The Earphone Market size is analysed to grow at a CAGR of 19.4% during the forecast 2022-2027 to reach $46.8 Billion by 2027. The Earphone is the unified communications technology that synthesizes data and voice into a single network, and enables users to communicate by connecting it with their electronic gadget, and laptops. The Earphone Industry has witnessed enormous growth rate due to the impeccable advancement of smart devices, including smartphones, laptops, tablets, and television. The ease-of-use, portability, Noise Cancellation, versatility and other unlimited functions offer a better audio experience which lead to the growing demand for higher-end earphones from various professionals. The sizable investment by the several leading companies, such as Bose, Sony, Sennheiser and others for the development of earphone solutions, such as audio amplifiers as well as ingress protection are accelerating the growth of the Earphone market. There are extensive features such as on-bound storage, near field communication, hands-free calling, gesture recognition and others that are motivating consumers to embrace advanced earphones, and considerably augment the market demand. In addition, the growing urban population, rising consumer demand worldwide, along with the advent of the mass-market audiophile era that introduced the advanced audio solutions, termed as the ‘wireless headphones' are immensely spurring the sales opportunities for the Earphone Market.
Report Coverage
The report: “Earphone Industry Outlook – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Earphone Industry.
By Product: Wired earphone and Wireless earphones.
By Application: Fitness & Sports, Media & Entertainment, Gaming, Virtual, Corporate and others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, South Korea, Australia and Others), South America(Brazil, Argentina and others)and RoW (Middle east and Africa).
Key Takeaways
Asia Pacific is estimated to register the highest share in 2020 with 50%, owing to the presence of several prominent media and entertainment industries, and thousands of single-screen cinemas that are dominating across India, South Korea and China.
The Media & Entertainment segment held the major share of 54% in 2020 in the Earphone Market, due to the significant advent of the Over the Top (OTT) platforms, such as Netflix, Hotstar, and more encouraged the users across the globe to watch video contents at their own pace and time.
The introduction of the E-learning solution across the world provides various digitized study materials, real-time questioning and guides, and different AI-enabled learning content, which encourage students to have earphones to keep their focus intact, thereby driving the growth of the Earphone market.
Earphone Market Segment Analysis – By Product
By product, the Earphone market share is segmented into Wired earphone and Wireless earphones. The Wired earphone is analysed to hold the highest share and grow at highest CAGR of 7.9% during the forecast period 2022-2027 owing to the robust features, affordable price and easy-to-use function through a connector. Most of the section of consumers are looking for the dynamic earphone solutions at reasonable price, and also, designed to prevent moisture from blocking sound over the extended period of time. In September 2020, Xiaomi launched its Redmi-branded earphones in India. The Xiaomi earphone featured a wired, 3.5mm jack, and pack 10mm. Therefore, the massive use of gaming, and other entertainment options have surge the demand of tablets, and other portable music systems, and thus, significantly raise the business opportunities for the Earphone Industry.
Earphone Market Segment Analysis – By Application
By Application, the Earphone Market is segmented into Fitness & Sports, Media & Entertainment, Gaming, Virtual, Corporate and others. The Media & Entertainment segment held the major share of 54% in 2020 in the Earphone Market, due to the significant advent of the Over the Top (OTT) platforms, such as Netflix, Hotstar, and more encourage the users across the globe to watch video contents at their own pace and time. In fact, the growing popularity of podcasts has also motivated the listeners to have a good set of earphones. In November 2021, Baseus launched W11 True Wireless Earbuds, a pair of earphones that is compatible with the wireless chargers and offers, concentrated on bass quality at great price. Therefore, the growing popularity of the OTT platforms and other music applications among millennials are influencing the demand for high-quality earphones for premium audio experience, which contribute to the growth of the Earphone Industry.
