The global smart headphones market size is projected to reach USD 41.0 million by 2026, with ~72% CAGR during the forecast period.
Smart headphone is a device, that performs various functions such voice-based personal assistants, contextual location-based suggestions, as fitness & heart rate tracking, environment-based noise suppression or audio enhancement, and gesture & touch-based control along with is primary function of listening to audio signals.
New enhanced features offered by smart headphone devices including noise cancellation, water resistance, and high-definition (HD) sound format are expected to drive the industry growth over the forecast period. Growing adoption of wireless devices with incorporated music player is expected to be a major factor driving market growth over the next seven years.
The major players operating in the global Smart Headphones Market are Apple Inc., Bose Corporation, Bragi, Huawei, Intel Corporation, LG electronics inc., Muzik, Sennheiser, Sony Corporation, Streamz, Skullcandy, Samsung Electronics, and Koninklijke Philips N.V.
Major company participants have emphasized on expanding its market presence and provide competitive audio solutions with high noise cancellation and better connectivity. These major companies are trying to obtain a key competitive advantage on the basis of price and product offerings. A large number of headphone manufacturers are integrating backward in order to ensure a stable and reliable supply of components which is expected to result in higher profit margins.
Key companies in the market include Sennheiser, Samsung, Bragi, LG, Valencell, ChipSip, Sony, Huawei, and Cosinuss. Research and development investment is significantly high in the market as the manufacturers constantly try to develop various breakthrough technologies in an attempt to provide the enhanced state of the art products to meet evolving consumer needs.
Smart Headphones Market - Segmentation
On the basis of type, the market is segmented into in ear, on ear, and over ear. Among these, the in-ear segment is expected to grow with the highest CAGR during the forecast period. The growing demand for the in-ear types headphones are acting as key factors responsible for the growth of this segment in 2020.
Based on connectivity, the market is segmented into wired and wireless. Among these, the wireless segment is expected to account for the largest share in Smart Headphones market in the year 2020. The growing prevalence and increasing use of wireless headphone, due to its various advantages are the primary factors driving the use of wireless headphones, which is expected to boost the demand for smart headphones during the forecast period.
By Distribution Channel:
Based on distribution channel, the market is segmented into online and offline. Among these, the online distribution channel is expected to generate high revenue in year 2020. This is due to the rising number of ecommerce websites in various developed countries such as US and Germany is responsible for the larger market share of this segment. Hospitals and clinics are expected to show a growth at the highest CAGR during the forecast period in the medical devices cleaning market.
Smart Headphones Market - Regional Analysis
The Smart Headphones market is segmented by region into North America, Europe, Asia Pacific, Rest of World. North America is expected to be the largest market for smart headphones accounting for over 35% of global revenue in 2020 and is expected to show a robust growth due to early technology adoption by manufacturers and consumers. Huge technology penetration across the U.S. is also anticipated to propel product sales. Existence of majority key industry players including Beats, Bose and Skullcandy have revolutionized the regional market with the availability of high-end products
On the other hand, the Asia-Pacific is expected to witness substantial growth due to high wearable electronics penetration in the region and due to the presence of countries such as China, Japan and India. Furthermore, the growing spending on expensive electronic accessories is expected to fuel the demand. Low-cost of sensors and other connectivity components used in smart headphones is expected to drive the growth of the over the next seven years.
The Europe region is estimated to show par growth due to its weakened economy coupled with the recent European debt crisis amid covid-19. Such crisis is expected to have a long-term impact that would expect to negatively affect the overall development. However, countries such as Italy, Germany and the UK were moderately affected by the crisis and these countries are expected to witness considerable growth over the coming years. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by the shifting consumer preference for alternative solutions as well as the increasing spending power of consumers, suggests the report. Similarly, the audio devices sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the earphone and headphone market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2026.
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