The global wireless earphone market size is anticipated to reach US$3.41 billion by 2027, according to a new report by Grand View Research. It will expand at a compound annual growth rate (CAGR) of 5.8% from 2020 to 2027, adds the research group. Increasing adoption of wireless earphones among consumers to multitask while listening or watching music and entertainment videos is a key factor driving the market. In addition, enhanced audio performance is a key factor ramping up the sales of wireless earphones.
Grand View Research says that the removal of the headphone jack has paved the way for the adoption of wireless earphone. Technologically advanced wireless earphones have been designed to focus on offering several real-time solutions apart from streaming music and answering calls.
What’s more, availability of high-quality sound transparency, speech elevation, superior noise control, and augmented audio functionality are some of the features contributing to the demand for wireless earphone. Other notes from the Grand View Research report include:
° By application, the music and entertainment segment accounted for the largest share of 33.8% in 2019. Virtual reality is expected to exhibit the highest CAGR of 6.7% over the forecast period.
° Offline distribution channel held a major share of 53.4% in 2019 and is expected to maintain its lead in the next few years.
° North America held the largest revenue share in 2019.