The global headphone market is anticipated to witness momentous growth in forthcoming years. Headphones are electronic transducers designed to transfer electrical signal into sound. Consumers wear the device around head or neck as per their convenience. The device can be connected to a single source, such as portable media players, audio amplifier, mobile phone, and electronic musical instrument, to hear audio piece. Consumers make their choices based on parameters such as sound quality, design, and durability.
Growing demand among consumers for headphones offering high quality sound is anticipated to propel market growth in the coming years. Availability of a wide range of headsets offering decent sound quality topped with bass and treble is also likely to gain traction among consumers. In addition, introduction of technology advanced products offering features, such as water resistance, high-definition sound format, and noise cancellation, is expected to propel the market growth. Rising adoption of wireless headsets providing immense comfort to consumers on the go can further drive the market in the coming years.
Integration of advanced features into headphones is likely to increase production cost for the manufacturers. This may, in turn, increase the overall product cost and reduce its demand among consumers. In addition, increasing number of counterfeit products offering similar features at lower cost can obstruct market growth in future.
Increasing disposable income and growing trend of luxury products or gadgets are expected to present lucrative growth opportunities in the market.
The market can be segregated on the basis of product, technology, application, distribution channel, and region. Smart and non-smart headphones are the two major product types available in the market. Key applications associated with the product might include music and entertainment, gaming, virtual reality, and fitness. Distribution takes place through online and offline channels. Some of the leading technologies employed in the market are Wireless and wired headphones.
North America is a leading region in the market owing to presence of major market players including Bose, Skullcandy, and Beats Electronics is expected to drive market in the coming years. Companies are expected to launch smart devices integrated with advanced technology and features, such as voice technology, noise cancelling, and true wireless, in order to cater to growing consumer demand. In addition, availability of a wide range of headsets and increasing number of smartphone users in the region can boost the market growth. Growing demand for wireless headsets among consumers for convenience while fitness sessions is anticipated to foster the market growth in coming years. For instance, Bose recently launched QuietComfort 35 wireless headphones with an active noise cancellation technology in order to offer better consumer experience. The device offers around 20 hours of battery back up on a single charge and has a direct access to the Google Assistant and Amazon Alexa for simple voice control.
Asia Pacific is predicted to witness substantial growth in coming years owing to high demand for technologically advanced gadgets, shift in consumer preference for premium quality electronic products with advanced features, and rising disposable income. In addition, increasing efforts by leading market players like Bose and Sennheiser to expand their business is likely to fuel the regional market growth. Launch of new headsets with attractive features and growth of e-commerce sector are expected to boost the product demand in the coming years.
Some of the leading companies operating in the headphone market are Bose, Sony, Skullcandy, Sennheiser, and Beats Electronics.
Research Support Specialist, USA