Yes, you read that correctly. The international headphones market is said to be worth $18.2 billion by 2023 thanks to advancements in smart technology.
Global Market Research Says Headphones Market Worth $18.20 Billi by 2023
Recent studies have shown that the earbuds and headphones market, worth $11.68 billion in 2015, will grow to be worth $18.2 Billion by 2023. This is owed to the rise in the use of smart devices such as mobile phones, tablets, and portable music players which are likely to drive global earphones & headphones market growth. The research cites the short replacement cycle of these products owing to the changing fashion, functionality, and damage or loss may lead to high industry growth.
GMI, Global Market Insights, further provides that the rapid demand of smaller and lighter products also add to his number. “Rapid technological advancements are forecast to result in miniaturization and development of light weight products, augmenting earphones market demand. In addition, features such as noise cancellation offered by these devices are also likely to drive demand.
As a commuter in New York City, I have to point out how necessary a noise cancelling  and/or wireless headphone seems everyday. Many popular brands have started to invest in noise-cancelling models. Most recently, BOSE added three wireless models to it’s collection.
“Continuous product development and innovation initiatives by companies such as Sennheiser Electronic, Beats Electronics and Bose are likely to the revolutionize industry scenario. Customers are likely to opt for these devices owing to high fidelity and aesthetic appeal along with advanced technology offering,” adds GMI. “Strong economic growth, especially in emerging industries such as China, India, and Brazil is predicted to catalyze adoption over the forecast timeframe.”
GMI also pointed out a single challenge to the growing headphones market – fake makes for a cheaper price. “Growing prominence of low-cost counterfeit devices may pose challenge to the global headphones market.”
GMI released these findings on June 15.
