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.
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.
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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.
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)
True Wireless Earbuds Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa