Global smart headphones market is expected to reach USD 7.48 billion by 2022, according to a new report by Grand View Research, Inc. Increasing acceptance of bluetooth wireless technology paired with developments including water resistant features and recalibration functions is estimated to propel product demand. Increasing adoption of headphones particularly while working out and during office hours is expected to fuel growth. Development resulting in incorporation of MP3 player in smart headphones is expected to result in demand growth.
Shifting consumer preference towards purchasing expensive headphones and earphones for enhanced listening experience is anticipated to drive industry growth over the next few years. Surge is replacement market coupled with availability of advanced features is expected to drive market demand over the forecast period. Customers are increasingly opting for these devices owing to their high fidelity, style and availability of technologically advanced products. However, high cost as compared to conventional headphones is expected to pose challenge to industry growth. Issues pertaining to power consumption and user interface might pose serious challenges to market growth.
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Further key findings from the report suggest:
- Wireless segment accounted for over 75% of the overall revenue in 2014, and is expected to witness rapid growth at a CAGR of over 20% from 2014 to 2022 owing to increasing adoption especially in call centers, fitness centers and entertainment or gaming arenas.
- Growth in the wired segment can be primarily attributed to benefits offered by these devices over their counterparts such as low power consumption and cost. Wired headphones also offer better durability and ease of use for consumers.
- North America accounted for more than 40% of the overall share in 2014, and is also estimated to exhibit highest growth over the next few years owing to early technology adoption ensuring faster penetration.
- Asia Pacific smart headphones market is anticipated to exhibit substantial growth over the foreseeable future in light of rising consumer disposable income of customers in India, Japan Taiwan and Korea. Consumers in the region have high preference for technologically advanced products and with the aforementioned factors, smart earphones demand is expected to witness growth over the next seven years.
- Key market participants include Bragi, Intel, LG, Sennheiser, Huawei, Chipsip, Sony, Samsung, Valencell and Cosinuss. Industry participants strive to develop light weight products with advanced audio solutions and high noise cancellation features that offer better listening experience along with better connectivity. Vendors also emphasize on enhancing distribution channels through multiple partnership and long-term contracts to ensure stable supply of headphones.
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