The global earphone and headphone market is estimated to be valued at US$ 72.54 Billion in 2023, and is projected to reach US$ 165.22 Billion by 2030, exhibiting a CAGR of 12.5% over the forecast period (2023-2030).
Headphones are a crucial part of the gaming and sports sectors where high-quality and noise-canceling headphones are required. Manufacturers are focused on research and development activities and product innovation, in order to introduce novel products and expand their consumer base. Furthermore, companies are focused on entering into mergers and acquisitions in order to cater to various high-growth segments such as sports.
Asia Pacific region dominated the global earphone and headphone market in 2022, followed by North America, Europe, Latin America, and Middle East and Africa respectively.
Figure 1: Global Earphone and Headphone Market Share (%), By Region, 2022
The emergence of new local suppliers of headphones like boAt that have attracted the attention of numerous customers and rivals alike has turned the India market into a center for wireless technology as introduced various True Wireless Stereo (TWS ) goods in the India market and is actively conducting product research. It has introduced new wireless earbuds called Airdopes 631 that are equipped with Qualcomm's aptX audio technology and offer call noise isolation at low prices. Additionally, it is anticipated that rising consumer disposable income, particularly in developing nations, such as Brazil, India, and China, will significantly boost the demand for headphones and earbuds in Asia Pacific and Latin America. North America and Europe are anticipated to experience consistent growth due to the ongoing adoption of premium earphones and headphones.
The online store segment is expected to drive the global earphone and headphone market growth during the forecast period
Among distribution channel, the online store segment is expected to hold a major market share and grow at a higher CAGR over the forecast period. Rising internet penetration has led to the emergence of the e-commerce sector that offers easy and convenient sales channels for a variety of products, which includes consumer electronics. As a result of this, it has boosted the sales of earphones and headphones via this channel. Moreover, increasing the adoption of smartphones and e-commerce apps is another factor leading to higher online sales of earphones and headphones. Consumers are inclined towards purchasing these products from online stores due to various online discounts offered by e-retailers.
Figure 2: Global Earphone and Headphone Market Share (%), By Distribution Channel, 2022
Major players operating in the global earphone and headphone market include Companies covered as a part of this study are Audio-Technica Corporation, Beats (Apple Inc.), Bose Corporation, Harman International Industries, Inc. (AKG), JVC Corporation, Philips Electronics Ltd., Plantronics Pty. Limited, Sennheiser Electronic GmbH & Co. KG, Sony Corporation and GN Netcom (Jabra)
Earphone and Headphone Market Report Coverage
|Base Year:||2022||Market Size in 2023:||US$ 72.54 Bn|
|Historical Data for:||2018 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||12.5%||2030 Value Projection:||US$ 165.22 Bn|
Audio-Technica Corporation, Beats (Apple Inc.), Bose Corporation, Harman International Industries, Inc. (AKG), JVC Corporation, Philips Electronics Ltd., Plantronics Pty. Limited, Sennheiser Electronic GmbH & Co. KG, Sony Corporation and GN Netcom (Jabra)
|Restraints & Challenges:||
Impact of COVID-19:
Due to the COVID-19 outbreak, the market has seen a halt in production and disruptions throughout the supply chain, which has led to delayed expansion of manufacturing output across important manufacturing hubs. All chip manufacturing activities across several nations have been impacted by the restrictions that the governments have put in place. Moreover, the pandemic had considerably increased the semiconductor demand in the consumer, telecommunications, and personal computer sectors, consumer electronics due to accelerating digital transformation and the adoption of remote work, remote study, movie streaming, and e-commerce technologies globally. Early in 2020, a number of manufacturers reduced their production capacity as a result of worsening semiconductor crisis and decreasing demand for global earphone and headphone market.
*Definition: Headphones exhibit a range of different audio reproduction quality capabilities. Headsets designed for telephone use typically cannot reproduce sound with the high fidelity of expensive units designed for music listening by audiophiles. Headphones that use cables typically have either a 1⁄4 inch (6.4 mm) or 1⁄8 inch (3.2 mm) phone jack for plugging the headphones into the audio source. Some stereo earbuds are wireless, using Bluetooth connectivity to transmit the audio signal by radio waves from source devices like cellphones and digital players.
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