Market Trends of Earbuds Industry
Growing Penetration of Smartphones and Consumer Demand for Latest Products is Expected to Increase The Growth
- The increasing penetration of smartphones is expected to drive the demand for the earbuds market. Acccording to Ericsson there would be 7,690 millions number of Smartphone Subscriptions worldwide, This is due to the increased demand for integrating these devices with smartphones for enhanced features.
- The leading vendors are integrating active voice assistance features like Siri, Google Now, and Alexa to offer consumers convenience and ease of handling. Smart earbuds also provide advanced features allowing consumers to monitor body vitals such as heart rate and calories burnt during a workout session and convenience during a workout. These products are designed and marketed for athletes and health-conscious individuals in the global earbuds market.
- Moreover, the increasing trend of making smartphones slimmer and thinner has resulted in manufacturers removing the headphones jack. This propels consumers to adopt earbuds, boosting the market growth over the forecast period.
- Vendors heavily implement various IPX certifications to make their earbuds sweat and water-resistant. This certification helps companies increase their brand reliability and attract more consumers in the global earbuds market. IPX7 means that the product can withstand being submerged in one meter of water for up to 30 minutes, increasing the device's portability in many places, such as gyms and smartphones, for connectivity. Factors such as these also act as a driving factor for the market's growth.
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Asia-Pacific is Expected to Register Fastest Growth
- Asia-Pacific is expected to witness the highest growth in the earbuds market during the forecast period. The growing electronics industry, coupled with a rapid rise in disposable income in the region, is driving the earbuds market.
- Further, the expansion of consumer electronics manufacturing capacities, especially in the South Central region of China, coupled with rising exports to neighboring countries in Southeast Asia, is expected to boost market growth.
- The penetration by foreign players in the region providing premium products that are technologically advanced and provide a better experience has fueled the demand for premium earphones.
- Smartphone giants are also developing innovative earbuds in the region to boost the sales of both earbuds and smartphones. These companies are considering expanding to emerging countries in the region, including India. An instance would be the launch of a new line-up of Galaxy wearables: Galaxy Watch Active, Galaxy Fit, and Galaxy Buds by Samsung Electronics Co. Ltd. The smartwatch, activity tracker, and cord-free earbuds are made for various lifestyles.
- The high price tag associated with these products varies across geography because of the manufacturing brand and features provided in the products. Multinational brands are even higher priced when they sell overseas due to the custom and excise duties depending on their country. For instance, Apple sells its AirPods for USD 159 in North America; the same is sold for USD 203, USD 217, and USD 218 in China, Germany, and the UK, respectively.
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