The global headphone market size is expected to showcase considerable growth backed by rising music industry across the globe. This information is published by Fortune Business Insights in its report, titled “Headphone Market, 2021-2028.” The report further observes that the increasing sales of cell phones will boost the demand for the product in the forthcoming years. The COVID-19 pandemic led to a surge in streaming platforms that bode well for the rise of the music industry. This further leads to the higher adoption of the product worldwide.
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Market Segmentation:
Based on the technology, the market is bifurcated into wired and wireless. Moreover, on the basis of distribution channel, the market is divided into Hypermarket / Supermarket and online. Moreover, based on the application, the market is segmented into gaming, music & entertainment, virtual reality, and others. Finally, based on region, the market is categorized into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
What does the Report Include?
The market report for headphone includes in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth in the forthcoming years. Moreover, the research analyst has adopted several research methodologies to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028.
DRIVING FACTORS
Increasing Sales of Mobile Globally to Augment Growth
According to the International Data Corporation’s (IDC) Worldwide Quarterly Mobile PHONE Tracker report, the shipment of smartphones is about to reach 1.38 billion in 2021, an overall increase of 7.7% in 2020. Among these, the 5G equipped smartphone shipment is projected to grow by over 130% in 2021. Rapid-paced urbanization and the rising disposable income is anticipated to surge the demand for mobiles across the globe. Moreover, the rising music industry is acting as a growth catalyst that propels the growth of the product in the forthcoming years. Such factors are expected to contribute to the global headphone market growth during the forecast period.
REGIONAL INSIGHTS
North America to Dominate; Presence of Large Music Patrons to Aid Growth
Among all the regions, North America is expected to hold the largest global headphone market share in the forthcoming years. This is ascribable to the factors such as the presence of a large music audience and the availability of several recording studios in countries such as the U.S.
On the other hand, Asia-Pacific is expected to hold the second position in the market during the forecast period. This is owing to the increasing disposable income, and changing lifestyle and culture that will favor the adoption of headphones in the region.
COMPETITIVE LANDSCAPE
Contract Signing by Eminent Companies to Expand Their Product Portfolio & Boost Sales Revenue
The market is fragmented by the presence of major companies striving to maintain a stronghold by focusing on signing contracts with other companies to expand their headphone portfolios. Additionally, the adoption of organic and inorganic strategies by other key players to maintain their presence and further cater to the growing consumer demand is expected to favor the market growth.
Industry Development:
January 2020 - JBL introduced its JBL CLUB Headphone that provides the user with smart assistant technology, along with advanced noise cancellation. The company focuses on product innovation to capture maximum market and further strengthen its position.
List of the Companies Profiled in the Global Market:
Skullcandy, Inc.
Bose Corp.
Sennheiser Electronic and Shure, Inc.
Apple, Inc.
JVC
Sony Corp.
Skullcandy, Inc.
AKG Acoustics GmbH/Austria
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