Earphones And Headphones Market Size

Earphone and Headphone Market Analysis

The Earphones And Headphones Market size is estimated at USD 61.92 billion in 2024, and is expected to reach USD 106.68 billion by 2029, growing at a CAGR of 11.49% during the forecast period (2024-2029).

• The demand for high-resolution audio is increasing regardless of age, as it delivers superior-quality music to consumers. High-resolution audio formats help musicians and producers present their work most accurately and faithfully. With the integration of advanced technologies, key vendors such as Sony Corporation offer immersive audio experiences to its consumers. In its WH-1000XM5 headphones, the company adopted LDAC audio coding technology, which transmits around three times more data than traditional Bluetooth audio for high-resolution audio quality. Using Edge-AI, DSEE Extreme upscales compressed digital music files in real time. Dynamically recognizing each song's instrumentation, musical genres, and individual elements, it restores high-range sound lost in compression.
• Sound, music, or voice has become more critical than ever, making the most in-demand electronic devices, such as smartphones, smartwatches, and true wireless earbuds. Thus, as per Qualcomm, as smartphone capabilities continue to become more affluent, 70% of consumers surveyed agree that the performance of audio accessories impacts their overall smartphone experience.
• According to the International Federation of the Phonographics (IFPI) Industry Report 2023, the average consumer spent 20.7 hours per week listening to music, up from 20.1 hours in 2022. In India, the mark is 25.7 hours a week, for instance, while in China, it is 28.3, and in Nigeria, it's 30.4. Such a vast rise in people's time on music platforms would allow the market to grow.
• According to Eleven, the state of virtual events in 2022 surveyed 500 human resources professionals. In 2022, more than half of respondents (53%) indicated that they intend to substitute virtual events for one or more traditional in-person team-building events. However, about 58.8% of respondents stated they are more likely than in 2021 to host in-person corporate events. About 47.6% are likely to hold in-person outdoor events. Virtual events are likely to be organized by 41.8%. About 41% are likely to have in-person indoor events. Virtual reality events are likely to be managed by 32.2%. Such a considerable rise in virtual events would create a prospect for the market players to develop new products to cater to customer needs.
• On the contrary, significant challenges make designing and implementing hands-free voice control for earbuds difficult. These include recognition of the voice commands even under adverse conditions, which require power level, space, and cost for tiny allied components. These challenges must be addressed quickly, as the time taken for a long design cycle would lead to a market shift from one brand to another. The leading noise suppression and voice recognition solutions aim to provide a superior user experience. However, specialized DSPs or MCUs must be clocked fast enough to offer adequate processing capability. In addition, small batteries have been constraining the power and energy available for electronics.
• The COVID-19 pandemic had a minor influence on the earphone and headphone market growth. Due to the pandemic, official entities were forced to implement strict suspensions and travel prohibitions, disrupting logistics and manufacturing capacity and reducing total sales. Thus, prominent consumer electronics manufacturers such as Apple and Tesla and start-ups such as BoAT also suffered from the impact of the manufacturing shutdown in China due to COVID-19, leading to the production of new and existing products.