Summary: A recent report by Report Ocean Market Research predicts that the global earphones and headphones market is set to exceed USD 16,563 million by 2026. In 2017, earphones dominated the global market in terms of revenue, and Asia-Pacific is expected to be the leading contributor to the global market revenue during the forecast period.
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Key Growth Drivers: The market’s growth is driven by the increasing demand for wireless earphones and headphones. This demand is further accelerated by the growing penetration of smartphones and declining prices of mobile devices. Additionally, rising per capita income levels have led to enhanced lifestyles and higher standards of living. The surge in streaming services such as Spotify, Pandora, and Deezer has enhanced the music experience for consumers, supporting the growth of headphones and earphones.
Global Adoption: The adoption of earphones and headphones has been on the rise worldwide, primarily due to the increased penetration of smartphones. The growth in smartphone sales and the growing need for mobility services have significantly increased the demand for earphones and headphones. Market leaders have developed advanced wireless headphones and earphones to cater to changing consumer preferences. The demand for these products has also increased due to features like high-definition sound quality, portability, flexibility, and ease of connectivity.
Wireless Trend: Significant growth in demand for wireless earphones and headphones has been registered over the years. Consumers seek convenience and on-the-go services, opting for wireless options for audio communication and related applications. Wireless earphones and headphones enhance the user experience by providing easy and quick transmission, wireless operation, and ease of setup, further fueling market growth.
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Lifestyle Improvement: Rising income levels, particularly in developing countries in Asia-Pacific, are fueling the demand for mobile accessories. Factors like increased per capita income and changes in consumer behavior toward smartphone adoption are expected to drive the adoption of earphones and headphones in the coming years.
Asia-Pacific Dominance: In 2017, Asia-Pacific generated the highest revenue in the market and is expected to lead the global market throughout the forecast period. The region’s high population, along with increasing disposable income, drives market growth. The rising penetration of smartphones and the availability of affordable earphones and headphones with advanced features have further boosted demand in Asia-Pacific. The use of these products in call centers, gaming centers, virtual reality, music, and entertainment provides growth opportunities for the market.
Technology and Competition: The market offers both wired and wireless options, with wired earphones and headphones accounting for the highest market share in 2017. However, wireless earphones and headphones are expected to grow at a higher CAGR during the forecast period. This is due to factors like Bluetooth connectivity, enhanced convenience, increased mobility, and noise cancellation features.
Prominent Players: Notable companies in the market include Sennheiser Electronic GmbH & Co. KG, Sony Corporation, GN Netcom, Audio-Technica Corporation, JVC Corporation, Beats Electronics (Apple, Inc.), Harman International Industries, Inc., Plantronics Pty Ltd., Philips Electronics Ltd., and Bose Corporation, among others. These companies continuously innovate and collaborate to meet the evolving needs and requirements of consumers.
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