Product Innovations to Push Global Earbuds Market Revenue to $10 Billion by 2023.
Arizton’s recent market research report on global earbuds market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by features (smart and non-smart), by price range (low range, medium range, and high range), by geography (North America, APAC, Europe, and ROW), and offers detailed competitive analysis.
The global earbuds market is anticipated to generate revenues of approximately $10 billion by 2023, growing at a CAGR of around 30% during 2018-2023. The introduction of wireless smart headphones with sensors, chargeable carry case, capable of controlling the playback, and activating voice assistants like Siri, Google Now, Cortana, and Alexa is attributing to the growth of the global earbuds market. The vendors are launching products that offer the functionality of smart wireless headphones, hearing aids, fitness tracker wearables, and speech modulation devices to attract more consumers in the global market.
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The top 3 drivers and trends attributing to the growth of the global earbuds market are discussed below:
Growing Penetration of Smartphones and Consumer Demand for Latest Products
The exponential proliferation of internet and smartphones in developing and emerging countries and the penetration levels of smartphones are same as in the developed nations will fuel the growth of the global earbuds market. The increase in the number of smartphone users will directly proportional to the growing demand for earbuds in the global market. The percentage of the number of users is gradually increasing in emerging nations such as China and India in the global market. The growing popularity and adoption of smart accessories will create lucrative opportunities for key vendors in the global market. The advancement and innovation in audio technologies such as noise-cancellation and wireless connectivity will augment the development of the global earbuds market. Development of Bluetooth technology will encourage consumers to invest in the procurement of enhanced smartphones and other related accessories in the global market. The advancement in noise-cancellation features for wireless earbuds that can regulate the ambient sounds using active noise control and concentrate solely on the music without being tied to a device will transform the global market. Digital streaming will boost the demand in the global earbuds market.
Offering Real-Time Solutions to The User
The increasing focus on wireless, comfort, convenience, and the ability to eliminate the external noises to deliver a more immersive listening experience will fuel the growth of the global earbuds market. Improved and real-time functionality of devices is the main benefit of promoting and marketing this technology in the global market. With the launch of Apple’s AirPod and its impressive sales volumes is encouraging headphone manufacturers to launch their product portfolios in the global earbuds market. The products available in the market offer basic functionalities of answering calls and listening to music, and some of the devices offer onboard memory chip to store up to 1,000 songs. The integration of additional functionalities such as active noise cancellation, sound awareness controls, sensitive touch controls, hearing boost, and personalized hearing settings will help vendors attract new consumers and gain a larger global market share. The prominent players are integrating advanced technologies to equip their earbuds with sensors to monitor biometrics like heartbeat and steps and deliver them to the user through the aural passage in the global market.
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Real-Time Language Translation
The launch of devices that act as real-time language translation devices which work both with and without networks will revolutionize the global earbuds market. Vendors such as Google, Microsoft, iTranslate, SayHi, WayGo, TripLingo, Speak & Translate, and Papago are some of the prominent language translator mobile applications in the global market. Recently, Google launched Pixel earbuds that offer with real-time language translation technologies and can identify nearly 40 languages that help end-users to communicate in another language. These products are advertised and marketed for customers who frequently travel to foreign countries or deal with people of different languages in the global market. Another key vendor, Bragi is integrating its products with proprietary technology from iTranslate to provide the consumers with real-time translation of 40 languages. The launch of these systems will augment the growth of the global earbuds market during the forecast period.
The complete overview of the latest market research report on global earbuds market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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