VANCOUVER, BC, Aug. 17, 2021 /PRNewswire/ -- The global wireless earbuds market size is expected to reach USD 14.23 billion in 2028 at a CAGR of 15.2% during the forecast period, according to the latest report by Emergen Research. Increasing access to high-speed internet connectivity, rising use of smartphones, growing demand for high-end and advanced music and entertainment devices, and increasing preference for wireless devices due to enhanced convenience and affordability are key factors driving market revenue growth over the forecast period. In addition, increasing purchasing power among individuals and availability of wide range of wireless earbuds at affordable prices are some other key factors contributing to revenue growth of the market.
Wireless earbuds have gained massive popularity over the recent past as they are easy to use, have a compact shape and size, and are cost-effective. Wireless earbuds are equipped with advanced technology to provide seamless experience and offer high connectivity to various devices from smartphones to computer systems. Wireless earbuds can also be used in changing songs, taking calls, and during video chats without needing to hold or use the phone. Recent advances in music such as availability of lossless and spatial audio and Dolby Atmos sound quality have boosted demand for wireless earbuds with advanced features to support these music tracks. This trend is expected to continue to contribute to revenue growth of the market going ahead.
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Increasing trend of work from home and remote schooling has further increased demand for smart wireless earbuds. Wireless earbuds are also highly compatible with intelligent voice assistants such as Google Assistant, Siri, Alexa, and Cortana. Increasing popularity of live streaming services, podcasts, and audiobooks among younger generation is also a key factor boosting demand for wireless earbuds and is expected to continue to drive market growth over the forecast period. However, high costs associated with some wireless earbuds and low-battery issues are some key factors expected to restrain market growth to a certain extent over the forecast period.
Some Key Highlights in the Report:
- Music and entertainment segment is expected to register robust revenue CAGR over the forecast period owing to increasing demand for premium entertainment and music devices with active noise cancellation features, rising number of smartphone users, and increasing popularity of podcasts and audiobooks.
- Online platform segment is expected to account for largest revenue share over the forecast period owing to increasing penetration of e-commerce channels, rising preference for online shopping, and increasing availability of wide range of high-end and affordable earbuds on e-commerce websites such as Amazon and Flipkart, among others.
- North America is expected to account for the largest revenue share in the global market over the forecast period owing to increasing adoption of smart devices equipped with voice assistants, rising popularity of video games and entertainment devices, increasing demand for wireless earbuds among youths, and presence of key manufacturers such as Apple, Amazon, and Bose, among others in the region.
- Key players in the market include Apple Inc., Bose Corporation, Sony Corporation, Samsung, JVC, OnePlus, Jaybird, Beats Electronics LLC, Shure Inc., and Sennheiser electronic GmbH & Co. KG.
- In August 2021, electronics major Samsung announced the launch of Galaxy Buds 2, which are the company's smallest and lightest true wireless earbuds to date. The earbuds are equipped with two-way woofer system, active noise cancellation (ANC), and an improved ambient sound mode that offers three defined adjustable noise levels.
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For the purpose of this report, Emergen Research has segmented the global wireless earbuds market on the basis of application, end-use, distribution channel, and region:
Application Outlook (Revenue, USD Billion; 2018-2028)
- Music & entertainment
- Virtual Reality
End-use Outlook (Revenue, USD Billion; 2018-2028)
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
- Online platforms
- Offline retail stores
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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