The adoption of true wireless stereo is expected to increase at a CAGR of 34.6% during the forecast period. The true wireless stereo market size is anticipated to rise from US$ 61.74 Bn in 2023 to US$ 1,205.17 Bn in 2033.
True wireless technology is becoming increasingly popular around the world as they have no physical connection and provide far more comfort to users than wired counterparts. This has resulted in greater comfort and freedom for listeners who were previously restricted to wired headphones.
The high penetration of smart wearable devices due to growing modernization, increase in disposable incomes and easy access to advanced technologies will further proliferate market growth.
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Moreover, many smartphone makers are switching to IP68 specs and removing support for earphone jacks, which will increase demand for wireless technologies and open new prospects for vendors who want to sell to the market for wireless devices.
TWS has evolved beyond simple music or podcast listening, paving the way for new applications including voice-based biometrics and the monitoring of vital signs using audio frequency.
In the future, it’s also conceivable that consumer-grade TWS devices will incorporate more complex hearing augmentation functions.
Key Takeaways from Market Study
· With a market share of more than 35.0% in 2021, North America had the highest demand in the global market. The popularity of Air Pods has contributed to an increase in TWS demand in North America.
· With few entrance hurdles and a sizable customer base, Asia Pacific offers numerous opportunities for market expansion.
· Online stores are the major distribution channels as a lot of significant businesses are expanding their online footprint in order to sell more of these technologies.
· Additionally, the convenience provided by online retailers would accelerate the segment’s growth during the forecast period.
· Mid-range segment has the highest product offerings with versatility and diversification in built and output. The market share has been greatly influenced by businesses like Apple Inc., Samsung Electronics Co. Ltd., and Jabra, among others
· In Q3 2022, the Aman Gupta-led business BoAt gained a 32.1% share, largely because of earwear accessories. BoAt has a 42% market share in Q3 2021, however, that share has significantly decreased over the past year.
· Existing players are heavily focused on innovation and the development of new components and technology in order to overcome disadvantages and strengthen their
positions in the global market. Some market participants are also investing in start-ups to expand their regional and global presence.
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Competitive Landscape
Since market players are primarily focused on introducing distinctive characteristics into their products to enhance the auditory experience, the true wireless stereo sector is competitive. For instance, Apple Inc.’s AirPods include a special vent design that equalises pressure inside the ear to lessen discomfort, which is typical of in-ear models. Since the AirPods’ debut in December 2016, sales have increased dramatically. However, Chinese suppliers and regional firms that offer unique features at reasonable prices are stealing market share from many premium brands. The following are some of the top companies competing in the worldwide true wireless stereo earbuds market:
Some of the Key Players Operating in True Wireless Stereo Market Include:
· Apple, Inc.
· Samsung Electronics Co., Ltd. (Samsung Group)
· com, Inc.
· Xiaomi Corporation
· Sony Corporation
· Boat-Lifestyle (Imagine Marketing Private Limited)
· Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.) (Huawei Device Co. Ltd.)
· Shure, Inc.
· Sennheiser Electronic GmbH & Co. KG
· Bose Corporation
Latest Developments in the True Wireless Stereo Market
· In April 2022, the Danish company Bang & Olufsen, which creates high-end consumer electronics, announced the release of the Beoplay EX, a new set of TWS (truly wireless) earphones. There are noise-cancelling earbuds available that are completely waterproof.
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True Wireless Stereo Market Category
By Features:
- Smart
- Others
By Price Range:
- Premium Range (Greater than $150)
- Mid-Range ($50 to $150)
- Low Range (Less than $50)
By Distribution Channel:
- Multi-Brand Electronic Stores
- Hypermarket/Supermarket Stores,
- Online Stores
- Others
By Application:
- Fitness
- Gaming
- Music & Entertainment
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
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