The global earphones market is projected to reach ~US$ 14,386 Mn by the end of 2029. The market was valued at ~US$ 8,917 Mn in 2019. If these figures hold true, the earphones market will exhibit a CAGR of ~4.9% between 2019 and 2029
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
Global Earphones Market - Key Driving Factors
Global Earphones Market - Key Constraint
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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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Jul 28, 2022