It is only over the recent years that earbuds are becoming an imperative accessory, provided with growing penetration of smartphones. From initial designs of corded versions, earbuds have evolved into myriad shapes and sizes, meanwhile being incorporated with various functions. The market for earbuds is constantly growing and shifting, witnessing innovations such as the wireless Bluetooth earbuds.
Present hype prevailing in the earbuds industry is not a vogue, but the industry’s future. Proliferation in adoption can be ascribed to soaring number of people who are constantly tethered to smart devices including tablets, mobile phones and music players for significant duration of their days, mainly for watching videos, listening music, or playing games. In addition, several individuals are observed walking around with earbuds listening to music, even while driving. Nowadays, majority of the earbuds users seek trendy and fashionable products. And the trend that has gained immense momentum worldwide is inclination toward wireless earbuds integrated with Bluetooth connectivity. These earbuds have been improving in all facets, such as battery backup, since the recent past, becoming competitive in all possible ways with their wired counterparts. Improvements and innovations in earbuds are less likely to slow down in the upcoming years, with manufacturers tirelessly putting efforts in the development of Bluetooth earbuds with longer lifespan, better sound quality and affordable. Several companies are introducing wireless earbuds to the market, with each product having unique features in addition to audio, such as fitness and health monitoring, processing ambient sound for better clarity, and microphones for handsfree calls.
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According to a new Transparency Market Research report, the global market for earbuds is slated to ride on a splendid CAGR between the period 2017 and 2026. Worldwide sales of earbuds are forecast to bring in roughly US$ 19,000 Mn in revenues by 2026-end.
APEJ will Prevail as Fast-Expanding Market for Earbuds
Asia-Pacific excluding Japan (APEJ) will continue to be the fast-expanding market for earbuds, mainly driven by rising purchasing power of people and their growing interests in earbuds having new and more features. Proliferated adoption rates across offices and gyms will further contribute to the market growth in APEJ. In terms of revenues North America will remain the largest market for earbuds, followed by Europe. Pre-established market along with robust penetration of technologies are expected influence development and demand for earbuds in these regions.
Key benefits of in-ear earbuds such as relatively more enhanced sound quality, better noise cancellation effects and less strain on ears on the back of their comparatively lower weight have increased their penetration in the market. In-ear earbuds will remain the most lucrative products in the market, and their sales are expected to reflect the highest CAGR through 2026.
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Multi-branded Stores to Remain Preferred Distribution Channel among Consumers Purchasing Earbuds
Multi-branded stores offer individuals with various options to select from when it comes to buying smartphone accessories such as earbuds. In addition, these stores provide consumers with various discounts on products, which further varies with respect to brands, in a bid to boost their sales. Based on distribution channels, multi-branded stores will therefore remain preferred among consumers who seek purchasing earbuds. However sales of earbuds in online stores will ride on a relatively higher CAGR through 2026.
Android smartphones have witnessed immense penetration across the globe on the back of their cost-effectiveness and novel features being incorporated by brands to attract more consumers. Therefore earbuds compatible with Android user operating system are witnessing robust demand. Revenues from Android-compatible earbuds will exhibit a comparatively higher CAGR than those from iOS-compatible earbuds through 2026.
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Leading players in the market are working in tandem with consumer demand such as the requirement for earbuds that manage striking balance between performance and price. The market for earbuds is increasingly competitive and highly fragmented, with new brands emerging around all price categories. According to TMR’s report, key companies underpinning growth of the earbuds market globally include Apple Inc. (Beats Electronics), Bose, Sennheiser Sony, LG Electronics Inc., Yamaha, Philips, KOSS, DENON, Jabra, Samsung, JBL, and Panasonic. The global earbuds market is characterized by demands innovation and intense competition, along with manufacturers laying an extra emphasis on constant exploration of wireless connectivity, improved noise-cancelling functionality, and provision of feature-oriented products that enable faster penetration into the market.
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