The global earphone and headphone market is estimated at US$ 22.3 Bn in 2022 and is projected to close in on a valuation of US$ 35.2 Bn by 2028, expanding at a CAGR of 7.9% over the 2022 to 2028 assessment period.
Future Market Insights has recently published a market research report titled “Earphone and Headphone Market – Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028.”
Developing Countries Turning into ‘Largest Sales Hub’
Sales of mobile phones and smartphones have significantly grown over the past several years, especially in emerging countries like India, China, Brazil, and Mexico. Additionally, the growing acceptance of mobile banking, bringing your device (BYOD), and mobile shopping is fueling an increase in the demand for smartphones and tablets globally. This is in turn stimulating demand for technologically advanced accessories like Wi-Fi-enabled earbuds and headphones.
The expanding rural-to-urban migration, especially in developing nations like India, China, Brazil, Mexico, and Indonesia, has expanded the adoption of low- or medium-priced earbuds and headphones. FMI’s findings, however, indicate that for the foreseeable future, Europe will remain the largest market for headphones and earbuds.
Over the past 10 years, urbanization has grown, boosting the population’s disposable income as a result of migration. A rise in people’s disposable money has fueled a global upsurge in the usage of high-tech products including smart devices, smartphones, tablets, and wireless earphones. The majority of this trend has been observed in developing countries including India, China, Brazil, Mexico, and Indonesia. Earbuds and headphones are now more often utilized in these countries as a result.
Both the improvement of the distribution network and the emergence of earphone and headphone advertising platforms are contributing to the expansion of the earphone and headphone market internationally.