Headphones is the fastest growing category in consumer electronics with many brands flooding the market. How can new entrants or established brands stay relevant in the overly crowded headphones marketplace?
The pandemic forced consumers to work and study at home, leading to a surge in demand for headphones and opened up new demographics.
The freedom from wires led to a surge in TWS earbuds demand as companies offered a wide range of models at different price points.
While TWS earbuds are projected to enjoy the strongest growth, wireless headbands continued to be popular among audiophiles.
As competition intensifies, companies are offering more function and features and moving into premium segment which offers higher margins.
Current headphones owners tend to purchase multiple sets, but companies need to cast their nets wider and attract a larger group of consumers who do not own wireless headphones
Headphones that are well designed enable brands to command a price premium and establish customer loyalty.
Companies need to grow additional revenues from accessories and adjacent products and services.
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