DUBLIN, May 3, 2019 /PRNewswire/ -- The "Earphones & Headphones Market in Latin America - Industry Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The earphones and headphones market in Latin America is expected to generate revenue more than $3 billion by 2024, growing at a CAGR of more than 10% during the forecast period.
Growing mergers and acquisitions among vendors are promoting and encouraging to use new-age headphones, thereby driving the earphones and headphones market in Latin America. The exponential growth witnessed in the use of smart and wearable devices is driving the demand for earphones and headphones. The study provides an in-depth and segmental market analysis of the market by product types, end-user type, technology type, feature type, and geography. It provides a comprehensive market and segmental analysis of the earphones and headphones market in Latin America.
The convergence of smart headphones and hearing solutions is expected to gain traction in the future. In 2014, Apple licensed a proprietary variant of the Bluetooth Smart protocol for hearing-aid manufacturers, thereby allowing them to build products that can stream voice and music from an iPhone as well as operate as a hearing aid. Therefore, technological enhancements in the earphones and headphones market in Latin America are expected to drive substantial growth during the forecast period.
Earphones and Headphones Market in Latin America - Dynamics
Almost 39% of mobile buyers in the age group of 18-25 years are looking for the best audio output and earphones capabilities.
As earphones have a short replacement cycle, rising disposable incomes and growing interest in music have reduced the cycle further. People are increasingly becoming tech-savvy and are looking for headphones that have the latest features.
Further, the headphone market in Latin America is witnessing collaborations between smartphone manufacturers and earphone developers. In 2014, OnePlus and JBL entered an alliance for special edition earphones, which included a set of JBL E1+ earphones and a special edition version of the OnePlus One.
Several IT firms are working to develop devices that help in language translation on a real-time basis. Google, Microsoft, iTranslate, SayHi, WayGo, TripLingo, Speak & Translate, and Papago are a few prominent language translators for mobile applications.
Google launched its Pixel range of earbuds that can identify 40 languages and help the user to communicate with speakers of another language. Similarly, Waverly Labs integrated language translation feature as an add on to true wireless headphones under the brand name, Pilot. The products received a massive pre-order of more than 27,000 units.
Earphones and Headphones Market in Latin America - Segmentation
This market research report includes a detailed segmentation of the market by technology, end-user, feature, type, and geography.
The earphones and headphones market in Latin America by technology is categorized into wired, wireless, and truly wireless. The wired earphones segment dominated the headphone market in Latin America in 2018.The segment accounted for around 46% and 60% in terms of revenue and volume, respectively.
The sound quality offered by wired headphones is better as there is no compression for the transmission of audio signals from the device to the headphone. However, the technology used for wired headphones has advanced, and several models offer high-fidelity sound at relatively affordable prices. The demand for wired headphones is due to low price, low-brand loyalty, easy availability, and easy handling. They are available with 3.5 mm jack, lightning port, and type-C port.
The earphone market by end-user can be categorized into three major segments - entertainment, sports and fitness, and gaming. The entertainment segment dominated the earphones and headphones market in Latin America in 2018, with the highest market share of around 91% in terms of revenue. A significant number of consumers are also using these headphones for fitness and gaming purposes.
The fast-evolving music industry and the growing trend of online music streaming have impacted the earphones and headphones market in Latin America immensely. Music enthusiasts worldwide are investing in high-end quality products to have a personalized and better-listening experience.
In terms of features, headphones can be categorized into smart and non-smart. Smart headphones connect the smartphone and other smart devices using wire-free technologies such as Bluetooth, NFC, and IR. Smart headphones have evolved from offering a style quotient to resolving real-time challenges. They are loaded with modern, advanced features such as virtual assistants, gesture recognition, biometric monitoring, voice controls, and language translation. The rising adoption of wireless headphones is driving the smart headphones market in Latin America, including wired and wireless headphones.
The earphones and headphones market in Latin America by product types can be classified into in-ear (wired, wireless, truly wireless), on-ear (wired and wireless), over-ear (wired and wireless). The in-ear wireless earphones segment is likely to dominate the market, growing at a CAGR close to 10% during the forecast period.
The transition from conventional earbuds to in-ear model ones has increased market shares of the in-ear earphones segment in Latin America rapidly. In-ear earphones are widely used due to several factors such as compactness, increased mobility, noise cancellation, and convenience
Earphones and Headphones Market in Latin America - Countries
In 2018, Brazil occupied a significant portion of the market, accounting for 54% of the earphones and headphones market in Latin America. Mexico holds the second position, followed by Columbia and Peru. Brazil has the presence of all leading earphones brands, and users are opting wireless earbuds over wired earbuds.
In 2018, countries such as Mexico and Columbia witnessed substantial growth. The high adoption of laptops, smartphones, and smart wearable devices is the major growth drivers for demand for high-end earphones and headphones in Latin America. Asian vendors such as Sony have entered Mexico and are offering high-quality, innovative products. The earphones market in Chile is likely to grow at a CAGR of 8.25% during the forecast period. The consumers in Latin America are increasingly adopting on-ear and over-ear headphones. Headphones are fast becoming one of the most preferred accessories among youngsters.
Key Vendor Analysis
The use of smartphones and connected mobile devices to stream music or watch videos online is expected to increase demand for headphones. There is significant demand for specialized, high-end, better sound quality wireless headphones, which is fulfilled by specialized companies such as Bose, Sony, and Sennheiser. Many diversified companies such as Apple, Plantronics, and LG are also catering to improving market demand.
Key Companies Profiled in the Report:
Market Growth Enablers
- Growing Trend of Owning more than One Headphones
- Rising Demand from Fitness and Entertainment Activities
- Limited Edition Models and Collaborations with Industry Partners
- High Number of Smartphone Users and Tech-Savvy Consumers
Market Growth Restraints
- Growing Threat of Counterfeit Products
- Health Concerns due to Prolonged Use of Headphones
Market Opportunities and Trends
- Real-time Language Translation
- Maximizing Audio Quality and Features
- Growing Adoption of Wireless Headphones
- Increased Investment in IoT by Players
- Goang-Fann Co Ltd
- Arbily Tech
- Turtle Beach
- Bang & Olufsen
- Waverly Labs
- Westone Laboratories
- Creative Technology
- Grado Labs
- Sol Republic
For more information about this report visit https://www.researchandmarkets.com/r/y9zbui
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