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Wireless Earphone Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global wireless earphone products market was valued at USD 24.3 billion in 2022 and is projected to expand at a CAGR of 15.5% from 2023 to 2030. The growing demand for wireless earphones is primarily due to their convenience and portability. Additionally, technological advancements in wireless earphones and increasing penetration of Bluetooth-enabled devices are fuelling the growth of the market.
The launch of multiple new products, such as TWS earbuds and hybrid earphones, is boosting the growth of the market. For instance, in December 2021, audio-equipment manufacturer JBL launched the Endurance PEAK earphones, which feature a Bluetooth 5.0 connection, IPX7 waterproofing, and fast-charging capabilities. Furthermore, the emergence of smart hearing aids, such as those designed by Starkey, is further augmenting the market growth.
The increasing demand for advanced features such as noise cancellation, long battery life, and water resistance is driving the demand for wireless earphones. Additionally, the growing popularity of sports earphones is driving the growth of the market. For instance, in April 2021, JBL launched the Reflect Mini NC earphones, which feature active noise cancelling, IPX7 waterproofing, and a nine-hour battery life, to target fitness enthusiast.
The rising trend of personalization of wireless earphones to meet the specific preferences of consumers is driving the demand for customization services. Moreover, the increasing penetration of voice assistant devices, such as Alexa, Google Assistant, and Siri, is further driving the market growth. For instance, in April 2021, Apple launched the AirPods Pro with the new H1 chip, which offers improved audio performance, a longer battery life, and active noise cancellation.
In addition, the increasing availability of wireless earphones at affordable prices is driving the growth of the market. Furthermore, the rising popularity of online retail is also driving the market growth. The online platform provides a wide range of wireless earphones, which are available at discounted prices. The increasing popularity of online platforms such as Amazon and Flipkart is further augmenting the market growth.
Product Insights
The truly wireless earphones segment led the market and accounted for a share of around 32.5% in 2022. Growing demand for high-quality audio and rising awareness about the convenience and comfort offered by these earphones are some factors driving the growth of this segment. According to an article published by the National Association of Music Merchants, in June 2020, 4 in 10 US consumers purchased a pair of wireless earphones in the past year. Furthermore, the emergence of various companies offering high-end audio-streaming services, such as Apple Music and Spotify, is further propelling the growth of the segment.
The sports earphones segment is expected to be the fastest growing segment during the forecast period. The growing trend of fitness and exercise around the world is a major factor driving the growth of this segment. Increasing awareness about the ergonomic design and stability offered by wireless sports earphones is also expected to drive the market growth. According to an article published by The Verge, in March 2020, the sales of sports earphones have been growing faster than other types of wireless earphones. In addition, increasing availability of wireless earphones designed for specific sports activities is also expected to boost the growth of the market.
Distribution Channel Insights
The specialty stores segment accounted for the major share of the Wireless Earphone Products Market in 2022. The growth of this segment is mainly attributed to the increasing demand for wireless earphones from tech-savvy consumers. Specialty stores provide customers with a wide variety of wireless earphones from different brands. This also allows customers to compare different products and make an informed decision.
The online segment is anticipated to expand at the highest CAGR of 13.2% over the forecast period. The growth of this segment is mainly attributed to the increasing penetration of internet and smartphones, which has enabled consumers to purchase wireless earphones online. In addition, increasing consumer preference for online shopping due to convenience and discounts & offers available on e-commerce platforms also assists in the growth of this segment.
Type Insights
The true wireless earphone segment accounted for the highest revenue share in the global wireless earphone market in 2020 and is expected to remain dominant over the forecast period. A major factor driving the market growth is the rising trend of wireless earphones among the youth. The growing demand for wireless earphones is due to their convenience and unique features, such as Bluetooth capabilities and noise cancellation. Furthermore, the availability of advanced wireless earphones with IPX ratings, which can resist water and sweat, is further augmenting the growth of the market.
The wireless earphone segment is estimated to expand at a moderate CAGR over the forecast period. This segment consists of earphones connected to each other via wire. The primary factor contributing to the demand for this segment is the low cost of these products. Moreover, the availability of various designs and shapes of wireless earphones is further driving the market growth. Additionally, the increased compatibility of these earphones with various devices, such as laptops and smartphones, is also expected to drive the market growth.
