The global wireless earphone market was valued USD 2.5 Billion in 2020, expanding at a CAGR of 6% during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing demand for wireless earphones for sound audio quality. Moreover, rising penetration of Internet and smartphones is driving the market growth.
Remote or wireless earphones are earphones that comes along with gadgets such as cell phones, sound system speakers, TV, gaming consoles, and PCs without utilizing a wire or link. The Bluetooth technology helps the wireless earphones to associate with different gadgets at the same time.
Wireless earphone gradual transformation into a multifunctional device is aiding in the development of the market. Consumers are progressively using remote earphones for different purposes such as listening music, book recordings, digital broadcasts, and handling calls without touching the phone. The manufacturers are ensuring that their wireless earphones provide comfort to ears and excellent sound quality. Rapid innovations is expected to drive the wireless earphones market.
Industry players are focusing on offering a wide product portfolio, which helps in targeting different group of audience. The high competition in the market is encouraging players to introduce earphones & headphones integrated with innovative technologies for strengthening their position and increasing their market share. For instance, in June 2020, Bang & Olufsen A/S announced the launch of Beoplay E8 true wireless earphones. The headsets include a wireless charging case and Bluetooth 5.1 connectivity, which enhances comfort, call clarity, and battery life.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing demand for small and aesthetic appealing gadgets is driving the market growth.
- Rising penetration of consumer electronics such as smartphones, tablets, laptops, smart TVs, and streaming media players is expected to increase the demand for wireless headphones during the forecast period.
- Easy availability of several counterfeit products in the market may hamper the industrial growth in the coming years
- High cost of multi-functional wireless earphones can restraint the market growth.
- The COVID-19 had disrupted the manufacturing industry. This, in turn, had negatively impacted the supply chain, which had impeded the market growth. However, the market is expected to recover soon.
- Growing popularity of wireless earphones among the young population can create high revenue opportunities for players in the projected timeline.
Scope of Wireless Earphone Market Report
The report on the wireless earphone market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Wireless Earphone Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Gaming, Fitness, Virtual reality, and Music and Entertainment) and Distribution Channels (Online and Offline)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Apple Inc.; Bose Corporation; Sony Corporation; Samsung; JVC; OnePlus; Jaybird; Beats; Shure Inc.; Sennheiser electronic GmbH & Co. KG.
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Wireless Earphone Market Segment Insights:
Virtual reality segment is anticipated to grow at a rapid rate
Based on applications, the market is segmented into gaming, fitness, virtual reality, and music and entertainment. The music and entertainment segment dominated the market with the market share of around 30% in 2020. However, the virtual reality segment is anticipated to expand at a rapid pace during the forecast period. This is due to the increasing investment for the R&D activities in the virtual reality industry.
Online Segment to exhibit a high CAGR
In terms of distribution channels, the wireless earphone market is segregated into online and offline. The offline segment dominated the wireless earphones market owing to presence of sales associate in the store, which eases buying decision. On the other hand, the online segment is anticipated to exhibit a high CAGR owing to increasing penetration of smartphones, which is propelling the growth of the e-commerce industry.
Asia Pacific is anticipated to account for a large market share
On the basis of regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market with a share of more than 30% in 2020. This is attributed to high Internet penetration rate and early adoption of smart home systems in countries such as the US and Canada. Furthermore, preference for Wi-Fi- and AI-enabled Bluetooth speakers plays a prominent role in the regional market growth.
The market in Asia Pacific is anticipated expand at a CAGR of 7% during the forecast period. Shifting preference toward technology-led premium products in emerging countries such as India and China, is boosting the growth of the market in this region.
Segments
The global wireless earphone market has been segmented on the basis of
Applications
- Gaming
- Fitness
- Virtual reality
- Music and Entertainment
Distribution Channels
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Apple Inc.
- Bose Corporation
- Sony Corporation
- Samsung
- JVC
- OnePlus
- Jaybird
- Beats
- Shure Inc.
- Sennheiser electronic GmbH & Co. KG.
Competitive Landscape
Major players of the market are Apple Inc., Bose Corporation, Sony Corporation, Samsung, JVC, OnePlus, Jaybird, Beats, Shure Inc., and Sennheiser electronic GmbH & Co. KG. Companies are engaging in partnerships, collaborations, and expanding their product offerings to expand their market share.
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