"The demand for enhanced communications is anticipated to act as key driver"
The headset market demand was valued at 297.1 million units in 2015 and is expected to expand at a CAGR of 13.7%. The growing demand for enhanced communications in the commercial application segment, especially in enterprises and call centers, is expected to significantly contribute to the industry growth.
The advent of noise cancellation techniques facilitates a better listening experience to consumers. This is one of the primary reasons for the adoption of ANC based wired and wireless headsets. The rise in disposable income in emerging countries such as Brazil, China, and India is fueling industry growth. Furthermore, the growing adoption of application specific headsets in the avenues such as gyms and call centers is projected to boost the industry growth over the forecast period.
The introduction of innovative sports and fitness wearable equipment is helping industry leaders to cater to the needs of sports enthusiasts and fitness conscious customers. Original equipment manufacturers (OEMs) are offering ground-breaking features such as fitness tracking and monitoring in headsets. Wireless headsets that provide high comfort, sweat resistance, and hassle-free hearing experience are witnessing a surging demand across the globe. BioSport Audio in-ear headset is a prominent example of sports and fitness headset. The headset is powered by Intel Corporation and provides health monitoring functions that eliminate the need for chargers or batteries and rely on the in-built sensors and unique software to operate as a heart monitor and pedometer.
Asia Pacific headset market revenue, by price, 2013 - 2024 (USD Million)
"The over-ear product segment is expected gain traction over the forecast period"
In terms of volume, the over-ear segment accounted for 50.7% of the overall market share in 2015. The segment is predicted to witness a considerable growth and is expected to reach 50.8%by 2024. The segment is expected to grow at a CAGR of 13.7% from 2016 to 2024.The manifold benefits offered by in-ear devices such as portability and better comfort are the key factors impelling the segment growth.
"The headsets categorized within price range USD < 50 price segment is projected to emerge as the fastest growing segment (in terms of volume)"
The less than 50 price segment is estimated to grow at the fastest CAGR of 14.5% from 2016 to 2024 (in terms of volume). The price segment accounted for 61.5% of the overall market share (in terms of volume) in 2015. The above USD 100 segment is expected to grow at a CAGR of 11.1% (in terms of volume) over the next eight years. Highly sophisticated features, improved design, and demand for value-added features provided by NFMI are anticipated to fuel the demand for products priced greater than USD100.
"The wired technology segment accounted for the highest market share"
The wired technology segment accounted for 53.9% of the overall market share in 2015 (in terms of volume). However, the rising inclination towards wireless products due to its hassle-free nature is presumed to incite growth for the wireless technology segment. Popular wireless technologies include Bluetooth, Wi-Fi, and NFMI.
"The personal application is estimated to emerge as the fastest growing application segment"
The personal application segment is estimated to grow at a CAGR of 13.7% over the forecast period (in terms of volume). The escalating demand for VR headsets for gaming and entertainment purposes is contributing to the market expansion. The segment accounted for the highest market share in 2015 and is analyzed to account for 60.0% of the total market share by 2024.
"The Asia Pacific region is expected to propel growth"
The Asia Pacific region is estimated to be the key market over the forecast period, owing to the rise in the demand for low-cost quality headsets in countries such as China and India. The availability of low-cost products from regional manufacturers is impacting the local market growth positively. The region accounted for 33.5% of the overall market share (in terms of volume) in 2015.
"Sony Corporation, Shure, Inc., Koninklijke Philips N.V., Skullcandy, Inc., and Sennheiser Electronic GmbH & Co. KGholda significant market position"
Few of the other prominent players in the industry include Plantronics, Inc., Audio-Technica Corporation, Zebronics India Pvt. Ltd., Bragi GmbH, Oculus VR, LLC, Pioneer Corporation, Alclair Audio, Apple Inc., Bose Corporation, Grado Labs, Harman International Industries, Inc., JVC Kenwood Corporation, Logitech, Panasonic Corporation, Shenzhen Cannice Technology Co., Ltd., GN Netcom, Tekfusion Technologies Pvt. Ltd., Klipsch Group, Inc., and Ultimate Ears.
The market is characterized by the presence of several regional players striving to gain market share by offering quality products at a considerably low price. Several prominent manufacturers such as Koninklijke Philips N.V., Skullcandy, and Harman International Industries (JBL) are expected to shift their low demand products to less than (<) “USD 50” price-band irrespective of their current selling prices to curtail the inventory of commodity products. This is in line with the revenue model that aims to gain high-profit margins through promoting technologically advanced products.
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