The global earphone and headphone market is estimated at US$ 22.3 Bn in 2022, and is projected to close in on a valuation of US$ 35.2 Bn by 2028, expanding at a CAGR of 7.9% over the 2022 to 2028 assessment period.
Earphone and headphone sales accounted for around 27% share of the global audio devices market in 2021. Demand for in-ear earphones and headphones is likely to increase the fastest over the coming years.
Developing Countries Turning into ‘Largest Sales Hub’
The sales of mobile phones and smartphones have grown significantly across the world since the past few years, especially in developing countries such as India, China, Brazil, and Mexico. Moreover, the increasing trend of mobile shopping, E-banking, and bringing your own device (BYOD) is driving the global demand for smartphones and tablets, which is, in turn, boosting the technologically advanced devices, such as Wi-Fi enabled devices, in the earphones and headphones market.
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The increasing migration of the rural population to cities, especially across developing countries such as India, China, Brazil, Mexico, and Indonesia, has boosted the adoption of low- or medium-price earphones & headphones. Europe will however remain the leading market for earphone and headphone in the near future, according to FMI’s findings.
In the past decade, there was an upsurge in urbanisation, which resulted in an increase in the disposable income of the population that migrated to urban areas. Growth in the disposable income of the people has boosted the adoption of technologically advanced products worldwide, which include smart devices, smartphones, tablets, and advanced wireless earphones. This trend has been majorly observed in developing countries, such as India, China, Brazil, Mexico, and Indonesia. This has resulted in an increase in the adoption of earphones and headphones in these countries.
Strengthening the distribution channel and expanding advertising platforms for earphones and headphones is also contributing to the development of the global market for earphones and headphones. The music industry as a whole is estimated to contribute to the growing GDP and per capita revenue of various nations. Thus, continuous growth in the music industry and the music streaming market is boosting the adoption of accessories for music systems, which include earphones, headphones, and intelligent speakers.
Companies Shifting Focal Point to Multi-Brand Distribution & E-commerce
A significant number of companies in the earphone and headphone market depend mainly upon powerful sales channels, such as multi-brand distributors and the retailers of headphones & earphones, to be able to offer better customer service and achieve a competitive edge in the earphone and headphone industry. In addition to partnerships with distributors, the providers of earphones and headphones collaborate with numerous E-commerce companies, such as Alibaba and Amazon, due to the growing E-commerce industry, especially in nations such as the U.S., China, Brazil, and India. Strengthening the distribution channel and expanding marketing platforms for various items also contributes to the development of the global market for earphones and headphones.
Some of the key players in the global earphone and headphone market research report include Plantronics Pty Ltd., Sennheiser Electronic GmbH & Co. KG, JVC Corporation, GN Netcom (Jabra), Sony Corporation, Harman International Industries, Philips Electronics Ltd., Bose Corporation, Beats (Apple Inc.), and Audio-Technical Corporation. These companies in the earphone and headphone market are continually focusing on providing leading products and following the strategy of entering into collaborations and partnerships with other providers to offer enhanced earphones & headphones and to reach new growth markets during the forecast period.
Based on product type, the global earphone and headphone market is sub-segmented into ear buds, in-ear, on-ear, and over-ear. The rapid growth of the music industry and the penetration of music streaming has resulted in significant growth in the demand for earphones and headphones. Based on technology, the global earphone and headphone market is sub-segmented into systems, which include wireless and wired.
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Impact of COVID-19 on Earphone and Headphone Consumption
The COVID-19 pandemic had a minor impact on the growth of the earphone and headphone market. Government organizations were compelled to institute tight shutdown measures and travel bans as a result of the pandemic, interrupting logistics, supply chain, and production capacities, and affecting total sales.
However, consumer interest in online streaming platforms to view movies, web series, and talk programs increased as a result of the imposed travel limitations, thereby driving earphone consumption significantly. Work from home also complemented demand for earphones and headphones to a great extent.
Individual use of earphones and headphones will be bolstered by the burgeoning OTT industry. Nonetheless, increased demand for connectivity and storage units in data centres, demand for security cameras, robots in industrial applications, and sensor-based devices are expected to present enormous potential for earphone and headphone suppliers.
Competitive Landscape
Significant number of companies manufacturing earphones and headphones depend upon powerful sales channels, such as multi-brand distributors and retailers of headphones & earphones, to be able to offer better customer service and achieve a competitive edge in the earphone and headphone industry.
Key earphone and headphone manufacturing companies are focusing on providing high-tech products and entering into collaborations & partnerships with other earphone providers to offer enhanced devices and the best earbuds to penetrate new markets.
For instance,
- In April 2021 Nokia Corporation launched completely wireless and Bluetooth neckband earphones on Flipkart in India. The Qualcomm QCC3034 Bluetooth Audio chipset is used in the headset, which also has noise reduction features. The business targets young workers and college students in the country with this launch.
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