According to a new market report published by Credence Research, Inc. “Global Headphones and Earphones Market (By Type (In-Ear, On-Ear, and Over-Ear Headphones and Earphones), By Technology (Wired and Wireless Headphones and Earphones), and Sales Channel (Direct Retail and Online)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global headphones and earphones market is expected to witness a steady growth, expanding at a CAGR of 6.2% from 2016 to 2023.
Browse the Global Headphones and Earphones Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at https://www.credenceresearch.com/report/headphones-and-earphones-market
The global demand for headphones and earphones is primarily driven by the perpetually growing demand for smartphones, tablets, and portable media devices. With the advancements in technology, not only have headphones and earphones become more light weight and compact, but also more feature rich (ex- incorporation of microphones, noise cancellation technology, and water resistant among others). Consequently, their applications have extended beyond personal entertainment and media to sports, gaming, healthcare, and corporate segments. Furthermore, rise in consumer discretionary income and evolving consumer digital habits is expected propel the demand for headphones and earphones globally.
The global market for headphones and earphones is highly fragmented and competitive with the leading four manufacturers acquiring less than 45% of the global headphone and earphone market revenue share in 2015. In order to sustain and compete, manufacturers are required to focus on product innovation and new product developments. In addition, headphone and earphone manufacturers are increasingly focusing on strengthening their distribution channels and hence the reach. This will consequently enable stores to push different headphone and earphone variants into the market. Some of the leading and promising headphones and earphones manufacturers identified in the research study include Beats (Apple Inc.), Sony Corporation, Sennheiser Electronic GmbH & Co. KG, Bose Corporation, Plantronics Pty Ltd., JVC Corporation, Philips Electronics Ltd., GN Netcom A/S(Jabra), Harman International Industries, Inc. (AKG), and Audio-Technica Corporation among others.
- Mobility revolution (Proliferation of Smartphones and Tablets) to assist the market growth
- Evolving digital habits of consumers
- Manufacturers are striving to develop smart headphones to take advantage of the growing trend towards health and fitness monitoring
- Regulated demand for in-ear headphones and earphones
- Growing preference for wireless headphones and earphones
- Trend towards lossless audio file formats has opened new avenues for the high-end audio equipment