The global earphone and headphone market could attain a CAGR of 9% during the forecast period (2013-2023), reveals Market Research Future (MRFR).
Market Drivers and Top Challenges
Consumers generally opt for an enhanced audio experience, which benefits the Earphone And Headphone Market to a great extent. The market is also favored by the rapidly expanding music industry and increasing internet penetration. Advancement in mobile technology provides a significant boost to the market as well. Technological advancements including emergence of notch-less smartphones could trigger product demand in the coming years. Moreover, soaring demand for attractive designs could stimulate product sales in the near future. Besides, introduction of advanced technologies like Active Noise Cancellation (ANC) that eliminate background noises and results in enhanced sound quality is expected to do wonders for the market.
Increasing popularity and use of tablets, smartphones, portable music players, laptops, and other mobile devices have aided business growth. Emergence of commercial audiophile era has led to substantial developments in product technology, which is deemed to drive the sales during the evaluation period.
The recent market expansion of portable audio devices including hand-held gaming consoles, multimedia phones and MP3 players, could boost product demand. The market growth is characterized by rising demand for high-quality sound.
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Some of the leading vendors shaping the worldwide earphone and headphone market include Bose Corporation (US), Sennheiser Electronic GmbH & Co. KG (Germany), Grado Labs Inc. (US), Jays AB (Sweden) AIAIAI ApS (Denmark), AKG Acoustics GmbH (Austria), Skullcandy Inc. (US), Apple Inc. (US), Beyerdynamic GmbH & Co. KG (Germany), Creative Technology Ltd (Singapore), Denon Electronics (USA), LLC (US), House of Marley, LLC (US), Sony Corporation (Japan), Audio-Technica Corporation (Japan), to name a few.
The global earphone and headphone market has been segmented on the basis of type and application.
The market, with respect to the type, includes wired earphone & headphone and wireless earphone & headphone.
The application segment covers gaming and virtual reality, fitness/sports, corporate, media & entertainment, and others.
Geographical distribution of the earphone and headphone market has been done for Asia Pacific (APAC), North America, Europe, along with the rest of the world (RoW).
In 2017, North America was identified as the leading market for earphone and headphone marlet at the value of USD 4380.8 million. The regional market value could touch USD 7309.6 million by 2023 at an impressive rate of 9.09% during the forecast period. North America notes the highest demand for headphone and earphone at a global level, with high penetration of portable devices like mobiles and tablets being the sole reason. The largest share of 62.5% belonged to the United States (US) in 2017, which was valued at USD 2,738.4 million. The country-specific market could register the highest CAGR of 9.5% during the conjectured timeframe. Canada emerged as the second-biggest market in 2017, estimated at USD 1,100.2 million. It could achieve a CAGR of 9.0% in the coming years, predict MRFR data experts.
In the worldwide market, Asia Pacific made its mark by securing the second position in 2017, as a result of strong demand for earphone and headphone market. APAC was estimated at USD 3005.5 million in 2017, which could scale to USD 5511.3 million by 2023. It could project a CAGR of 10.89% from 2013 to 2023. China stole the limelight in the region with the largest share of 30.4% in 2017, at the value of USD 913.2 million. The market in China could demonstrate a CAGR of 11.3% during the review period. Japan was the second-most profitable market in 2017, touching the valuation of USD 856.5 million. The market in Japan is expected to exhibit the highest CAGR of 13.1%.
In Europe, Germany had seized the largest share of 33.5% in the year 2017, at the value of USD 1,124.1 million. The Germany market is touted to note the highest CAGR of 10.8% in the following years. The rest of Europe accounted for the second-largest share in 2017, standing at the value of USD 1,000.5 million and is poised to achieve a CAGR of 7.6%.
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Oppo is in the process of expanding its portfolio by introducing a new range of Bluetooth headsets, Enco. The headphones possess noise-canceling feature along with wireless support and 15 Hours of playback time. The new earphones will be first launched in India.
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