include Apple, Bragi, Bang & Olufsen, and Bose and usually offer premium-priced variants in the global market where the high price tag associated with these products is due to the manufacturing brand and features. Furthermore, the integration of the latest innovations and advanced technology will add to the price range of these products in the global earbuds market.
Multi-Brand Stores- Most preferred Distribution Channel
The global earbuds market by distribution channel is segmented as Multi-Brand Electronics Stores, Hypermarket/Supermarket Stores, Online Stores, and Others. Multi-brand stores dominate the market in fast few years as it offers individuals with various options to consumers for smartphone accessories such as earbuds, covers, and chargers. In addition, these stores provide consumers with high discounts on products with the aim of increasing sales and attract consumers. However, sales of earbuds in online stores will ride on a relatively healthy growth rate over the forecast period.
Global Earbuds Market: Competitive Landscape
Some of the leading and promising manufacturers operating in the global earbuds market include Beats (Apple Inc.), Sony Corporation, Sennheiser Electronic GmbH & Co. KG, Bose Corporation, Plantronics Pty Ltd., JVC Corporation, Philips Electronics Ltd., GN Netcom A/S(Jabra), Harman International Industries, Inc. (AKG), and Audio-Technica Corporation among others. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures with the aim to boost the inorganic growth of the industry.
Browse Detailed Analysis with TOC, “Global Ear buds Market, By Product (In-Ear, Over-Ear), By Technology (Normal& Sound-Controlled) By Feature (Wired, Wireless), By Price (Low-range, mid-range, and Premium-range) By Application (Fitness & Gyming, Gaming, Music & Entertainment), By Distribution Channel (Multi-Brand Electronic Stores, Hypermarket/Supermarket Stores, Online Stores and Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), Size and Forecast 2015-2025”