The rise in the disposable income is remarkably driving the demand for application-specific headsets. The increase in consumer spending for consumer electronic products has significantly spurred the market growth.
The growing demand for improved design and style is anticipated to favorably impact the industry growth. In addition to this, increasing popularity and adoption of smartphones, portable music players, laptops, tablets, and other mobile devices are expected to catapult the industry growth prospects.
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Enhanced audio quality acoustics offered by in-ear products is substantially bringing traction in this industry. The advent of innovative technologies such as Bone Conduction, Near-field Magnetic Inductance (NFMI) Technology, and Design Improvements has led the market to gain traction globally.
Further Key Findings From the Study Suggest:
The in-ear product segment is projected to gain momentum over the forecast period. The segment was valued at approximately USD 5,162.4 million in 2015 and is projected to reach approximately USD 9,616.7 million by 2024, expanding at a CAGR of 7.2% from 2016 to 2024. Miniaturization, portability, and better comfort are the key advantages impelling the growth of in-ear headsets segment.
Headsets within the pricing range of USD 50-100 are predicted to witness a high demand during the forecast period. This is mainly due to the introduction of cost-effective quality products within this segment. This segment demand was valued at 95.0 million units in 2015 and is expected to grow at a CAGR of 12.4% from 2016 to 2024.
The commercial application segment is experiencing significant growth owing to the increasing adoption of headsets in BPO enterprises and the media and entertainment industry. The growing demand for enhanced user experience while playing PlayStation or high-quality graphics games on mobile applications has increased the demand for gaming and VR headsets as it stands today. The trend is likely to continue over the forecast period.
The Asia Pacific region is estimated to be the key market over the forecast period, owing to the increasing demand for headsets in countries such as China, India, and Japan. The availability of low-cost headsets from regional manufacturers is impacting the growth of the market positively. Additionally, the availability of affordable headsets manufactured byte leading players in order to remain competitive has also bolstered the market growth in this region. The growing competition among the third-party e-commerce channels (backed with large pockets venture capitals) is another key factor fueling the industry growth.
The key vendors dominating the industry include Apple, Inc., Sennheiser Electronic GmbH & Co. KG, Sony Corporation, Bose Corporation, JVC Kenwood Corporation, Alclair Audio, Harman International Industries, Inc., and Panasonic Corporation
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