Earphones and Headphones Market size predicted to hit USD 18.2 billion by 2023: Global Market Insights Inc.
Earphones and Headphones Market size was USD 11.68 billion in 2015, with 4.6% CAGR from 2016 to 2023, to exceed USD 18 billion by 2023; as per a new research report by Global Market Insights, Inc. Rising adoption of smart devices such mobile phones, tablets, and portable music players are likely to drive global earphones & headphones market growth. Short replacement cycle of these products owing to the changing fashion, functionality, and damage or loss may lead to high industry growth. High compatibility with the aforementioned personal electronics as well as growing usage in health and fitness related activities will positively impact earphones market size from 2016 to 2023. In addition, rising disposable income accompanied by increasing consumer preference is likely to catapult headphones market demand. Growing acceptance of these devices in the corporate sector is anticipated to boost revenue.
Continuous product development and innovation initiatives by companies such as Sennheiser Electronic, Beats Electronics and Bose are likely to the revolutionize industry scenario. Customers are likely to opt for these devices owing to high fidelity and aesthetic appeal along with advanced technology offering. Strong economic growth, especially in emerging industries such as China, India, and Brazil is predicted to catalyse adoption over the forecast timeframe. Rapid technological advancements are forecast to result in miniaturization and development of light weight products, augmenting earphones market demand. In addition, features such as noise cancellation offered by these devices are also likely to drive demand. Consumer preferences for enhanced experiences without noise distortion will aid earphones market demand over the forecast timeline. Technological developments such as Wi-Fi, Bluetooth, SKAA, and infrared in wireless products could offer potential growth avenues through 2023. Growing prominence of low-cost counterfeit devices may pose challenge to the global headphones market. Furthermore, rising customer inclination towards local products offering similar features at considerably low price, may further impede growth.
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