The sound technologies revolving around wireless headphones and audio equipment have been evolving rapidly. More and more manufacturers are launching devices with superior sound quality, excellent noise cancellation features, fast charging, and stellar build.
All of these advancements are making more and more customers upgrade their devices. Likewise, these features capture more value in the marketplace.
According to the new data from consumer goods research reports, the wireless earphone market aims to reach 18.2 Bn USD by 2031. That is a giant leap, especially considering that in 2021, the wireless earphone market was pegged at 8.67 Bn USD.
So, in comparison, in 10 years, the market size is aiming to increase by around 10 Bn USD. The report offered a lot of inside insight regarding the findings of the wireless earphone market as well.
According to the study, the rise of smartphone users is steering the demand for wireless earphones. How so? Most current smartphones do not come with a 3.5 mm headphone jack.
This is a trend that Apple started with their iPhone 7 lineup, which was mainly to make the users forcefully buy AirPods. But now, more and more smartphone manufacturers are following in the footsteps of Apple. Samsung removed the jack with their S20 series, and Google ditched it in Pixel 5.
Secondly, manufacturers are tapping a huge amount of revenue from the sales of Bluetooth-enabled devices. Consumers are now attracted to the best noise-canceling earbuds, and most are more excited about the new technologies in the music and entertainment sectors.
Leading players are focusing on ensuring an easy installation of their wireless offerings. There has been a reasonable rise in the adoption of Bluetooth LE radio as well.
Then, more and more firms are working on capturing value by improving product features. Manufacturers nowadays are keener on providing augmented products to differentiate their products from the rest.
That is why they are emphasizing more on improving designs, battery life, sound, and connectivity with each iteration. This is another reason why the wireless earphone market is growing rapidly.
When it comes to regional growth dynamics, Europe and North America have emerged in establishing markets for wireless earphones.
The manufacturers are thus leaning more towards offering new features and augmented products to capture the wireless earphone market share in these mature markets. Things such as enhanced voice quality and fast charging features that the brands promote are attracting more consumers.
Meanwhile, opportunities in the Asia Pacific are projected to rise at a promising pace during the forecast period. And according to the TMR(Transparency Market Research) study of the wireless earphone market, a slew of launchers of phones with advanced wireless connectivity features will boost the overall revenue potential.