Wireless earphone and headphone market to garner a significant share of the overall revenue by 2024, Bluetooth & Wi-Fi technology adoption to push the demand
Growing consumer preference for mobiles, iPhones, and portable audio players such as MP3 music players will accelerate earphone and headphone market demand over the years to come. The flourishing demand for Wi-Fi and Bluetooth technologies, as per analysts, is also expected to add toward the development of this business in the ensuing years. Statistics claim that two major factors that may very well impel the growth of earphone and headphone industry are the rapid economic growth and the increasing per capita income across numerous geographies. As per Global Market Insights, Inc., “Earphone and headphone industry size, worth USD 20 billion in 2016, is projected to surpass USD 25 billion by 2024.” Furthermore, it is noteworthy to mention that the rapidly expanding home audio equipment sector will also contribute significantly toward earphone and headphone market revenue over the coming six years. Industry players have been undertaking efforts to generate innovative product and subsequently create a marketplace for them with out-of-the-box branding strategies, eventually giving rise to bright growth prospects for earphone and headphone market.
Europe earphones and headphones market size, by technology, 2012-2023 (USD Million)
In terms of technology, this industry encompasses wireless and wired products. The latter, as observed has been gaining popularity subject to the factor of price sensitivity. Numerous technological innovations in wireless products to improve the hearing experience coupled with rising efforts to curb noise pollution will however, drive wireless earphone and headphone industry revenue over the next few years. The launch of novel wireless products, such as Apple’s recent announcement of launching Bluetooth powered headphone has led to the widespread adoption of such products across various economies. According to a market study, wireless earphone and headphone market is slated to register an annual growth rate of more than 5% over the period of 2017-2024.
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The major companies partaking in earphone and headphone industry share have been implementing innovative features in their products to attract more consumers. Pertaining to the excellent user-friendly features, earphone & headphone are extensively used for public safety and aviation purposes. For instance, Phiaton recently launched a new pair of headphone specially designed for commuter and travelers. The product is equipped with multipoint technology and multifunctional buttons, and is affordable as compared to Phiaton’s other products.
Apart from incorporating innovative characteristics, players in earphone and headphone market are strongly focusing on enhancing the safety factor of the product, pertaining to the rise in the number of headphone explosion cases. Recently, on Feb 2017, a passenger travelling from China got severely injured because of a headphone explosion, apparently due to the product’s batteries. Subject to this, earphone and headphone manufacturers have been developing products with a robust design to ensure hearing protection to workers, which in turn, will stimulate earphone and headphone market share over the coming timeframe.
The competitive landscape of earphone and headphone industry include Ultimate Ears Company, Koninklijke Philips N.V., Sennheiser electronic GmbH & Co. KG, Bose Corporation, Shure Incorporated, Beats Electronics Company, Grado Labs, Aclair Audio, Panasonic Corporation, Pioneer Corporation, Sony Corporation, and Skullcandy Incorporation. Business players may face growth challenges on account of the industry being highly fragmented. Moreover, the availability of product substitutes at lower prices may further hamper the industry trends in the years ahead. However, strategies adopted by the market players such as high R&D investments, mergers & acquisitions, improved customer services, technological inventions, and expansion of the distribution channels are likely to combat the restraints imposed on earphone and headphone market.
Author Name :Sunil Hebbalkar