Wireless Earphone Market is likely to Reach US$ 18.2 Billion, expected to Register a CAGR of 7.9% from 2023 to 2031: TMR Report

Extensive usage of smart devices and the evolution of the e-commerce industry are the key factors driving the wireless earphone industry's growth

Wilmington, Delaware, United States, June 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global wireless earphone market is expected to reach a valuation of US$ 18.2 billion by 2031, anticipated to register a CAGR of 7.9%. As of 2023, a valuation of US$ 9.9 billion is expected for the market. As the adoption of wireless and hands-free devices increase, the popularity of wireless earphones is rising tremendously.

The World Population Review estimates that 327 million Americans used mobile services in 2021. The Asia Pacific region's economic recovery and digital and green transformation depends on mobile networks. Some users have multiple smartphone lines for various reasons, such as one for individual use and one for business use. Nearly 1.6 billion Chinese people owned smartphones in 2022.

As per the Ministry of Information & Broadcasting, India has over 1.2 billion cell phone users and 600 million smartphone users. Additionally, with the very low data rates in the region, the rise in smartphone usage resulted in users consuming a high amount of information and entertainment via smartphones.

Product innovation and technological advancements, such as better sound output, battery life, wireless charging, appearance, connectivity, and portability, are additionally augmenting the wireless earphone market development.

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Market Snapshot:

Report Coverage

Details

Market Revenue

US$ 8.9 Bn

Estimated Value

US$ 18.2 Bn

Growth Rate - CAGR

7.9%

Forecast Period

2023-2031

No. of Pages

160 Pages

Market Segmentation

Type, Connectivity, Price, Application, Distribution Channel

Regions Covered

North America, Europe, Asia Pacific, Middle East & Africa, South America

Companies Covered

Apple Inc., Bose Corporation, Jabra, Noise, OnePlus, Plantronics, Inc., Samsung Electronics Co, Ltd, Sennheiser Electronic, Skullcandy Inc., SONY Corporation

Key Takeaways from the Market Report

As of 2022, the market for wireless earphones was valued at US$ 8.9 billion

Sales of wireless earphones are likely to expand by 1.8x from 2023 to 2031

By type, on-ear wireless earphones are expected to account for over 50% of all sales

Wireless earphones are likely to be extensively used for media & entertainment, accounting for over 2/5th of the global revenue share

By technology, sales of Bluetooth earphones are expected to soar significantly

Based on distribution channel, e-commerce platforms are likely to be the primary points of contact for purchasing wireless earphones

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Wireless Earphone Market- Key Growth Drivers

Sales of wireless earphones are increasing amid an increasing adoption of smart devices. The need for hands-free gadgets to avoid unnecessary connectivity hassles is driving sales of wireless earphones to a large extent.

The expansion of the gaming industry is yet another driver responsible for accelerating wireless earphone sales. In today's world, gaming has shifted from the big screen to smartphones, which offer highly convenient gaming alternatives.

Enhanced sound quality is another reason why consumers are opting for wireless earphones. Conventional wired earphones provide limited output in terms of clarity and transparency, while wireless ones are equipped with the latest technologies enabling clarity in sound. Moreover, people are attracted towards their noise-cancellation features, a functionality which is not offered by wired earphones.

Wireless Earphone Market- Regional Profile

The Asia Pacific is expected to emerge as the most profitable market for wireless earphone manufacturers. Countries such as India and China are expected to be the most promising, given the increasing smartphone usage in these nations.

North America is likely to be the second-most attractive market. A shift in consumer base toward technology-driven premium products is anticipated to be the primary growth accelerator for wireless earphone demand.

Competitive Landscape

The global wireless earphone market is characterized by the presence of a significant number of manufacturers. This renders the market significantly competitive. These players are investing in extensive research & development projects in order to introduce new and varied product lines. Some of the key players profiled by Transparency Market Research are:

Apple Inc.

Bose Corporation

Jabra

Noise

OnePlus

Plantronics, Inc.

Samsung Electronics Co, Ltd

Sennheiser Electronic

Skullcandy Inc.

SONY Corporation

Some key developments in the market for wireless earphones are as follows:

In June 2023, Apple Inc. revealed it is making enhancements to its AirPods portfolio. The company announced the introduction of adaptive audio that blends transparency with active noise cancellation to match the conditions of the natural surroundings. The feature is likely to create a more customized and dynamic listening experience without the need to toggle around with audio settings.

In September 2022, Bose Corporation introduced the Bose QuietComfort ® Earbuds II noise-cancelling earbuds. Equipped with the Bose Custom Tune TM sound calibration technology, these earbuds intelligently personalize audio and noise cancellation performance to the unique shape of every ear — resulting in an unprecedented listening experience.

Sennheiser Electronic announced in May 2023 the introduction of the Sennheiser SoundProtex hearing protection earplugs. These earplugs enable wearers to hear the best possible sound at concerts and loud environments without having to worry about damaging their hearing. The two-stage filters in SoundProtex are uniquely capable of passing on only clear, balanced sound to a user's ears.

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Market Segmentation

Type

On-ear

In-ear

Connectivity

Wi-Fi

Bluetooth

NFC

Price

Low

Medium

High

Application

Music & Entertainment

Sports & Fitness

Gaming & Virtual Reality

Distribution Channel

Online

Company-owned Websites

E-commerce Websites

Offline

Supermarkets/Hypermarkets

Specialty Stores

Others (Retail Stores, etc.)

Region

North America

Europe

Asia Pacific

Middle East & Africa

South America

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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