According to new research from Future Market Insights, the earphones and headphones market is estimated to be worth USD$ 22.3 billion in 2022 and is projected to close in on a valuation of $35.2 billion by 2028. This signals an expanding CAGR of 7.9% over the 2022 to 2028 assessment period.
FMI says that the sales of mobile phones and smartphones have grown significantly across the world in the past few years, particularly in developing countries such as India, China, Brazil, and Mexico.
On top of this, the increasing trends of mobile shopping, eBanking, and bringing your own device (BYOD) are driving the global demand for smartphones and tablets. In turn, this boosts the technologically advanced devices, such as Wi-Fi-enabled devices, in the earphones and headphones market.
While increased levels of migration across developing countries such as India, China, Brazil, Mexico, and Indonesia have boosted the adoption of low- or medium-price earphones and headphones, Europe still remains the leading market for earphones and headphones in the near future, according to FMI’s findings.
The research also states that in the past decade, there was an upsurge in urbanisation which has resulted in an increase in the disposable income of the population that has migrated to urban areas.
This growth is said to have boosted the adoption of technologically advanced products worldwide, which include smart devices, smartphones, tablets, and advanced wireless earphones. This trend has been majorly observed in developing countries such as India, China, Brazil, Mexico, and Indonesia.
Strengthening the distribution channel and expanding advertising platforms for earphones and headphones is also said to be contributing to the development of the global market for earphones and headphones.
The music industry as a whole is estimated to contribute to the growing GDP and per capita revenue of various nations. With the music and streaming market in full force, this is said to have boosted the adoption of accessories for music systems, which includes earphones, headphones, and intelligent speakers.
It was also noted that many companies in the earphone and headphone market depend mainly upon powerful sales channels, such as multi-brand distributors and retailers of headphones and earphones, to be able to offer better customer service and achieve a competitive edge in the earphone and headphone industry.
In addition to partnerships with distributors, the providers of earphones and headphones often collaborate with numerous eCommerce companies, such as Alibaba and Amazon, due to the growing eCommerce trends. This is prevalent in nations such as the U.S., China, Brazil, and India.
Some of the key players mentioned in the report include Plantronics Pty Ltd., Sennheiser Electronic GmbH & Co. KG, JVC Corporation, GN Netcom (Jabra), Sony Corporation, Harman International Industries, Philips Electronics Ltd., Bose Corporation, Beats (Apple Inc.), and Audio-Technical Corporation.