Regional Insights
North America held the largest share of the global market in 2021, owing to the presence of prominent players such as Apple, Samsung, and Sony. The region has witnessed an increasing demand for wireless earphones due to the rising trend of fitness and sports activities. The increasing penetration of smartphones and the changing consumer preference in favor of wireless products are the key drivers of the market in this region. For instance, in April 2021, Apple launched the AirPods Pro, which is a noise-canceling wireless earphone.
Asia Pacific is expected to witness the fastest growth in the coming years. Increasing demand for wireless earphones in countries such as India, China, and South Korea is the major factor driving the growth of the market. The rising awareness about the health benefits of wireless earphones and the increasing purchasing power of consumers are also expected to support the growth of the market in the region. For instance, in January 2021, Samsung launched the Galaxy Buds Pro in India.
Financial Projections
In this part of the wireless earphone business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the wireless earphone business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenue for a wireless earphone business comes from the sale of the product, as well as from related services such as repair and maintenance. In addition, the business could also generate revenue from the sale of accessories, such as cases and chargers, and from the sale of warranties and extended warranties.
Projecting Expenses
In this section, all the regular expenses related to keeping the wireless earphone business running will be described. The list of operating expenses includes manufacturing costs, marketing and advertising, salaries and wages, rent, utilities, and insurance. Additionally, any potential research and development expenses should be included in the projection.
Key companies & market share insights
Some of the key companies operating in the wireless earphone market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In August 2022, Apple Inc. launched the new AirPods Max wireless headphones.
– In October 2022, Samsung Electronics Co. Ltd. launched the Galaxy Buds Live, a pair of wireless earphones with noise cancellation technology.
– In June 2022, Sony Corporation launched the WF-1000XM4 wireless earphones with advanced noise-canceling technology.
Some of the prominent players in the wireless earphone market include:
– Apple Inc.
– Samsung Electronics Co. Ltd.
– Sony Corporation
– Bose Corporation
– Jabra Corporation
– Sennheiser Electronic GmbH & Co. KG
– JBL by Harman
– Plantronics, Inc.
– Beats Electronics, LLC
– Skullcandy, Inc.
Global Wireless Earphone Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global wireless earphone products market based on product type, distribution channel, price range, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– True Wireless Earphones
– Wireless Earbuds
– Wireless In-Ear Headphones
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
3. Price Range Outlook (Revenue, USD Million, 2017 – 2030)
– Premium
– Mid-Range
– Economy
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: Who are the Major Players in the Global Wireless Earphone Products Market?
[A]: Major players in the global wireless earphone products market include Apple Inc., Bose Corporation, Samsung Electronics Co., Ltd., Sony Corporation, Sennheiser Electronic GmbH & Co. KG., Skullcandy, Inc., Bragi GmbH, Jabra Corporation, JBL (Harman International Industries, Inc.), and Harman International Industries, Inc.
[Q]: What is the Potential of Product Innovation in the Global Wireless Earphone Products Market?
[A]: Product innovation is one of the major trends that is driving the global wireless earphone products market. With the increasing demand for wireless earphones, manufacturers are focusing on developing innovative and feature-rich products to meet the growing consumer needs. The introduction of new features such as noise cancellation, water-resistance, and improved sound quality are expected to drive the market for wireless earphones.
[Q]: What are the Major Drivers of the Global Wireless Earphone Products Market?
[A]: The major drivers of the global wireless earphone products market include increased demand for wireless earphones due to their convenience, improved sound quality, and reduced risk of damage to the ear due to long-term exposure to high volume levels. Additionally, the rising trend of listening to music on-the-go and the increasing use of wireless earphones in gaming, corporate, and sports activities are expected to fuel the growth of the market.
[Q]: What is the Potential of Smart Features in the Global Wireless Earphone Products Market?
[A]: Smart features such as voice control and language translation are expected to drive the global wireless earphone products market. The incorporation of AI and voice recognition capabilities in wireless earphones are expected to create a new market opportunity in the near future. Additionally, the increasing popularity of true wireless earbuds and the introduction of advanced features such as active noise cancellation and integrated sensors are expected to drive the market for wireless earphones.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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