True Wireless Stereo (TWS) Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 40.13 Billion |
| Market Size (2029) | USD 77.47 Billion |
| CAGR (2024 - 2029) | 14.06 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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True Wireless Stereo (TWS) Market Analysis
The True Wireless Stereo Market size is estimated at USD 40.13 billion in 2024, and is expected to reach USD 77.47 billion by 2029, growing at a CAGR of 14.06% during the forecast period (2024-2029).
- The market has experienced exponential growth since Apple's AirPods debuted in 2016, establishing the trend for truly wireless audio. The trend has been further fueled by the removal of headphone jacks in numerous smartphones and a growing consumer preference for hands-free and wire-free experiences.
- Advanced features like Active Noise Cancellation (ANC), high-quality audio codecs, and voice assistants were once exclusive to premium TWS models. Today, these features have become standard, even in mid-range and budget offerings. This democratization of technology enables a wider consumer base to access premium features at more affordable prices, spurring broader market adoption.
- With the expansion of smart devices and the IoT ecosystem, TWS earbuds are increasingly being integrated with smart home devices, wearables, and virtual assistants such as Amazon Alexa, Google Assistant, and Apple Siri. This integration facilitates seamless interactions between devices, granting users hands-free control over their smart environments.
- Battery life continues to be a pivotal factor in consumer decisions. In response, manufacturers are enhancing battery efficiency and adopting fast-charging technologies. Many models now provide several hours of playback with just a few minutes of charging. In a notable announcement, Google revealed the upcoming launch of its Pixel Buds 2 in September 2024, boasting an impressive battery life of up to 8 hours with ANC activated.
- As environmental awareness rises, both consumers and manufacturers are taking notice. Brands are increasingly prioritizing sustainable materials, recyclable packaging, and eco-friendly designs. In March 2024, Skullcandy unveiled its latest innovation: the EcoBuds True Wireless Earbuds. These earbuds mark a significant milestone as Skullcandy's most sustainable offering to date. Crafted from 65% certified recycled plastics and containing 57% fewer heavy metals, these new earbuds also feature a carbon footprint that's 50% lighter than their market counterparts. Remarkably, all these eco-friendly attributes come at a fraction of the usual cost, democratizing sustainability.
- The TWS market grapples with challenges, notably fierce competition that sparks price wars and shrinks profit margins, particularly in the budget segment. While advancements are evident, concerns linger, especially with battery life. Features like active noise cancellation, while desirable, significantly drain power.
- Emerging markets are witnessing a surge in the TWS market, fueled by rising disposable incomes. With a growing middle class, consumers are increasingly purchasing tech gadgets, propelling market growth. Furthermore, the rise of e-commerce and rapid delivery apps has made TWS products more accessible. Many online platforms offer significant discounts, further boosting market demand. However, the rising inflation rates have increased the cost of goods and services, including TWS. Higher costs are leading to reduced purchasing power for consumers and businesses, slowing down the market growth.
True Wireless Stereo (TWS) Market Trends
Music and Entertainment Application Witnessing Demand
- As music and podcast streaming services such as Spotify, Apple Music, and Audible gain global traction, the demand for TWS devices has surged. With consumers dedicating more time to these platforms, TWS earbuds have become the go-to accessory for an enriched experience. The growth is further propelled by the seamless integration of TWS devices with these platforms, featuring quick access, voice commands, and customizable equalizer settings.
- Data from Spotify revealed a significant jump in subscribers, with numbers soaring from 18 billion in Q1 2015 to 236 million by Q4 2023. This upward trajectory was mirrored in Apple Music's subscriber growth, underscoring a booming trend that's propelling the market.
- Spatial audio technology, which simulates a 3D audio experience for heightened immersion, is a focal point for many companies. Apple, for example, rolled out spatial audio with dynamic head tracking on its AirPods Pro, a move that struck a chord with consumers seeking a premium entertainment experience. Numerous companies are actively enhancing the audio capabilities of TWS devices.
- Customizable sound profiles and equalizer settings are gaining traction in TWS devices, enabling users to adjust audio output to their liking. For example, Masimo, a global frontrunner in noninvasive monitoring technologies, and Denon, a century-old pioneer in audio technology, proudly introduce the latest addition to their renowned Denon PerL and Denon PerL Pro True Wireless earbud series: the White PerL. Denon PerL stands as the pinnacle of personalized audio.
