Overview
The global market for true wireless buds stood at 120 million units in 2019. The first product was launched in 2015, however Wireless Buds gained popularity in the last 2-3 years.
Competitive Scenario
Apple is the market leader with over 40 percent market share as of Q1 2020.
There are over 140 players in the industry offering products targeted towards music, entertainment, fitness, and gaming.
Market Segmentation:
Most of the products focused on basic entertainment are offered in low and mid price range (under $100) whereas fitness and gaming buds are positioned in mid to premium price range of $100-$299.
Drivers and Opportunities:
Shift in consumer preference from wired earphones to wireless buds is expected to drive the market due to its portability, connectivity and resistance towards water/dust/sweat.
Increasing focus of people towards fitness and its tracking is expected to fuel the overall demand.
Challenges:
Increase in hearing issues arising out of excessive usage of earbuds can lead to temporary hearing loss.
Frequency range and physical obstacles leads to frequent disconnection of bud with the device.
Future Outlook:
Expected to replace smartwatch and smart bands by providing more innovative features.
With the increase in virtual meetings and conferences, the adoption of wireless buds is projected to increase at a faster pace.
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