22 October 2020: The earphones & headphones market is expected to witness growth on account of consumer preference for enhanced audio experience, rising popularity of music industry, improving internet accessibility, and availability of advanced smart phones. Rapid advanced technology and innovation in designing and development of compact and light products has led to rising demand for smartphones and Bluetooth enabled earphones and headphones. Along with these, availability of low cost and affordable earphones & headphones is responsible for propelling the growth of the market.
In medical sector the product is used in ambulances as it allows hands free communications for the accident response team. It enables communication over the dispatch radio by using footswitches and has wired and wireless connectivity in need of the hour.
Enhance Virtual Reality Experience Fuels Product Demand
Based on application, the earphones & headphones industry is segmented into gaming, fitness, Virtual Reality (VR), and music and entertainment. Virtual reality is anticipated to be the fastest growing segment over the forecast period owing to customers’ preference for an enhanced VR experience. For example, in April 2016, Sony Corporation and Plantronics, Inc. announced a collaboration in order to provide enhanced VR experience for the customers by designing headphones with PlayStation VR.
The gaming segment is expected to register a strong growth over the forecast period due to increasing popularity and its characteristic of improving gaming experience by enhancing sound. The trend of usage of earphones & headphones in gyms during fitness and workout sessions, the fitness segment is also expected to register rapid growth.
Market Insights
Constant R&D and advent of new devices is anticipated to drive the market growth in the future. Leading companies of the market are inclined to enhance the product quality by using innovative techniques in designing in order to attract customers to strengthen their position in the industry. Major companies are also focusing on increasing their network by announcing various strategies such as collaborations, mergers, and acquisitions to sustain the competition. For instance, in September 2018, Beats by Dre announced partnership with National Basketball Association (NBA) to provide headphone, wireless speaker, and audio partner for NBA.
Some of the key players of the earphones & headphones market are JVC; Apple, Inc.; Sony Corp.; Bose Corp.; Skullcandy, Inc.; Shure, Inc; and Sennheiser Electronic.
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