Earphones and Headphones Market is Anticipated to Worth $20 Billion by 2023
Arizton’s latest market research study on the earphones and headphones market offers a detailed overview of the trends, market size, industry analysis, and forecast. The study provides detailed market segmentation by type (in-ear, on-ear, and over-ear), technology (wired and wireless), features (smart and non-smart), and geography (North America, APAC, Europe, MEA, and Latin America) and offers comprehensive competitive analysis.
The earphones and headphones market is projected to reach values of over $20 billion by 2023, growing at a notable CAGR of more than 7% during the forecast period.
The proliferation of mobile devices and the growing need to access music and video content on-the-go are driving the growth of the global earphones and headphones market. Factors such as active noise cancellation, wireless connectivity, compatibility with smartphones and tablets, and booming VR and gaming industries are likely to increase the potential for leading vendors in the global earphones and headphones market.
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The leading three drivers and trends driving the global earphones and headphones market are discussed below:
Demand for New Technology and Sophistication of Headphones
The growing need for technological sophistication and development of innovative headphones is driving the growth of the global earphones and headphones market. The development of audio technology and growing popularity of noise-cancellation and wireless connectivity is helping vendors to launch new products in the global earphones and headphones market. The introduction of multifunctional gadgets that have health sensors and other additional features will promote the use of earphones and headphones in different market segments. Sports and fitness earphones and wireless headphones are also gaining traction in the global earphones and headphones market. Further, the growing demand for headphone connectors such as Apple’s Lightning Port and new USB-C Port is fueling the development of the global earphones and headphones market during the forecast period.
Miniaturization of Headphones
Headphone miniaturization and progressive miniaturization of audio players is expected to generate high revenue during the forecast period. Various prominent vendors in the global earphones and headphones market are leveraging technology and innovations to introduce new product portfolios in the market. The launch of miniature headphones or earbuds (in-ear) IEMs for portable digital players will help players occupy a large market share in the global earphones and headphones market. The rapid diffusion of mobile listening will fuel the development of the global earphones and headphones market over the next few years.
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VR, Gaming, and Sports and Fitness Headphones Gaining Traction
The increasing adoption of virtual reality (VR) technology across the education, construction, business, and armed forces sectors primarily for training purposes is driving the demand for VR headphones in the global market. The sports headphone segment is the fastest growing sector of the earphones and headphones market. Europe and North America have the highest demand for these headphones in the global market. Prominent vendors are introducing in-ear Bluetooth sports headphones that have sweat and water-resistant features. Such innovations will propel the growth of the global earphones and headphones market during the forecast period.
Beats Electronics, Bose, Sennheiser, Sony, and Skullcandy are the leading vendors in the earphones and headphones market.
The complete overview of the latest market research report on the earphones and headphones market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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