Smart Wireless Earbuds Market to Worth $8 Billion by 2023
May 18, 2018
The global earbuds market is estimated to reach revenues of around $7 billion by 2023, growing at a CAGR of about 31% during 2018-2023.
Arizton’s recent market research report on the earbuds market identifies Apple, Alphabet, Bragi, Samsung, Nuheara, Sony, Jabra, and Bose as the leading vendors that are likely to dominate the market during the forecast period. This research report provides a detailed analysis of market segmentation by features (smart and non-smart), by price range (low range, medium range, and high range), and by geography (North America, APAC, Europe, and ROW).
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The earbuds market is divided into three major segments that consist of features, price range, and geography.
Smart wireless earbuds segment to grow at the fastest CAGR in the earbuds market during forecast period
The earbuds market by features is segmented into smart and non-smart devices.
Smart wireless earbuds dominated the market in 2017 and are projected to grow at a CAGR of around 31% during the forecast period.
Smart wireless earbuds can perform a function on a broader spectrum than just answering calls and stream music over Bluetooth, and they also include water resistance, gesture recognition, sensors, and biometric recognition. The proliferation of fast-evolving music industry and increasing demand for music streaming by consumers during their day to day activities is augmenting the growth of the smart wireless earbuds segment in the earbuds market. The leading companies are offering several features to control the ambient sound and deliver personalized listening experience is boosting the demand for smart wireless earbuds in the global market. Some of the features in these smart wireless earbuds include voice assistance features like Siri, Google Now, and Alexa. Some of the other features offered by these smart wireless earbuds include intelligent noise cancellation, full control over ambient sounds, gesture controls, equalizer settings, custom molding of earbuds, option to use single bud or both buds at a time, sweat and water resistance, operating system updates, monitor biometrics, and fitness coaching.
Medium range segment to grow at an impressive CAGR in the earbuds market during forecast period
The price range segment in the wireless earbuds market is segmented into premium range ($100 and more), medium range ($50 and $99.99), and low range (up to $49.99).
Medium range wireless earbuds occupied a significant market share in 2017, growing at a CAGR of over 31% during the forecast period.
These wireless earbuds offer some extra functions other than music streaming and answering calls like the mobile application to manage the equalizer settings, multifunction buttons, decent battery life, and reducing the external noise. The wide availability of these medium range wireless earbuds on e-commerce websites, headphone stores, and supermarkets will augment the growth of this global market. Some of the leading vendors are also offering tap or touch controls, and these devices can now activate Siri and Google Now. Such features will help companies reach a wider target audience and gain a larger earbuds market share.
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APAC to grow at a significant CAGR in the earbuds market during forecast period
The wireless earbuds market by geography is classified into North America, APAC, Europe, and ROW. APAC dominated a considerable wireless earbuds market share in 2017 and is the fastest growing region at a CAGR of around 44% during the forecast period. The growing availability of budgeted smartphones, high disposable income, and increase in purchasing power of the middle-class population are some of the factors attributing to the growth of the wireless earbuds market in the APAC region. Countries such as China, Japan, South Korea, and Australia are the largest revenue generators in the APAC market. Other benefits such as growing internet usage, online shopping, availability of low priced and medium-priced earbuds will attribute to the growing demand for these devices in the APAC market during the forecast period.
Other prominent players in the wireless earbuds market are Jaybird, Alpha Audiotronics, Rowkin, Huawei, Avanca, Bang & Olufson, Crazybaby, Earin, Meizu, Motorola, Waverly Labs, and Mymanu.
The complete overview of the latest market research report on wireless 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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