According to a new market report published by Credence Research, Inc., “Global Wireless Earphone Market – Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global wireless earphone market is expected to witness a growth of 7.0% CAGR during the forecast period from 2019 to 2027.
By Product Type
- Canal Earphone
- On-ear Earphone
By Connectivity Type
- Music & Entertainment,
- Sports & Fitness,
The global wireless earphone market was valued at US$ 5.52 Bn in 2018 and is likely to witness a steady growth, growing at a CAGR of 7.0% during the forecast period from 2019 to 2027. Wireless earphones provide vast transformation in the sound delivery, appearance, portability and connectivity. These earphones come with a bass-boosting technology and has noise-isolation features. Increasing adoption of wireless connectivity solutions is one of the major factor driving the wireless earphone market worldwide. Technological advancements and constantly changing consumer preferences towards hassle-free connectivity has led to an upsurge in product miniaturization. As a result, wireless earphones have gained immense popularity in the recent years.
The global wireless earphone market, based on application was dominated by the music & entertainment segment in 2018. Comfort and superior sound quality offered by the wireless earphones is one of the most significant factor facilitating its demand in the music & entertainment industry. Consumers are increasingly using earphones for answering calls, listening music, stream digital audiobooks, podcasts, etc. while keeping their hands free. Further, based on geography, North America led the wireless earphone market in 2018. The growth of this region is mainly accredited to the increasing technological advancements and innovation in the earphone designing. The ever-increasing penetration of smart devices is yet another major factor driving the market in the region. Moreover, the presence of some prominent players including Apple Inc., Bose Corporation, Plantronics, Inc., Shure Incorporated, and Skullcandy, Inc. is increasing and promoting the growth of wireless earphones in the region, thereby accelerating the product demand.
Major players in the wireless earphone market include Apple Inc., Bose Corporation, Harman International Industries, Inc., Koninklijke Philips N.V., LG Electronics, Motorola Mobility, Plantronics, Inc., SAMSUNG, Sennheiser Electronic GmbH & Co. KG, Shure Incorporated, Skullcandy Inc., and Sony Corporation among others. The wireless earphone manufacturers are adopting several strategies to thrive in the competitive environment. These leading players are increasingly concentrating on distinguishing their product offerings through clear and unique value propositions to succeed, survive and remain competitive with their equivalents. The players are offering several features in order to deliver personalized listening experience and control the ambient sound features. New product developments, partnerships remain the most significant strategies adopted by the key players to gain an edge over others.