The global true wireless earbuds market size is expected to reach USD 14.51 billion by 2028 according to a new study by Polaris Market Research. The report “True Wireless Earbuds Market Share, Size, Trends, Industry Analysis Report, By Distribution Channel (Retail Offline Stores, Online Platforms); By End-Use (Consumer, Commercial, Others); By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for true wireless earbuds is expected to
grow during the forecast period owing to high growth in the adoption of mobile
devices such as smartphones, laptops, tablets, digital TVs, and others. There
has been increasing use of these earbuds in the commercial sector, sports, and
in-vehicle communication further boosting the market growth for true wireless
earbuds.
Increasing disposable income of consumers has
resulted in improved lifestyles and standards of living, increasing the demand
further. A rise in the number of streaming services such as Spotify, Pandora,
and Deezer, a growing need for mobility in communication services, and
multi-room streaming has increased the demand for true wireless earbuds.
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On the basis of distribution channel, the market
for true wireless earbuds is segmented into retail offline stores and online
platforms. In 2020, the retail offline stores segment accounted for a
significant share. However, the online platforms are expected to grow
significantly during the forecast period. A large variety of branded, as well
as local players, offer their products through online platforms with attractive
offers and discounts.
Increased internet penetration, easy payment
options, marketing campaigns targeting the youth, and timely delivery is
anticipated to fuel the growth of online sales channel. Market leaders are
gradually taking the initiative to set up their online portals for sales.
On the basis of end-user, the market for true
wireless earbuds is segmented into consumer, commercial, and others. The demand
for true wireless earbuds is expected to increase from the commercial sector
during the forecast period. The earbuds are being used in the commercial
sector in various industries such as corporate offices, call centers,
education, sports, and entertainment, among others. They are increasingly being
used during news broadcasting, conferences, and meetings for enhanced
convenience, mobility, easy connectivity, and user experience.
Asia Pacific is expected to experience significant
growth during the forecast period. Increasing population, urbanization, and
rising disposable income of consumers drive the growth in the region. Market
players are launching cost-effective and technologically advanced true wireless
earbuds to cater to growing consumer demands in the region.
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An increase in media consumption, rise in the
adoption of smart devices such as mobiles, tablets, PC, laptops, and others
also influence the growth in the region. Also, constant upgrades in advanced
technologies, strengthening economic conditions, and rapid commercialization
are factors expected to offer growth opportunities for true wireless earbuds
during the forecast period.
Owing to technological advancements, companies are
developing low-cost true wireless earbuds to cater to the growing needs of
customers and improve market share. Broadening of the product portfolio is
another trend that is visible in the industry.
Some of the major market participants include Sony,
Apple, Beats, Jabra, Sennheiser, SoundMAGIC, Amazon, Cambridge Audio, Master
& Dynamic, JBL, Lypertek, Bang & Olufsen, Audio-Technica, Anker,
Klipsch Audio Technologies, and Jaybird.
Polaris Market research has segmented the true
wireless earbuds market report on the basis of distribution channel, end-use
and region:
True Wireless Earbuds Distribution Channel Outlook
(Revenue, USD Million, 2016 – 2028)
- Retail Offline Stores
- Online Platforms
True Wireless Earbuds End-Use Outlook (Revenue, USD
Million, 2016 – 2028)
- Consumer
- Commercial
- Others
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