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 | 31 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.
Don’t miss the business opportunity of
the global Earphone & Headphone market. Consult our analysts to gain
crucial insights and facilitate your business growth.
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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Related Report
Publish Date: May 2021
Rapid adoption and increasing usage of the internet and smartphones, innovative technologies, such as biometric monitoring technologies, active noise cancellation, haptics, and gesture controls, surging sales of mobile devices, increasing popularity of online streaming services, and growing disposable income among people could drive the global earphone & headphone market during the forecast period.
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