True Wireless Stereo Earbuds Industry Overview
The global true wireless stereo earbuds market size was valued at USD 25.32 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 36.1% from 2021 to 2028.
The increasing demand for streaming content, coupled with the rapid proliferation of social media and short video apps, is anticipated to accelerate true wireless stereo (TWS) earbuds market growth over the next few years. TWS earbuds form an integral part of the smart audio devices industry, and the segment is expected to witness robust growth over the forecast period. The industry has already witnessed the benefits of integrating several sensors into one device. However, going forward, radical advancements in technology, including the development of powerful and cost-efficient Bluetooth chips with longer battery life, will pave the way for market growth.
The launch of Apple AirPods played a crucial role in leading the market growth in 2016, and several players, including smartphone and audio manufacturers, followed suit. Four years since the first launch, TWS has emerged as the fastest-growing segment in the smart personal audio market. The increased uptake of these devices has also resulted in supply chain upgrades globally with technological developments focused on the main control chip, power management, and earplug battery, among others. Apart from technology, convenience and audio quality are expected to continue to be the primary market drivers. Features, such as cable-free functionality and over 70% longer battery life, make these devices a popular choice among users.
Gather more insights about the market drivers, restrains and growth of the Global True Wireless Stereo Earbuds Market
Asia Pacific captured a sizeable market share in 2020, with products below USD 100 price band witnessing strong demand. APAC exhibits a dynamic market landscape with a mixed demand for premium as well as affordable products. Premium products appeal to consumers from Japan or South Korea who prefer sound quality and convenience over price. On the other hand, Southeast Asian countries have shown a high inclination toward low- to mid-priced devices. The demand for affordable devices in APAC is expected to surge over the forecast period as vendors, such as Xiaomi and Realme, strive to improve product availability in price-sensitive markets.
The COVID-19-led supply chain disruptions resulted in a minor setback for the industry. The production of TWS earbuds in China was impacted during early 2020; however, it returned to full utilization level by the second quarter. The pandemic did not, however, affect consumer demand as a relatively higher portion of the product sales was online. The rising product demand for fitness activities/work-from-home has kept the market growth steady during the pandemic.
Earbuds are also gaining prominence as a hearing aid device. Manufacturers are focused on incorporating hearing assistance features into their earbuds to assist people with hearing disabilities. Companies, such as Nuheara Limited and Apple Inc., have introduced ear ID personalization into the microchips that are used in TWS earbuds. The microchip enables users to create a unique sound ID based on the individual's ear profile and listening capability. The sound passes through the earbud's hardware and is amplified or reduced based on the configuration set by the user through the hearing assistance technology. Such advancements present an opportunity for vendors to introduce new features into their products, which is expected to bode well for the market growth in the future.
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Market Share Insights
- December 2016: Apple Inc.'s AirPods feature an innovative vent design that equalizes pressure within the ear to minimize discomfort, which is common with in-ear models. The AirPods have seen massive growth in sales since their launch.
Key Companies profiled:
Some of the prominent players in the global true wireless stereo earbuds market include:
- Apple, Inc.
- Bose Corp.
- Jabra
- Harman International Industries, Inc.
- Sony Corp.
- Sennheiser Electronic GmbH & Co.
- Xiaomi
Order a free sample PDF of the True Wireless Stereo Earbuds Market Intelligence Study, published by Grand View Research.
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