Global Premium Headphones Market- Insights
Increase in the sales of premium headphones is accelerated by demand from consumers for new premium features such as noise isolation and noise cancellation, which provide further strong growth opportunities in this market. In September 2017, Beats Electronics, launched new ‘Beats Studio3 Wireless’. It comes with new and proprietary pure adaptive noise canceling (Pure ANC) technology. Rapid urbanization and changes in consumer preferences towards the use of these devices will positively impact growth of market.
Majorly, audiophiles are using premium headphones in order to enhance the quality of sound. Also, premium headphones are widely used for various professional application in end-use industries such as broadcasting, music production companies, and control rooms where high quality sound is needed. Furthermore, boost in gaming industry has led to increase in sale of gaming headphones, thereby boosting growth of global premium headphones market. Vendors are focusing on offering purpose specific headphones. For instance, in March 2018, Logitech G launched the Logitech G PRO Gaming Headset that offers Esports-grade audio performance and features for professional and competitive gamers.
Moreover, increasing adoption and usage of the internet and smartphones across emerging nations is creating lucrative opportunities for leading vendors operating in the market. The focus on comfort of consumers, ease of use and premium sound quality is of most importance for vendors operating in the global premium headphones market. In January 2018, Sony Corporation launched the WF-SP700N wireless noise-canceling stereo headset at the CES 2018 in Nevada, U.S. These headsets bring noise-cancelling and splash-proof (IPX4) functionality.
The demand for smart accessories integrating into multifunctional smart gadgets will augment growth of premium headphones market. The consumers are using headphones to listen to music, and to answer calls while keeping their hands free. Increase in the use of headphones by sports athletes and gym trainers are driving the demand for new devices in the market. The integration of health sensors and biometric monitoring capabilities will fuel the development of the global premium headphones market. In July 2018, JBL introduced Training-proof wireless headphones built exclusively for the gym featuring UA SuperVent fabric ear cushions and JBL TalkThru technology.
Smart headphones segment is expected to be the fastest growing segment in the global premium headphones market during the forecast period. Furthermore, introduction of smart headphones that deliver outstanding sounds and superior ways to integrate IoT, augmented hearing, is expected to create lucrative growth opportunities for global premium headphones market.
Figure 1. Global Premium Headphones Market Share (%), by Region (2018)
Source: Coherent Market Insights, 2018-19
Asia Pacific dominated the market in 2018, registering a CAGR of around 19.2% during the forecast period. Introduction of products with features such as convenient wireless charging, portable designs, water resistance, noise cancellation and noise isolation is driving growth of the market in this region. Increasing adoption of paid digital audio subscriptions and growth of fitness and sports industry is fueling growth of the Asia-Pacific market. According to CASBAA, The Asia Video Industry Association, Asia Pacific was the third-largest region for internet videos and produced revenue of US$ 3.6 billion in 2016. Moreover, rising consumer disposable income levels especially in emerging economies such as China and India is likely to contribute to region’s growth. Waterproof headphones are gaining traction in Japan. Moreover, audio device manufacturers in Japan are focused on offering premium price range gaming headphones. For instance, Panasonic Corporation’s product portfolio includes professional gaming headphones that offer high grade audio solutions to gamers.
Figure 2. Global Premium Headphones Market Share (%), By Product Type (2018)
Source: Coherent Market Insights, 2018-19
The in-ear headphone is the fastest growing segment in the global premium headphones market, exhibiting a CAGR of around 15.5% during the forecast period. In-ear headphones sit close to the ear drum, which allows deliver high quality sound and seal the entrance to the ear to help avoid external noise.
Some of the key players operating in the global premium headphones market include Bose Corporation, Beats Electronics, 3M, Alclair Audio, Audio-Technica Ltd, Panasonic Corporation, Apple Inc., Bowers & Wilkins Group Ltd., David Clark Inc., GN Group, Harman International, Inc., Sony Corporation, Logitech International S.A., Koninklijke Philips N.V., Pioneer Corporation, and Sennheiser Electronic GmbH & Co. KG.