True Wireless Stereo Earbuds Market Size, Share & Trends Report

True Wireless Stereo Earbuds Market Size, Share & Trends Analysis Report By Price Band (Below USD 100, USD 100-199, Over USD 200), By Region (APAC, North America), And Segment Forecasts, 2021 - 2028

  • Published Date: Jul, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68039-402-8
  • Format: Electronic (PDF)
  • Historical Data: 2018 - 2019
  • Number of Pages: 110

Report 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.

Asia Pacific true wireless stereo earbuds market size, by price band, 2018 - 2028 (USD Billion)

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.

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.

Price Band Insights

In 2020, the USD 100-199 price band segment accounted for the largest revenue share of over 50%. Vendors, such as Apple Inc., Samsung Electronics Co. Ltd., and Jabra, have largely contributed to the market share. Apple Inc. is anticipated to continue dominating the global hearables market over the next couple of years. However, the economic downturn and related uncertainties caused by the COVID-19 pandemic have boosted the growth of the below USD 100 price band segment.

Global true wireless stereo earbuds market share, by price band, 2020 (%)

Chinese and Indian brands, such as Xiaomi, Baseus, boAt, Noise, and PTron, have launched several products in the below USD 100 price band. This has led to a decline in the sale of higher-priced products, subsequently dropping the average selling prices for TWS earbuds worldwide in 2020. As the impact of the pandemic abates, the demand for mid-range products is likely to gain traction, propelling the launch of new products under the USD 100-199 price band. Companies, such as Apple Inc., Sony Corporation, and Jabra, are expected to launch new products in the low- to mid-priced range in 2021.

Regional Insights

North America led the global TWS earbuds market demand in 2020 with a share of over 37%, which was closely followed by Asia Pacific. The popularity of AirPods has been instrumental in driving the demand for TWS in North America. Several smartphone vendors have introduced wireless earbuds with specialized connectivity to their own devices. With the rapid increase of smartphone replacement cycles, many consumers are also seen investing in related accessories. Smartphone vendors are expected to capitalize on these opportunities. The high technology penetration and early availability of newly launched products are also some key factors contributing to the market growth.

China and India are expected to lead the Asia Pacific regional market owing to the emergence of several vendors offering feature-packed products at competitive prices. Many Chinese and Indian vendors look for growth opportunities in overseas markets. Well-established vendors capitalize on the existing supply chain for increasing their cross-border e-commerce sales. Furthermore, these vendors offer affordable and appealing products that resonate well with a more extensive audience. Asia Pacific provides a large customer base and several opportunities for market growth with low entry barriers. These factors are anticipated to drive the product sales in Asia Pacific and the region is expected to surpass North America, in terms of revenue, over the forecast period.

Key Companies & Market Share Insights

The market is competitive with vendors, such as Apple Inc., Bose Corp., Sony Corp., and Skullcandy.com, holding a significant portion of the overall market. Market players are largely focused on introducing innovative features in their products to enhance the audio experience. For instance, 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 in December 2016. However, many premium brands are losing their market share to Chinese vendors and local brands that offer differentiated features at low prices. Some of the major players operating in the global true wireless stereo earbuds market are:

  • Apple, Inc.

  • Bose Corp.

  • Jabra

  • Harman International Industries, Inc.

  • Sony Corp.

  • Sennheiser Electronic GmbH & Co.

  • Xiaomi 

True Wireless Stereo Earbuds Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 35,379.6 million

Revenue forecast in 2028

USD 305,499.8 million

Growth rate

CAGR of 36.1% from 2021 to 2028

Base year for estimation

2020

Historical data

2018 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion, volume in million units, and CAGR from 2021 to 2028

Report coverage

Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Price band, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Spain; Rest of Europe; Greater China; India; Japan; South Korea; SEA; Rest of APAC; Brazil; Mexico; Rest of LATAM

Key companies profiled

Apple, Inc.; Bose Corp.; Harman International Industries, Inc.; Sony Corp.; Sennheiser Electronic & Co.

Customization scope

Free report customization (equivalent to up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional, and segment scope

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Segments Covered in the Report

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2028. For the purpose of this study, Grand View Research has segmented the global true wireless stereo earbuds market report based on price band and region:

  • Price Band Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2028)

    • Below USD 100

    • USD 100-99

    • Over USD 200

  • Regional Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Spain

      • Rest of Europe

    • Asia Pacific

      • Greater China

      • India

      • Japan

      • South Korea

      • SEA

      • Rest of Asia Pacific

    • Latin America

      • Brazil

      • Mexico

      • Rest of Latin America

    • Middle East & Africa

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