Ubiquitous surge in demand for smartphones present high-growth opportunities for compatible earphones.
DUBAI, UAE / ACCESSWIRE / April 7, 2020 / The global earphones market is poised to surpass revenues worth US$ 14 Bn in 2029, as projected by a new Future Market Insights (FMI) report. Advancements in entertainment technology such as virtual reality, and augmented reality (VR & AR) further push the demand for high-definition earphones.
Mass-adoption of eCommerce platforms by multiplying millennial consumers shape a competitive landscape for revenue capture strategies. It also facilitates market penetration by new-entrants in the earphones industry. On this backdrop, major players are differentiating their products based on sound quality, purchase convenience, and innovative features such as true wireless earbuds.
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COVID-19 Impact: Import Dependency on Chinese Market to Weigh Heavy
The global COVID-19 pandemic has been initially projected to hold its impact on the tech and technology goods & services landscape. China, being the global hub for technology products, is creating a turmoil in the global smartphone accessories market, including that for earphones. China has recently reopened its manufacturing sector, except in Wuhan, and brands will now be ramping up their production levels rapidly. Logistical hurdles, demand drop, and dip in at-store footfalls due to lockdowns and social distancing will however continue to pose a significant impact on smartphone and earphone sales in near term. Dependence of a majority of tech markets on China for imports is weighing heavy on international markets currently.
Global Earphones Market - Key Takeaways
- Application in music and entertainment continues to account for a leading share in the total market value.
- Gaming applications present lucrative growth opportunities with an attractive CAGR projected through 2029.
- Countries in the North American region account for a majority share of global sales.
- East Asia offers remunerative growth opportunities, exhibiting the highest growth rate during the forecast period.
- Over-the-ear category of products garner the highest revenues among product type segments.
- In-ear earphones are emerging as a profitable category owing to superior sound quality and noise cancellation.
Global Earphones Market - Key Driving Factors
- Uptake in mobile entertainment platforms such as Netflix created continuous revenue streams to market.
- Prevalence of multiplayer online battle area (MOBA) games further creates demand for earphones for enhanced gaming experience.
- Lifestyle trends such as fitness sports, and gym training also contribute to market growth.
Global Earphones Market - Key Constraint
- Entrance of smartphone manufacturers in manufacturing earphones acts as a restraint for dedicated earphone manufacturers.
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Competitive Landscape
Innovating products and services is a top priority among top players. For instance, in May 2019, Bose Corporation launched Bose Earbuds 500, it's true wireless Bluetooth earphones. Features such as noise cancellation. sound output, and sound quality are differentiating factors in the market. Leading players operating in the Earphones market are, but not limited to, Apple, Inc., JVC; Sony Corp., Skullcandy, Inc., Bose Corp., Sennheiser Electronic; and Shure, Inc, Bose Corporation, Sennheiser Electronic GmbH & Co. KG, Grado Labs Inc. , Jays AB AIAIAI ApS , AKG Acoustics GmbH , Skullcandy Inc. , Beyerdynamic GmbH & Co. KG , Creative Technology Ltd , Denon Electronics LLC (US), House of Marley, LLC, Sony Corporation, Audio-Technica Corporation, Harman International Industries, Inc. JBL.
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About the Report
This study offers readers a comprehensive market forecast of the earphones market. Global, regional and country-level analysis of the latest industry trends impacting the earphones market is covered in this Future Market Insight (FMI) study. The report offers compelling insights on product type (in ear, and over ear), technology (wired, and wireless), application (music & entertainment, sports & fitness, and Gaming & virtual reality), price range (low, mid-range, and premium rage), sales channel (wholesales/distributor, hypermarket/supermarket, specialty stores, exclusive stores, online stores, and others), across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceana, and MEA).
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SOURCE: Future Market Insights