Recently, many smartphone companies are going all-in on the wireless earphone market by making their own earphones. It has majorly been the case for Chinese based OEMs who are working hard to become the jack of all trades.
They are slowly following up on traditional behemoths like Samsung, Apple, and LG who already have diversified portfolios when it comes to consumer-facing devices.
For the wireless earphone market, specifically, it is expected to top $3.41 billion by 2027. The estimation comes from Grand View Research, Inc., a U.S.-based market research and consulting company.
In its 80-page report, Grand View Research expects the market to grow at a Compound annual growth rate (CAGR) of 5.8% beginning this year all the way to 2027.
Key growth stimulus for the market includes the adoption of wireless earphones among consumers for multitasking and the recent budding trend of smartphone companies doing away with the jack.
The earphones are also increasingly becoming more appealing to the end consumer due to their “high-quality sound transparency, speech elevation, superior noise control, and augmented audio functionality,” says the firm.
Grand View Research expects that the market will also grow in tandem to the growing music industry and increasing popularity of rapping. Plus, partnerships among manufactures and popular musicians to launch limited editions could also play a role in fueling up demand.
Major applications of wireless earphones by consumers vary. However, major use cases have been identified as Gaming, Fitness, Virtual Reality, and Music & Entertainment.
Currently, prominent market players include Bose, Sennheiser, Apple, Sony, and Samsung. Other notable mentions in the report include JVC, OnePlus, Jaybird, Beats, Shure Inc., and Sennheiser electronic GmbH & Co. KG.