The global earphones and headphones market is expected to grow at a CAGR of 7.31% during 2017-2023
LONDON, Jan. 22, 2018 /PRNewswire/ -- This market research report provides the market size and detail segmentation analysis of the global earphones and headphones market by Type (In-ear, On-ear, Over-ear) by Technology (Wired Headphones, Wireless Headphones) by Features (Smart Headphones, Non-smart Headphones) by Geography (North America, APAC, Europe, MEA, Latin America)
The global earphones and headphones market is expected to grow at a CAGR of 7.31% during 2017–2023 and cross $20 billion in revenue by 2023.
As mobile devices are getting affordable, the demand for entry-level headphones is also increasing globally. On the other hand, there is also a huge demand for specialized, high-end, best sound quality earphones and headphones.
Beats Electronics, Bose, Sennheiser, Sony, and Skullcandy are the leading players in the market.
The market research report provides a holistic view of the global earphones and headphones market, the companies involved in the market, and the factors driving its growth. It also provides information on some of the latest trends that have started to surface and are likely to become strong market driving forces over the next five years.
This industry analysis report also provides the Porter's Five Forces analysis along with a description of each force and its impact on the market. Further, the report also provides complete value chain analysis of the market.
Earphones and Headphones Market: Key Manufacturer Analysis
There are more than 3,000 companies engaged in manufacturing of earphones and headphones. Although, most of these companies are small scale and has limited market research, there are many multinational, global companies which are engaged in designing and manufacturing.
The top five manufacturers, Beats, Bose, Sennheiser, Sony, and Skullcandy have two-thirds of the global market share in terms of value and 50% of the market share in terms of volume.
The major manufacturers included in the report, are as follows:
• Beats Electronics
• Bose
• Sennheiser
• Sony
• Skullcandy
Other prominent manufacturers include AIAIAI, AKG Acoustics, Apple, Audio-Technica Corp., Beyerdynamic, Creative Technology., Denon, Grado Labs, The House of Marley, Jays AB, JBL, JVCKenwood, Logitech International, Molami, Monster Cable Products, Panasonic, Parrot, Pioneer, Shure Incorporated, SMS Audio, Sol Republic, Urbanears, and Westone Laboratories.
Earphones and Headphones Market: Dynamics
Affordable technological sophistication to propel market growth
Rising demand for new technology, increasing sophistication in earphones and headphones, growing interoperability with smartphones and tablets, and growing increased partnerships with mobile device manufacturers are likely to propel the growth of the global market.
Increased disposable income, enhanced technological awareness, and growth of multi-faceted consumer requirements have contributed to the growth of the global earphones and headphones market over the last decade and is expected to propel the market growth in the future.
Earphones and Headphones Market: Segmental Analysis
Innovators and early adopters to facilitate market growth
Currently, the wired headphones segment leads the global market with 59% share compared to 41% by the wireless technology segment. This is, however, expected to change over the next few years, making the wireless segment the pre-dominant market segment.
The smart and non-smart earphones segments are expected to follow a similar trend to the wired and wireless segments. Currently, the non-smart segment, which is leading the market, is expected to lose its market share to the smart devices segment over the next few years.
Analysts at Arizton also anticipate innovators and early adopters, who are highly social, tech-savvy, affluent, young, and close to new scientific inventions to be the largest consumers of the technologically advanced and multi-faceted wireless headphones in the future
Another segment of potential users is the people who use them while running or doing workout to keep themselves boosted and energized. The rise in the health conscious and fitness-aware population and the increased number of gym goers are also expected to aid the growth of the market globally.
Earphones and Headphones Market: Geographical Analysis
Latin American market to witness growth at a rate faster than other markets in terms of shipment
In terms of volume (shipment) and value (revenue), the European market is strongly influenced by the popularity of music in Western Europe and Scandinavian countries. The penetration of smart headsets is high in these countries as they are technologically advanced.
The second largest market, in terms of volume (shipment) and value (revenue), is the North American market that is heavily influenced by technology adoption in the US. The APAC market is driven by high population and increased disposable income of the middle-class population, which is prominent in developing countries in the region.
Developed countries such as Japan and South Korea are considered as innovators in the market. The MEA market is witnessing a surge, and the demand for earphones and headphones that are noise cancelling specific are expected to significantly rise among audiophiles who are increasing in the region in the future. The Latin America market is expected to grow more quickly than the overall global earphones and headphones market in terms of shipment, which is closely linked to device adoption growth.
Rising demand for technologically advanced and sophisticated earphones & headphones is likely to push the growth in the earphones and headphones market worldwide. The global earphones & headphones market size is expected to cross $20 billion by 2023, growing at an impressive CAGR of 7.31% over 2017-2023.
