The Worldwide Market for Earphones & Headphones: 2019-2024 Outlook & Forecast by Technology, Type, Feature, End-use, Geography and Key Vendor - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 19, 2019--The “Earphones and Headphones Market - Global Outlook and Forecast 2019-2024” report has been added to ResearchAndMarkets.com’s offering.
The global earphones and headphones market is projected to reach values of more than $36 billion by 2024, growing at CAGR of around 13% during 2018-2024.
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 major factors attributing to the growth of the global market. The exponential growth of digital media, especially entertainment services such as video, audio, and multimedia will drive the demand for innovative devices in the market.
The global earphones and headphones market is driven by the growing demand for portable devices for high-quality sound and an enhanced audio experience. The growing array of platforms on which users can access and stream audio and video content will contribute to the revenues in the global market.
Market vendors have recently launched wireless headphones with noise-cancellation features that can regulate ambient sounds using active noise control, thereby enabling consumers to concentrate solely on the music without being tied to a device. These wireless headphones can also deliver a mix of ambient sounds and music from the device, thereby allowing consumers to listen to the digital stream while keeping them aware of their surroundings as well.
Consequently, people are enrolling themselves in gyms and fitness clubs. The growing health-conscious population and the increasing awareness about the benefits of exercises are prompting individuals to join fitness clubs in their locality. Usually, people use headphones to listen to music, stream digital podcasts and audiobooks, and to answer calls while keeping their hands free.
Consumers mostly listen to music during their daily commute and fitness activities. The use of wireless headphones has been gaining high popularity over the years since they offer users freedom to manage wires, thereby increasing their mobility. Some vendors have created real-time language translation devices that work both with and without networks.
A few companies have also created mobile applications that enhance the usability of translating devices. In 2016, Waverly Labs launched a wearable, language-translating device with two earpieces meant for speakers. This device was akin to true wireless headphones. Recently, Waverly has also integrated music streaming functionality into its product.
This market research report includes a detailed segmentation of the market by technology, type, features, end-use, and geography. The global earphones and headphones market by technology is classified into wired, wireless, and true wireless. Wireless segment dominated the total market share in 2018, growing at a CAGR of approximately 16% during the forecast period.
The increasing requirement of high-quality sound experience and integration with hearing aids and commercial headsets is fueling the growth of this segment in the global market. The growing demand for wired products across emerging countries in APAC will fuel the growth of the global market. Wireless earbuds offer higher control over surrounding sounds and Apple, Motorola, HTC, Google, and LeEco are leading players in this segment in the global earphones and headphones market.
The product type segment in the global earphones and headphones market is divided into in-ear, on-ear, and over-ear. In-ear products are the fastest growing segment in the global market, at a CAGR of more than 13% during the forecast period. The relatively low cost of ownership, compactness, and convenience of the in-ear products is fueling the growth of this segment in the global market. The top companies are focusing on improving the battery life to increase the playback time of their wireless models and launch new lightweight over-head models to gain a larger global earphones and headphones market.
The global earphones and headphones market by features is segmented into smart and non-smart. Smart devices occupied the largest market share in 2018, growing at a CAGR of approximately 17% during the forecast period. The launch of new smart products with latest technologies including water resistance, noise cancellation, HD and Blu-ray sound format, 3D surround sound, storage capacity, and several other innovations are fueling the growth of this segment in the global market.
Non-smart products offer basic functions such as connecting via cable or Bluetooth, answering calls, and streaming music. The development of advanced wireless devices will reduce the demand for these products in the global earphones and headphones market.
The end-use segment in the global earphones and headphones market is categorized into entertainment, fitness & sports, and gaming. Fitness and sports is the fastest growing end-use segment in the global market, at a CAGR of more than 15% during the forecast period. The fitness and sports segment offer high earning potential, and leading players are upgrading their products to cater to the growing demand in the global market.
The use of products in the entertainment sector offer high-quality sound and a highly personalized listening experience to the consumers in the market. The launch of gaming headphones that are sturdy yet comfortable build, noise canceling functions for both earpiece and the microphone, and improved range and latency will drive revenues in the global earphones and headphones market.
Market Segmentation by TechnologyWired Wireless True Wireless
Market Segmentation by TypeIn-ear On-ear Over-ear
Market Segmentation by FeatureSmart Non-Smart
Market Segmentation by End-useEntertainment Fitness & Sports Gaming
The global earphones and headphones market by geography is segmented into APAC, Europe, North America, Latin America, and MEA. North America dominated the market share in 2018, growing at a CAGR of around 13% during the forecast period.
The growing number of smartphone users and high-speed internet connectivity, many consumers prefer streaming their favorite music, videos, and podcasts at any place and anytime is driving the growth of the North American market.
The increasing number of adoptions of paid digital audio subscriptions and the growth of the fitness and sports industry is fueling the growth of the European market. China, South Korea, and India are the largest revenue generators in the APAC region in the global earphones and headphones market.
Market Segmentation by GeographyNorth America US Canada Europe UK Germany France Italy Nordic Spain APAC China South Korea Australia Japan India Latin America Brazil Mexico Chile MEA UAE South Africa
Key Vendor Analysis
The global earphones and headphones market is witnessing the entrance of new players offering varied products. The introduction of true wireless headphones and the unprecedented adoption among the consumers is intensifying the competition in the market.
The players are launching new products equipped with smart and intelligent features and abilities to sustain the competition in the market. Some of the top companies are offering language translation and augmented hearing abilities to gain a larger global earphones and headphones market share.
The major vendors in the global market are:Apple Bose Samsung Sony Sennheiser Skullcandy
Other prominent vendors include Jabra, Bang & Olufsen, Jaybird, Motorola, Huawei, Avanca, Amkette, Asus, Audio-Technica, Beyerdynamic, Creative Technology, Denon, Grado Labs, House of Marley, JAYS, JVC Kenwood, Logitech, Monster, Panasonic, Parrot, Philips, Pioneer, Shure, Sol Republic, Turtle Beach, Urbanears, Westone Laboratories, Xiaomi, Alphabet, Bragi, Nuheara, Rowkin, Crazybaby, Earin, Meizu, Waverly Labs, Mymanu, Toshiba, and RHA.
Growth EnablersInnovative headphone manufacturing and audio technologies Common practice of owning more than one headphone pair Rising demand for use in fitness and entertainment activities Limited edition models and collaborations with industry partners
Growth RestraintsCounterfeit products posing threat to market vendors Health concerns due to prolonged use of headphones hurting sales
Opportunities & TrendsInnovations leading to transition of wireless headphones into hearables Real-time language translation to become standard feature Adoption of newer technologies for product enrichment Maximizing audio quality and features while reducing bulk
For more information about this report visit https://www.researchandmarkets.com/research/s2kps9/the_worldwide?w=4
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Related Topics:Audio Equipment
INDUSTRY KEYWORD: TECHNOLOGY HARDWARE AUDIO/VIDEO
SOURCE: Research and Markets
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PUB: 02/19/2019 07:56 AM/DISC: 02/19/2019 07:56 AM