Wireless Earphone Market Growth & Trends
The global wireless earphone market size is anticipated to reach USD 3.41 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.8% from 2020 to 2027. Increasing adoption of wireless earphones among consumers to multitask while listening or watching music and entertainment videos is a key factor driving the market. In addition, enhanced audio performance is a key factor ramping up the sales of wireless earphones.
Removal of the headphone jack has paved the way for the adoption of wireless earphone. Technologically advanced wireless earphones have been designed to focus on offering several real-time solutions apart from streaming music and answering calls. Moreover, availability of high-quality sound transparency, speech elevation, superior noise control, and augmented audio functionality are some of the features contributing to the demand for wireless earphone.
Bose, Sennheiser, Apple, Sony, and Samsung are some of the prominent players in the market. Manufacturers are integrating wireless models with hi-tech functionalities, such as speech amplification and layered hearing, to ramp up the adoption of wireless earphones. Growing music industry and increasing popularity of rapping are anticipated to have a positive impact on the adoption of earless headphones that are endorsed by singers and celebrities. The manufacturers are also collaborating with prominent music artists to launch their latest wireless editions, which are likely to drive the sales.
Significant adoption of smartphones has been a primary reason for the increasing penetration of wireless earphones. Advancements in these devices that are featured to stream audio and video encourage the consumers to invest in high-quality and sophisticated wireless headphones. Rapidly growing virtual reality and fitness and club market, along with increasing number of fitness enthusiasts, is expected to fuel the growth of the market.
North America dominated the market for wireless earphone with a share of 30.5% in 2019. This is attributed to the region’s highest internet penetration rate of 89.1% at the global level. High market visibility of smart Bluetooth speakers and smart home systems in U.S. and Canada is projected to be a key trend. Furthermore, preference for Wi-Fi- and AI-enabled Bluetooth speakers plays a prominent role in the regional market growth.
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Wireless Earphone Market Report
Wireless Earphone Market Report Highlights
- By application, the music and entertainment segment accounted for the largest share of 33.8% in 2019. Virtual reality is expected to exhibit the highest CAGR of 6.7% over the forecast period
- Offline distribution channel held a major share of 53.4% in 2019 and is expected to maintain its lead in the next few years
- North America held the largest revenue share in 2019.