GLOBAL EARPHONE AND HEADPHONE MARKET IS ESTIMATED TO REACH USD 166.67 BILLION BY 2033: SPER MARKET RESEARCH
When listening to music, audio recordings, phone conversations, and other audio content, earphones and headphones are crucial audio equipment. Earphones, sometimes referred to as in-ear headphones or earbuds, are tiny, carry-anywhere gadgets that go into your ears and are linked to gadgets like computers, music players, and smartphones. They can be used for hands-free calls and provide customised audio experiences. In contrast, headphones are audio equipment that rests or covers the ears and offers a more comfortable and immersive listening experience. Headphones are great for studio work, immersive audio experiences, and critical listening due to the fact that they provide better sound quality, deeper bass, and better noise isolation. For their better audio quality, virtual reality applications, and immersive gaming experiences, they are also favoured by gamers and multimedia consumers.
According to SPER Market Research, ‘Global Earphone and Headphone Market Size- By Technology, By Product Type, By Price Band, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Global Earphone and Headphone Market is estimated to reach USD 166.67 Billion by 2033 with a CAGR of 11.8%.
Technological developments are fundamentally driven by growing consumer demand for high fidelity and style. With the aim of providing users with an improved listening experience and a smooth connection to their music devices, two innovative features are active noise cancellation (ANC) and near-field communication (NFC). Improved product durability has been prompted by the use of headphones and earbuds for exercise in a range of weather conditions, including rain and dust. Many companies have developed their products with an IPX rating, which is a safety rating that offers dust and water resistance. It is estimated that the product’s useful features and a few significant technological improvements would sustain demand for the product over the anticipated period.
Product piracy and counterfeiting pose a serious risk to the expansion of the market. The materials that go into making these headphones and earphones are of poor quality, having minimal durability. However, since pirated goods are available at a far lower price than genuine goods, they are primarily favoured in developing nations. The worldwide earphone and headphone market is thus anticipated to grow more slowly throughout the projected period as a result of the prevalence of counterfeit goods.
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Impact of COVID-19 on Global Earphone and Headphone Market
The COVID-19 pandemic has caused supply chain disruptions and a halt in production, which has delayed the increase in manufacturing output throughout major manufacturing hubs. The limitations imposed by governments have affected all aspects of chip manufacturing in multiple countries. In addition, the pandemic significantly raised the need for semiconductors in the consumer electronics, telecommunications, and personal computer industries. This was because digital transformation was speeding up, and people were using e-commerce, movie streaming, remote work, and remote study more and more widely.
Earphone and Headphone Market Key Players:
Asia-Pacific led the market in terms of revenue. The high rate of smartphone adoption in the area and the rise in disposable earnings are responsible for this. North America held the second-largest market share, subsequent to Europe. This is due to the fact that to the fact that these areas have a well-established market and high levels of technological penetration. Some of the major players in this market are Pioneer Corporation, Samsung, Shure Incorporated, Sony Corporation, Zebronics India Pvt. Ltd., Apple, Inc., Bose Corporation, Plantronics, Inc. (bought by HP Inc.), Panasonic Corporation, Shure Incorporated, Pioneer Audio, Inc., and others.
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Earphone and Headphone Market Growth
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