The global True Wireless Stereo Earbuds Market demand is expected to reach USD 305,499.8 million by 2028, registering a CAGR of 36.1% from 2021 to 2028, according to a study conducted by Grand View Research, Inc. Apple, Inc., Bose Corp., Jabra, Harman International Industries, Inc. are some of the prominent key players of the industry. The proliferation of connected devices at affordable prices is expected to favor true wireless stereo (TWS) earbuds market growth. Manufacturers are focused on introducing earbuds with multiple pair points to enable users to connect with multiple devices. As such, TWS earbuds are gradually gaining popularity as a convenient smartphone accessory. The wire-free and sophisticated design of these earbuds acts as the key purchase motivator for consumers
Moreover, the work-from-home norms imposed during the COVID-19 pandemic have accelerated the demand for IT accessories, including wireless earbuds. These devices can easily be used for listening to music or attending work-related con-calls. Besides features, such as Advanced Noise Cancellation (ANC) and wireless connectivity, TWS earbuds also come with a built-in carry case charger that offers seamless usage for over 150 hours. Furthermore, instant pairing across a variety of devices using Bluetooth, IPX7 certification, and support of voice assistants, such as Google and Siri, are also contributing to the market growth.
The rising demand for new and improved features serves as a catalyst for advancements in the market. Companies focus on launching products with differentiated features under various price bands. Multi-functional TWS earbuds are widely demanded as they cater to different applications, such as fitness, gaming, and entertainment, and offer extended capabilities, including fitness tracking and voice recognition. Moreover, several Chinese vendors, such as Xiaomi and Realme, have introduced entry-level wireless earbuds in the APAC market, making them an affordable choice for all consumers. The demand is expected to remain bullish over the next few years.
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True Wireless Stereo Earbuds Market Report Highlights
- The USD 100–199 price band segment led the global market in 2020 and is projected to expand further at a steady CAGR over the forecast period
- The proliferation of entry-level devices is expected to play a pivotal role in favoring the segment growth
- North America led the largest revenue share of more than 37% due to early technology adoption and high attention toward health & fitness amid the pandemic have been instrumental in driving the market growth in this region
- However, in terms of unit shipments, the demand for wireless earbuds in Asia Pacific surpassed the demand in North America in 2018
- Aggressive pricing strategies employed by Chinese vendors contributed to the large share of the regional market