Wireless Earphone Market To Surpass USD 32.24 Billion with a CAGR of 36.10% by 2030 - Report by Market Research Future (MRFR)
Advent of Advanced Technologies to Boost Wireless Earphone Market Growth
New York, US, Aug. 04, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Wireless Earphone Market Analysis by Components, By Technology (Wi-Fi, Bluetooth, NFC), By Point of Sale, By Applications (Music & Entertainment, Sports & Fitness, Gaming & Virtual Reality) - Forecast 2027” valuation is poised to reach USD 32.24 Billion by 2030, registering an 36.10% CAGR throughout the forecast period (2021–2030).
Wireless Earphone Market Overview
The growing need for wireless earphones from teenagers for entertainment, fitness, and gaming will offer robust opportunities for the market in the assessment period.
Wireless Earphone Market Report Scope:
|Market Size in 2030||USD 32.24 Billion|
|Growth Rate||36.10% CAGR|
|Forecast Period||2021 to 2030|
|Key Vendors||Apple Inc., Rowkin LLC, Samsung Group, Philips N.V, Shure Incorporated, Jabra, Motorola, Inc., Skullcandy Inc., Zebronics India Pvt. Ltd, Leaf Ear, and Harman International Industries.|
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Advent of Advanced Technologies to Boost Market Growth
The advent of advanced technologies like ANC (active noise cancellation) that helps in eliminating background noise resulting in improved sound quality is likely to lead to the launch of compatible wireless earphones thus boosting market growth.
Wireless Earphone Market Segments
The global wireless earphone market is bifurcated based on applications, point of sale, technology, and components.
By components, the wireless earphone market is segmented into hardware, service, and software.
By technology, Bluetooth will lead the market over the forecast period.
By point of sale, the wireless earphone market is segmented into Hypermarket/Supermarket Stores, Multi-brand Electronic Stores, Exclusive Showrooms, and Online Sales Channel.
By application, music and entertainment will dominate the market over the forecast period.
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Wireless Earphone Market Regional Analysis
North America to Head Wireless Earphone Market
The demand for wireless earphones are increasing in the North American region as more well-known firms, like Skullcandy Inc. (US), Samsung Group (South Korea), Motorola, Inc. (US), & Shure Incorporated (US) provide these solutions. The wireless earphones provide features including track control, volume adjustment, and immersive audio quality. The development of earphone design and technology over the past few years has significantly increased demand. The development of wireless earphones is being hampered by recently introduced wireless technologies. Apple for instance has introduced the AirPods, which are dictating the growth of the wireless earbuds industry, and Samsung is developing wireless earphones to challenge the dominance of the AirPods. With a share of 30.5 percent in the global market in 2019, North America dominated the sector.
This is attributable to the region possessing the highest worldwide internet penetration rate, at 89.1%, which is anticipated to continue to be a positive influence. A significant trend is anticipated to be the high market awareness of the smart Bluetooth speakers & smart home systems within the United States and Canada. Additionally, the preference for Bluetooth speakers with Wi-Fi and AI capabilities is a significant factor in the expansion of the regional industry. The global market for wireless earphones was dominated by North America. An increase in smartphone usage and technological developments in wireless earphones are what are driving the market in North America. To meet the consumers' implicit needs, this market is anticipated to grow quickly. When compared to the entire population, the U.S. recorded about 72% of smartphone users.
Manufacturers in the North American market for wireless earphones are anticipated to benefit from this. The United States, Canada, and Mexico maintained the biggest market share for wireless headphones worldwide. High-income citizens, new technology, and ongoing technological innovation are the market's most crucial growth elements. In terms of revenue, the market within North America controls the whole world market, and it is anticipated that this will continue to do so at the projection period. The target market is expanding across the region's nations due to the presence of well-known firms and the rising consumer acceptance of new technical products.
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APAC to Have Favorable Growth in Wireless Earphone Market
Over the forecast period, Asia Pacific is anticipated to have the quickest CAGR of 7.1 percent. Growing demand for technology-driven luxury items in developing nations like China and India is accelerating regional market expansion. In the region, increasing sales of smart devices like smartphones, tablets, & phablets are also anticipated to raise demand for on-the-go music, which will encourage the use of wireless earphones. Fantastic growth is also being seen in the Asia-Pacific area. Densely populated nations like China and India are developing as new potential marketplaces for businesses, according to market statistics.
Asia-Pacific is anticipated to be the most alluring market for manufacturers of wireless headphones throughout the projected period owing to the burgeoning need for the product there. Due to the expanding consumer electronics industry and widespread use of smartphones in developing nations like China & India, the APAC region is expected to experience the greatest development over the projection period. Due to the expanding consumer electronics industry and the expanding use of smartphones in developing countries, Asia-Pacific will continue to dominate the growth of the worldwide wireless earphone market. Additionally, rising participation in sports & fitness activities is boosting the region's development.
The development of the COVID-19 epidemic has severely damaged the worldwide corporate climate. Numerous industries have been entirely shut down for several months as a result of lockdowns in many major & most countries around the world, followed by epidemics. The effects of the lockdowns on various industries must be evaluated. In this manner, the true impact of the illness on the earbuds and headphones market can be understood. A deluxe and expensive item is wireless headphones. Most consumers want this device, and rightfully so.
Due to social distance caused by the COVID-19, the supply channels have been interrupted, and the workforce has decreased. Additionally, it has reduced market demand as a result of a decline in per capita spending across a number of nations. The epidemic has thus had an effect on the demand for wireless headphones. But the markets have already begun to return to normalcy since the lockdowns ended. So, there is still reason to be optimistic about the future.
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Wireless Earphone Market Competitive Analysis
Dominant Key Players on Wireless Earphone Market Covered are:
- Apple Inc.
- Rowkin LLC
- Samsung Group
- Philips N.V
- Shure Incorporated
- Motorola Inc.
- Skullcandy Inc.
- Zebronics India Pvt. Ltd
- Leaf Ear
- Harman International Industries
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