The global wireless earphone market size is expected to reach US$2.9 billion by 2026, rising at a market growth of 8% compound annual growth rate, according to Research and Markets.
Growing preference for wireless devices, coupled with the increased use of smart technology, is a major factor projected to fuel demand for wireless earphones and drive growth in the global market over the forecast period, adds the research group. In addition, the increasing rise of wireless contact lenses, as they offer freedom of movement and can be used during gym exercises, sports, or other physical activities, is another aspect projected to fuel the growth of the global market.
Technological advances integrated into the manufacturing process allow companies to attract a large consumer base of wireless earphones, says Research and Markets. Features such as noise cancellation and better wireless networking are the main modifications implemented in the products, increasing their acceptance by millennials. In addition, the growing proliferation of smartphones and access to the Internet is paving the way for manufacturers to become future contributors to this market.
Research and Markets says that earphones that transform into multi-functional smart devices can fuel the growth of the industry. Consumers are increasingly using wireless earphones for a range of uses, such as listening to music, audiobooks, streaming digital podcasts, and making calls while keeping their hands free.
Continuous improvement in consumer preferences, along with increasing technological advances, has resulted in a boom in product miniaturization, fueling the popularity of wireless earphones. The ability of these products to concentrate on user convenience and sound quality is one of the key reasons supporting the high adoption of wireless earphones, notes Research and Markets.