Earphones and Headphones Market size forecast to exceed USD 18.2 billion by 2023
Earphones and Headphones Market size was USD 11.68 billion in 2015, with 4.6% CAGR from 2016 to 2023, to exceed USD 18 billion by 2023; as per a new research report by Global Market Insights, Inc.
Rising adoption of smart devices such mobile phones, tablets, and portable music players are likely to drive global earphones & headphones market growth. Short replacement cycle of these products owing to the changing fashion, functionality, and damage or loss may lead to high industry growth.
High compatibility with the aforementioned personal electronics as well as growing usage in health and fitness related activities will positively impact earphones market size from 2016 to 2023. In addition, rising disposable income accompanied by increasing consumer preference is likely to catapult headphones market demand. Growing acceptance of these devices in the corporate sector is anticipated to boost revenue.
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Continuous product development and innovation initiatives by companies such as Sennheiser Electronic, Beats Electronics and Bose are likely to the revolutionize industry scenario. Customers are likely to opt for these devices owing to high fidelity and aesthetic appeal along with advanced technology offering. Strong economic growth, especially in emerging industries such as China, India, and Brazil is predicted to catalyze adoption over the forecast timeframe.
Rapid technological advancements are forecast to result in miniaturization and development of light weight products, augmenting earphones market demand. In addition, features such as noise cancellation offered by these devices are also likely to drive demand.
Consumer preferences for enhanced experiences without noise distortion will aid earphones market demand over the forecast timeline. Technological developments such as Wi-Fi, Bluetooth, SKAA, and infrared in wireless products could offer potential growth avenues through 2023.
Growing prominence of low-cost counterfeit devices may pose challenge to the global headphones market. Furthermore, rising customer inclination towards local products offering similar features at considerably low price, may further impede growth.
Browse key industry insights spread across 79 pages with 43 market data tables & 45 figures & charts from the report, “Earphones And Headphones Market Size By Technology (Wired, Wireless), By Product (In-Ear, Over-the-Ear), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, India, China, Japan, South Korea, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
Key insights from the report include:
- Global shipments were 339.2 million units in 2015, with volume forecast to grow at 3.9% CAGR and exceed 470 million units by 2023.
- Wired technology segment was valued at over USD 10 billion in 2015 and is estimated to grow at 4.6% CAGR from 2016 to 2023. Rising significance of portable media players and mobile phones will fuel growth.
- In-ear products were valued at over USD 7.7 billion in 2015 and could witness huge growth owing to light weight and compact size.
- North America earphones and headphones market share was over 36% of the global revenue in 2015. Industry participants need to company with standards and norms set forth by The Director of Federal Register and OSHA, which are aimed at using accurate components for production.
- China headphones market is estimated to grow at 5.6% CAGR from 2016 to 2023. Increasing adoption of these devices owing to possession of numerous devices per user has contributed to consumption.
- Key players operating in the industry are Beats (Apple), Sennheiser, Shure, and Bose. Industry participants focus on improvisation as well as new product development which are anticipated to be the favored growth strategy. Rising R&D investments for improving product differentiation is likely to catapult industry growth.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.