Global Earphone & Headphone Market Booming Across the Globe: Projected to Touch USD 14.9 Billion By 2027, Growing at the CAGR of 5.2% during the Forecast Period
Published | May 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global earphone & headphone market was worth USD 10.5 billion in the year 2020. The study also states that the market is estimated to grow at the CAGR of 5.2%, earning revenue of around USD 14.9 billion by the end of 2027. The growing popularity and adoption of smartphones, tablets, laptops, portable music players, and other mobile devices are expected to propel the demand for earphones and headphones. Moreover, the increasing adoption of earphones & headphones during a workout is primarily projected to boost the earphone & headphone market growth.
Rising Device Penetration Among Consumers Expected to Drive the Market Growth
One of the primary factors driving the global earphone & headphone market is the increasing usage of devices such as smartphones and laptops. In emerging nations such as India, China, Brazil, Thailand, and others, the use of such devices is rapidly increasing, particularly among young mobile phone users. Furthermore, with increasing internet penetration and the availability of many video streaming services such as Netflix and Amazon Prime Video for content consumption, the demand for earphones and headphones is expected to increase significantly throughout the forecast period.
Strong Distribution Channel Driving the Earphone & Headphone Market
The local earphone & headphone manufacturers have a strong presence in the emerging economies. This is because they have a very strong and diverse distribution system almost in all regions of these countries. The increasing consumption is backed by the easy availability of their products, along with the lower prices which appeals to the masses. The giant companies are also trying to capture the market with strong distribution channels to gain a competitive edge over other players. Furthermore, the global earphone & headphone market is expected to grow throughout the forecast period due to advancements in e-commerce platforms and easy delivery systems.
Wireless Earphones & Headphone Segment will Flourish in the Forecast Period
Based on technology, the global earphone & headphone market is segmented into wired and wireless earphones & headphones. The wireless technology segment led the global market with maximum share in 2020. The growth of this segment is expected to soar at a higher CAGR during the forecast period as well. Following the launch of Apple's AirPods at the end of 2016, the worldwide earphone and headphone market witnessed a significant transition from wired to wireless technology. This is because of the numerous smart functions and benefits it offers, such as fitness traction, gesture recognition, wearing detection, and so on. The tremendous demand for AirPods prompted several global manufacturers to launch their own product range.
Global Earphone & Headphone Market - By Region
Geographically, the global earphone & headphone market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa. Among all the regions, the Asia-Pacific region dominates the overall earphone & headphone market. It is further projected to lead the market over the forecast period as well. The introduction of new technologies, increasing penetration of mobile phones, changing consumer patterns, and increased R&D investments by manufacturers are expected to boost demand for earphones & headphones across the region.
North America holds the second position in the global earphone & headphone market followed by Europe.
Impact of Covid-19 on the Global Earphone & Headphone Market
The global earphones & headphones market saw enormous development prospects as a result of the Covid-19 epidemic. Because people were stranded at home owing to the lockdown, their reliance on gadgets, particularly smartphones, grew significantly. The consumption of streaming platforms also increased several folds, thereby propelling the growth of the earphone and headphone market during the pandemic. However, the lockdown also hampered market growth to some extent as manufacturing, distribution, and other commercial operations were all halted as a result of the lockdown.
Global Earphone & Headphone Market: Competitive Dynamics
There are more than 3,000 companies engaged in the manufacturing of earphones & headphones. The leading players in the global earphone & headphone market are BRAGI GmbH, LG Electronics Inc., Sennheiser Electronic Corporation, Samsung Electronics Co., Ltd., Sony Corporation, Beats Electronics, Huawei Technologies Co Ltd., JABRA Corporation, Bose Corporation, Skullcandy Inc., Mi, JBL, Boat-LifeStyle, Philips, and Panasonic Corporation.
The market is highly dense with the presence of global as well as regional companies. Additionally, the local brands give stiff competition to the established market players in developing countries like India and China.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global Earphone & Headphone market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global earphone & headphone market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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