The global earphones and headphones market is projected to reach values of more than $36 billion by 2024, growing at compound annual growth rate (CAGR) of around 13% during 2018-2024, according to Report Linker (www.reportlinker.com), a market research group.
The increase in the number of mobile devices, access to music and video content on-the-go, and the fast-evolving music industry are some of the major factors attributing to the growth of the global market. The exponential growth of digital media, especially entertainment services such as video, audio, and multimedia will drive the demand for innovative devices in the market, says Report Linker.
The global earphones and headphones market is driven by the growing demand for portable devices for high-quality sound and an enhanced audio experience. Report Linker says the growing array of platforms on which users can access and stream audio and video content will contribute to the revenues in the global market.