The global bluetooth headphones market was valued at USD 8 billion in 2019. The market is anticipated to expand at a high CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to rising penetration of smart gadgets, including smartphone, television, tablets, and laptop.
Amalgamation of several technologies such as on-bound storage, gesture recognition, and hand free calling have a positive impact on the market growth. Demand for bluetooth headphones is estimated to rise during the forecast period on account of their convenience. Bluetooth headphones are likely to witness steady growth, due to its high quality and clear sound.
In the digital world, data is easily available and consumers usually educate themselves before buying. According to studies, demand for high-quality sound is increasing among consumers at a global level. They are keen to spend about USD 145 to USD 300 on high-quality headphones. People consider features such as quality, noise cancellation, sound, and overall aesthetic before buying the product. Such factors are projected to positively affect the market in the coming years.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing popularity of bluetooth headphones, due to their ability to sync with smartphones, is expected to increase the market growth.
- Bluetooth headphones do not consist of wires unlike wired headphones, which get tangled and leads to breakage of the wire. This can fuel the demand for bluetooth headphones in the global market.
- Changing lifestyles lead to people using wireless headphones and other modern devices. This is responsible for boosting the demand for bluetooth headphones.
- Growing acceptance of sports and fitness bluetooth headphones by athletes and sportspersons has increased the demand for the product.
- Features such as noise cancellation techniques that facilitate a better listening experience is a key driving factor.
- Disadvantages such as limited battery life, frequent recharges, and others may hinder the market growth during the forecast period.
- Some manufacturers are developing and innovating bluetooth headphones to decrease their size and upgrade them, which is presenting numerous opportunities for the expansion of the market.
Market Segment Insights:
Based on products, the market is segmented into over ear, in ear, and on ear. Battery life, noise cancellation, lightweight, USB-C, and integration of voice assistance are the factors propelling the demand for the in-ear segment during the forecast period. Moreover, addition of advanced biometric sensors in headphones is expected to increase the demand for bluetooth headsets in sport and fitness activities, as they support heart monitoring. The over ear segment is anticipated to register a CAGR of 13% from 2021 to 2028. Advanced design and integration of chips offers fast connection, convenience, increased talk time, and integration of noise cancellation facilities, which boost the adoption of over ear headsets. Furthermore, companies such as Bose, Sony, and Sennheiser are introducing headsets with built-in voice max microphone that enables them to conduct crystal clear conversations. This is expected to fuel the market.
On the basis of distribution channels, the market is classified as exclusive store, multi-branded store, and online retail. The online retail held a major share of 49% in 2018. India and China are the major revenue contributors in the market and are going through a phase of digital revolution, which is likely to change the shopping behavior of customers. Changing customer preferences, growing disposal income of households, increasing penetration of smartphones, and extensive exposure to digital media are anticipated to positively affect the market. Online retailers including Amazon and eBay, combined with the local players such as Taobao, Flipkart, and JD.com are acquiring a key market share in India and China, mainly in mobile phone accessories and devices. Recently, Flipkart, a homebased e-commerce giant, is setting up India’s largest logistic park near Bengaluru. This center will act as a nerve of logistic system, supporting the company in reducing prices and delivering products rapidly. These initiatives are projected to increase the sale of electronic goods, including bluetooth headphones over online channel during the forecast period.
In countries such as US and the UK, popularity of multi-branded stores and online sales is rising. The key reason for the increasing popularity of order-online and collect-in-store system is proximity. Several customers want products to be delivered quickly, hence they order online. For example, Amazon is building warehouses to allow fast pickups and creating Amazon lockers that are situated in convenient locations in major cities and towns.
About Growth Market Reports:
GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys.
Contact:
Growth Market Reports
Phone: +1 909 414 1393
Email: sales@growthmarketreports.com
Web: https://growthmarketreports.com
Follow Us: LinkedIn | Twitter
0
