Growing memberships in fitness clubs and evolving music industry are expected to lead the growth of Latin American earphones and headphones market.
Arizton’s recent market research report on the earphones and headphones market in Latin America provides comprehensive industry and competitive analyses and trend forecasts. The research study segments the market by product types (wired, wireless, and truly wireless), end-users (entertainment, fitness and gym, and gaming), features (smart and non-smart), types (in-ear, on-ear, and over-ear), and geography (Brazil, Mexico, Chile, Argentina, Colombia, Peru and the rest of Latin America).
The earphones and headphones market in Latin America is expected to cross $3 billion by 2024, growing at a CAGR more than 10% during the forecast period.
Increased investments by IoT players, growth in fitness and entertainment activities, high adoption of wireless headphones, and the increasing number of smartphone users and tech-savvy consumers are contributing to the revenue in the earphones and headphones market in Latin America.
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The leading three drivers and trends propelling the growth of the earphones and headphones market in Latin America are discussed below:
Increased Investment in “Internet of Things” by Leading Players
The Latin American earphones and headphones market is witnessing the rise of the Internet of Things (IoT). IoT-enabled devices are capable to capture and analyze real-time data. The emergence of such innovative technology is expected to have a profound impact on product designs, manufacturing, marketing, sales, aftersales. IoT-enabled devices offer seamless and customized consumer experience. The incorporation of IoT enhances product usage mapping that provides insights about the potential of marketing products and consumer services. Leading industry players are exploring ways of using IoT to streamline their manufacturing processes and SPM (supply chain management) to deliver a personalized listening experience.
Real-time Language Translation
Real-time language translation is an emerging concept in the earphones and headphones market in Latin America. The key industry players such as Google, Waverly Labs, Microsoft, iTranslate, SayHi, WayGo, and TripLingo have introduced real-time language translation feature in their devices and products. Recently, Google introduced Pixel rage earbuds, which can identify nearly 40 languages. Similarly, Bragi launched its true wireless headphones with proprietary technology from iTranslatethat provide real-time translation of up to 40 languages.
Growing Demand from Fitness and Entertainment Sector
The health and wellness industry in Latin America has a considerable impact on the growth of the earphones market. In the last decade, there has been a significant increase in lifestyle-related disorders due to changing lifestyle and unhealthy food habits. With the total population of 130 million people, approximately one-fourth of the population is affected by obesity in Latin America. Consequently, the people in Latin America are hitting gyms and fitness clubs. Growing memberships in fitness clubs and evolving music industry are expected to lead the growth of Latin American earphones and headphones market. Individuals use headphones during workout sessions as music boosts and energize people. In-ear wireless headphones and truly wireless earbuds are becoming increasingly popular among gym goers. Thus, the growing membership in fitness clubs is likely to drive the demand for wireless headphones in Latin America over the next few years. Apple, Bose, Samsung, Sony, Sennheiser, and Skullcandy are the leading vendors in the Latin American earphones and headphones market.
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The complete overview of the latest market research report on the earphones and headphones market in Latin America by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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