Public safety applications in the earphones and headphones market have witnessed growing adoption across ambulances, aircraft rescues, fire boats and firefighting departments will, thereby driving the industry growth. The systems used in the public safety applications are completely weatherproofed and can be used on some of the most progressive rescues and fire boats.
Growing consumer preference for mobiles, iPhones, and portable audio players such as MP3 music players will accelerate earphone and headphone market demand over the years to come. The flourishing demand for Wi-Fi and Bluetooth technologies, as per analysts, is also expected to add toward the development of this business in the ensuing years. Statistics claim that two major factors that may very well impel the growth of earphone and headphone industry are the rapid economic growth and the increasing per capita income across numerous geographies.
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As per Global Market Insights, Inc., “earphones and headphones market, worth USD 20 billion in 2016, is projected to surpass USD 25 billion by 2024.” Furthermore, it is noteworthy to mention that the rapidly expanding home audio equipment sector will also contribute significantly toward earphone and headphone market revenue over the coming six years. Industry players have been undertaking efforts to generate innovative product and subsequently create a marketplace for them with out-of-the-box branding strategies, eventually giving rise to bright growth prospects for earphones and headphones market.
Increasing significance of smartphones and portable music players will propel growth across the wired earphones and headphones market. Wireless segment is anticipated to grow at fastest rate during the forecast period owing to the major technological changes taking place. Developments such as Bluetooth, SKAA, infrared are expected to positively impact the revenue growth for the earphones and headphones industry. Companies are focusing on aesthetic appeal along with technological offerings which enrich the customer ownership and experience.
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Asia Pacific earphones and headphones market is anticipated to witness substantial growth owing to the growing usage of mobile devices and the expanding mobile device industry in densely populated countries such as China and India. The growing demand for the products in the region has been witnessed from the business outsourced processing industry mainly in Philippines and India, which are the largest offshoring centers globally. The growing consumer disposable incomes in the region are also anticipated to act as an impetus in generating demand.
The competitive landscape of earphones and headphones market include Ultimate Ears Company, Koninklijke Philips N.V., Sennheiser electronic GmbH & Co. KG, Bose Corporation, Shure Incorporated, Beats Electronics Company, Grado Labs, Aclair Audio, Panasonic Corporation, Pioneer Corporation, Sony Corporation, and Skullcandy Incorporation.
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