Market Overview:
The global true wireless earbuds market size is estimated to grow at a remarkable annual rate in the coming years. The global true wireless earbuds market registered 33 million units (USD 4.1 billion) in 2021, growing at a quarterly increase of 22%. Geographically, the US accounted for almost one-third of the global market and expanded 10 million units. China has recently increased significantly and grew by 44% in Q3 of 2021. Manufacturers are creating devices with various features so that these can be utilized by multiple consumer base as per their requirements.
The true wireless earbuds market is experiencing growth, with gadgets offering functionalities like hands-free calls, wireless music players, and activity tracking. These gadgets are being used by customers, who are searching for accessing calls, music, and more without being connected by a wire to a smartphone. Wireless headphones are the top in the list of earbuds choice by the population.
Recent Developments:
The AirPods Pro-Lite will reportedly be the latest version of the noise-cancelling AirPods Pro, which indicate the rumored wireless earbuds might be low priced than the most expensive Apple earbuds currently available on the market.
OPPO took the stage in India to declare the launch of the OPPO Enco Free True Wireless Earbuds. The Apple Airpods competitor comes prepared with 13.4mm drivers that assure dynamic bass. The company entitles that the Enco Free is the world’s first true wireless headset that utilizes ultra-dynamic speakers with dual magnetic circuit innovation. For reference, it is primarily used in high-end audio gadgets. Furthermore, it is the industry’s first to utilize aluminum-magnesium-titanium composite diaphragm that is said to make treble clear.
· Galaxy Buds Plus specs were leaked ahead of Samsung’s Unpacked event and announced that the new model creates significant strides in terms of battery life. These devices can last up to 11 hours on one time charge, and the charging case expands that to 22 hours before everything requires to be juiced back up. At times where the buds are completely off, charging for just three minutes will provide an hour of playing time.
Drivers and Restraints of True Wireless Earbuds Market:
Drivers:
Technological advancements, like the emergence of notch-less smartphones, is anticipated to fuel product demand over the forecast period. Additionally, rising demand for fashionable and attractive designs is predicted to spice up the merchandise sales. Furthermore, the advent of advanced technologies, like Active Noise Cancellation (ANC) that helps eliminate background noises leading to enhanced sound quality is predicted to spice up the global true wireless earbuds market. The increasing popularity and adoption of smartphones, tablets, laptops, portable music players, and other mobile devices is additionally expected to bolster the industry growth. The emergence of mass-market audiophile era in recent times has resulted in some notable developments in product technology and is predicted to upkeep the sales over the forecast years. The recent expansion of the marketplace for portable audio devices, like MP3 players, hand-held gaming consoles, and multimedia phones, is additionally anticipated to impact the merchandise demand positively. The desire for high-quality sound characterizes developments in this industry.
Restraints:
Easy availability of several counterfeit products in the market may hamper the industry growth in the next few years.
Market Segmentation:
By application:
The consumer segment is predicted to be the fastest-growing application over the forecast period. Rising need to enhance the VR experience and improve sound quality is driving the segment demand. The fitness application is supposed to witness rapid expansion on account of increasing usage of earphones and headphones in gyms. The gaming segment is additionally anticipated to register robust growth over the forecast years due to increasing product demand within the sector.
By Product Type:
The in-ear segment is likely to account for the top market share by 2025, thanks to the growing demand for wireless earphones across the world. Benefits, like high sound quality offered by in-ear devices, have increased their demand. The headphones segment is additionally anticipated to witness considerable growth on account of technological developments in terms of product features, like Bluetooth, Wi-Fi, infrared, and SKAA
True Wireless Earbuds Market Region wise analysis:
Marked Segmentation based on the region:
a. Middle East
b. Africa
North America true wireless earbuds market accounted for over 25% of the worldwide revenue share in 2018 thanks to the well-established market including technology penetration within the region. Constant R&D and advent of latest devices because of the presence of key companies, like Beats Electronics, Bose Corporation, and Sennheiser Electronic, will drive the regional market further. Asia Pacific true wireless earbuds market is estimated to witness the very best CAGR over the forecast period. This growth is attributed to the improved sales of smartphones and tablets alongside the proliferation of music streaming services. Asia Pacific is predicted to be the fastest-growing market with a CAGR of 7.6% from 2020 to 2025. This is due to the rising consumer income levels within the region, especially in developing countries like China and India. Furthermore, a variety of prominent companies are investing in such economies due to low-cost labor, which is likely to contribute to the region’s growth.
Key Players of Market:
Key players of the market are:
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