Earphone Market Segment – By Geography
Asia Pacific is estimated to register the highest share in 2020 with 50%, owing to the presence of several prominent media and entertainment industries, and thousands of single-screen cinemas that are dominating across India, South Korea and China. Given the size of the India film market, the industry of the Indian cinema has always been a significant sector for global players. Presently, the potential adoption of the OTT has aided the production of music, video, podcast, and other audio streaming categories, and thus, rising adoption of such media and entertainment sectors across these regions are attributed to the growth of Earphone Market. In April 2020, a technology start-up company PLAY unveiled PlayGo BH70, an AI-enabled noise cancelling wireless headphone. The device is equipped with features such as smart touch & talk and auto pause & play. Hence, the massive penetration of smartphone devices, rapid evolution of the podcast and music industry, easy access to any streaming video and music content applications, along with emergence of AI-enabled solutions for improved quality of audio are some of the factors that have accelerated the growth of the Earphone Market.
Earphone Market Drivers
Popularity of OTT Platforms has accelerated the growth of the Earphone Market
The emergence of the OTT platforms across the globe have increasingly attracted subscribers to take advantage of the entertainment platforms on the go, which significantly drive the potential growth of the Earphone Market. According to the media consulting firm, Ormax it has been estimated that 46% of audiences are inclined to technology of a platform, such as search options, video quality, and IMD rating of the specific content. On the other hand, as per the British Association for Screen Entertainment (BASE), it represents that consumer investing on purchasing digital movies increased by more than 87%, amidst the COVID-19 pandemic lockdown, and by June 30, it crossed USD 148 million. Hence, it is very evident that the enormous growth of OTT and other entertainment platforms over digital solutions have forced the consumers to splurge more on added accessories such as headphones, power bank and others to stay at home, and enjoy the OTT platforms, thereby driving the Earphone market.
Emergence of E-learning solution has initiated the growth of the Earphone Market
The introduction of the E-learning solution across the world provides various digitized study materials, real-time questioning and guides, and different AI-enabled learning content, which encourage student to have earphone to keep their focus intact, thereby drive the growth of Earphone market. The technology is constantly evolving and thus, such significant transformation of educational infrastructure are delivering diversified options for the students as well as professionals to seek well-researched online learning platform, which again requires a pair of advanced ear phone to unlock the access to various educational content. In November 2021, the founders of Monzo and Lendable invested $770 thousands as a pre-seed funding in the London-based micro-learning platform GoodCourse to motivate e-learning portals across remote workers. Therefore, the demand for the digital education platforms and the introduction of hyper-personalized engagement platforms lead the growth of the Earphone Market.
Earphone market Challenges
Technical Issues hinders the growth of the Earphone market
The Covid-19 has triggered the aspects of digital content in many ways and thus, there are ample platforms that channelize video, audio, games and more. In addition, the introduction of added gadgets, such as ear phone has transformed the experience for the users. However, there are some key challenges such as technical error, connectivity issue, poor sound quality, and others that can ruin the overall experience of an ear phone. Most of the consumers for earphone seek for affordable and quality solution, but such earphone does not offer quality on the long run. Moreover, lack of technical assistance to solve such minor error adds further drawback factor to hinder the growth of the Earphone market.
Earphone Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in Earphone market report. The Earphone Market top 10 companies include
Apple, Inc.
Alclair Audio, Inc.,
Bose Corporation
Samsung Electronics Co., Ltd.
Harman International Industries
Sennheiser Electronic GmbH & Co. KG
Koninklijke Philips N.V.
Skullcandy, Inc.
Sony Corporation
Panasonic Corporation
Recent Developments
In December 2020, Apple unveiled the AirPods Max over-ear wireless headphones, which offer 20-hour battery life as well as charge over Apple’s Lightning connector.
In July 2019, Sony launched WF-1000XM3, and known as the Truly Wireless Earphones with active noise cancellation. The solution also provide up to 32-Hour battery life and wear detection features during the earphones are put on or taken off respectively.
"We also publish more than 100 reports every month in "Electronics" Go through the Domain if there are any other areas for which you would like to get a market research study."
Comments
Post a Comment