SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the Global Premium Headphones Market is projected to exhibit an impressive CAGR of 15.2% over the forecast period (2019 – 2027).
Key Trends and Analysis of the Global Premium Headphones Market:
Headphones above price US$ 300 are premium headphones. Strong inclination of the masses towards premium headphones, driven by increasing disposable income fuels growth of the premium headphone market. Players in the premium headphones market compete based on product features, sound quality, headphone type, technology, price ranges, etc. to gain competitive edge in the market.
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Increase in the usage of internet and smartphones across emerging nations is creating lucrative opportunities for leading manufacturers in the market. The rapid advancement in technologies such as gesture recognition and control, 3D surround sound delivery has led to growth of global premium headphones market. Moreover, introduction of noise-cancellation and noise-isolation devices has revolutionized the global premium headphones market. Use of headphones during sports and fitness activities has increased, which has led to high demand for custom-designed premium headphones. For instance, in July 2018, JBL, a brand of Harman International Industries, Inc., introduced Training-proof wireless headphones built exclusively for the gym. Major players in the market rely on strong distribution channels such as multi-brand distributors and retailers of headphones to gain a competitive advantage in the premium headphones market.
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Among product type, wired segment held the dominant position in the market in 2018 and is expected to retain its dominance over the forecast period, owing to ease of use, premium sound quality, and additional capabilities such as noise cancellation and noise isolation offered by vendors at price ranges 300 to 500 USD.
Among application, consumer segment held the dominant position in the market in 2018 and is expected to retain its position throughout the forecast period, owing to rising consumer disposable income levels in emerging economies such as China and India. For instance, For instance, according to National Bureau of Statistics (NBS), China’s per capita disposable income increased by 6.5% from 2017 to 2018.
Asia Pacific is expected to be the most lucrative market for premium headphones over the forecast period, owing to increasing adoption of paid digital audio subscriptions and growth of fitness and sports industry. According to CASBAA, The Asia Video Industry Association, Asia Pacific was the third-largest region for internet videos and produced revenue of US$ 3.6 billion in 2016.
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Key Market Takeaways:
- The market is expected to witness a CAGR of 15.2% during the forecast period (2019–2027), owing to increasing use of smartphones and music streaming services
- There are several factors, which are expected to impact the global premium headphones market over the forecast period. Increasing adoption and usage of the internet and smartphones, and demand for smart accessories is driving premium headphones market. Demand for premium features in headphones is increasing especially in regions such as North America and Western Europe, owing to high disposable income and presence of major brands in these region. This is fuelling growth of premium headphones market.
- Moreover, demand for wireless headphones is increasing as these headphones offer superior user experience over wired headphones.
- Online retailing is becoming a major distribution channel for premium headphones in emerging markets such as China, India, Indonesia, Brazil, and Russia.
- The premium headphones market is targeted only to specific consumers from high income segment, which restraints growth of the market and reduces the total addressable market
- Sound quality, price, brand name, headphone type, and wearing comfort are the key factors impacting customer buying behavior. Some of the major players operating in the global premium headphones market include Bose Corporation, Beats Electronics, 3M, Alclair Audio, Audio-Technica Ltd, Panasonic Corporation, Bowers & Wilkins Group Ltd., David Clark Inc., GN Group, Harman International, Inc., Sony Corporation, Logitech International S.A., Koninklijke Philips N.V., Pioneer Corporation, and Sennheiser Electronic GmbH & Co. KG.
- Major companies are focused on manufacturing trendy and innovative wireless purpose-specific headphones in order to enhance their market share.
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