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Music can help sportsmen perform better while practicing or exercising which acts as a fostering factor for the growing popularity of the use of sports earbuds. Due to the growing concern of health, more people are now taking regular exercises like stretching, morning walk, weight lifting, yoga, and others while doing this type of exercise the use of earbuds helps people to better focus on their exercise and this thus create more traction. According to the data released by the Centers for Disease Control, about 23 percent of the United States adult population get a recommendation to take exercise every week. Furthermore, the rising popularity of audiobooks which helps people to listen to books while they are doing their activities acts as a flourishing factor that is generating more needs. Additionally, a long-form podcast of an interview or discussion of topics also generates more demand of the product which also expected to boost market growth.
The innovation of earbuds which comes with sweatproof, splash resistance and water resistance act as an immense opportunity for the growth of the market. For instance, the JBL Endurance Dive which comes with sweat and water resistance. Furthermore, the innovation of earbuds which is not only wireless but has the ability to get automatically adjust the bass, mid, treble, and volume of the audio to prevent any ear damage of the user also acts as a driving factor for the future growth of the market.
Key Market Driver -
The rising growth of sports industry act as a driving factor for the growth of the market.
Key Market Restraint -
Ability to cause loss of hearing act as a restraining factor for the market growth
The increasing growth of the sports industry is generating more sportsmen all over the world which is acting as a driving factor for the growth of the sports earbuds market. Additionally, the rising development of the music industry which is generating more audiences world-wide in different genres of music acts as a propelling factor for market growth. For instance, according to the data published by Forbes, the recording music industry was valued at $19.1USD billion in 2018 which was a rise from 9.7% percent from the previous year. Furthermore, talk shows and comedy shows which are in a form of a listenable audio format also has a huge audience all over the world including people who are involved in sports and fitness helps to generate more needs of the product. Likewise, giving the ability to take a call without having to touch the phone while doing types of activates act as a flourishing factor that is driving more needs.
However, due to high sound volume and high pitch sound which is played through the earbuds can cause people to lose hearing and this act as a hampering factor for the growth of the market.
Sony Corp, Samsung Electronics Co., Ltd., Skullcandy Inc., JBL Inc., Shure Inc., Philips AG are some of the key players which are operating in the earbuds market.
On the basis of price, the market is segmented into less than 50 USD, between 50-100 USD, and above 100 USD. Between $50-100 USD is projected to be the dominating segment owing to its mid-range quality and affordable price. Also, a large percentage of the population still does not consider the worth of an earbud to be above 100 USD and less than 50 USD are anticipated to have low quality and not durable.
Based on technology, the market is divided into wired and wireless. Wired is estimated to be the larger market shareholder due to more affordable price, the ability to produce top-notch sound quality does not require a battery.
By Distribution Channel, the market is fragmented into e-commerce, and retail store. E-commerce is anticipated to be the larger market share holder owing to having a wide variety of products as compared to retail stores which are mostly limited to specific types of brands. Additionally, easier to find discount products online stores than retail stores helps to increase more consumers to use e-commerce.
North America is estimated to be the dominating region and is expected to continue during the forecast period of 2019-2026. Due to the large percent of the population involved in health and fitness activities, it thus helps to increase the demand of sports earbuds. Furthermore, the increasing number of social media influencers who are promoting the product also create more needs. North America is the number one economy in the world is resulting in more consumers having higher buying power act as a flourishing factor for market growth. According to the data released by the Country Economy, the Gross Domestic Product of the United States in 2019 was USD 21.427 trillion which is considered to be the highest in the world.
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The Asia Pacific is projected to show significant growth during the coming year owing to the rise of technological companies in this region such as Sony, Samsung, Huawei, and others who are focusing on the production of good quality products at an affordable price. Additionally, the increasing growth of globalization has led to a rise in more product availability in this region even for people living in rural areas. Furthermore, due to the growth of the economy in this region there is an escalation of disposable income which leads to people wanting more electronic goods including sports earbuds. According to the data published by the trading economy, India’s disposable personal income in 2019 was valued at $2.936USD trillion which is a rise from 2018 of USD 2.738 trillion.
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