- The Denon PerL models leverage Masimo’s proprietary Adaptive Acoustic Technology (AAT), making them the sole earbuds prioritizing hearing personalization. Masimo AAT identifies an individual's inner ear response through meticulously selected sound frequencies introduced into the ear canal. This process crafts a unique hearing profile tailored to each person's sensitivities, enhancing sound depth, detail, and clarity for an unparalleled listening experience.
- Active noise cancellation, both active and passive, has become essential in TWS devices. In music and entertainment, top-notch ANC guarantees a seamless listening experience, even in noisy settings like commutes or crowded venues. Brands are persistently honing their ANC technology to minimize background noise while maintaining sound quality.
Asia Pacific Region Growing at a Substantial Rate
- The APAC region boasts one of the world's highest smartphone adoption rates. As wireless technology gains traction, TWS devices have emerged as the preferred choice for audio accessories. With smartphone manufacturers phasing out headphone jacks, consumers are increasingly turning away from wired earphones, drawn by the convenience of TWS earbuds.
- The market features a diverse array of affordable devices, largely propelled by local and regional brands such as Xiaomi, Realme, Oppo, and BoAt. These brands deliver feature-rich products at competitive prices, broadening the accessibility of TWS devices to a wider audience. Thanks to local manufacturing and a robust distribution network, these brands manage to keep prices low without compromising on quality.
- Rapid economic growth in nations like China, India, and various Southeast Asian countries has bolstered a burgeoning middle class. This demographic is showing an increasing willingness to invest in tech gadgets. Furthermore, with tech-savvy youth prioritizing mobile entertainment, social media, and gaming, the region's market is witnessing a significant boost.
- E-commerce giants like Alibaba, Flipkart, Amazon, and Shopee have been pivotal in ensuring the widespread availability of TWS devices across the region. Coupled with targeted marketing, these online sales channels have simplified the purchasing process for consumers.
- Among Asian nations, India stands out as a rapidly growing market for TWS devices. Local brands such as BoAt, Noise, and Boult Audio lead the charge, offering budget-friendly TWS options that resonate with price-sensitive buyers. The Indian landscape is further marked by aggressive promotional campaigns, influencer endorsements, and exclusive online launches, all amplifying consumer engagement and driving sales.
True Wireless Stereo (TWS) Industry Overview
The True Wireless Stereo (TWS) market is moderately fragmented, driven by rapid technological advancements and increasing consumer demand. Dominated by key players like Apple, Samsung, Sony, etc, the market also includes numerous mid-range and budget brands such as Xiaomi, OnePlus, Anker, etc. Differentiation is based on features like active noise cancellation, battery life, and sound quality. With low barriers to entry, many new brands have entered, intensifying competition spanning from premium to budget segments.
- April 2024 - Marshall unveiled two new personal audio products. First up is the Major V on-ear headphones, boasting over 100 hours of wireless playtime and an improved, comfortable fit. Next, there are the Minor IV True Wireless earbuds. Designed for a snug fit, the Minor IVs promise impressive acoustic performance, with Marshall asserting they're comfortable for all-day wear. Users can customize the earbuds' functions via the Marshall smartphone app. Similarly, the Major V headphones feature a customizable multifunction M-button, allowing access to in-app features such as Spotify tap, EQ switching, and voice assistant.
- January 2024 - Audio-Technica unveiled premium Hi-Res wireless earbuds: ATH-TWX7. Similar to its counterpart, the ATH-TWX9, the new Audio-Technica ATH-TWX7 earbuds boast an ergonomic design. Featuring a compact, stem-based design and offering a choice between soft and standard ear tips, these Bluetooth earbuds promise a comfortable listening experience. Equipped with 5.8 mm high-resolution drivers, the ATH-TWX7 inherits the flagship drivers from the ATH-TWX9, ensuring superior audio playback. Supporting 24-bit/96 kHz audio playback, the ATH-TWX7 further enhances its audio performance with cutting-edge active noise cancellation (ANC) technology.
True Wireless Stereo (TWS) Market Leaders
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Apple Inc
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Sony Corporation
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Bose Corporation
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Sennheiser Electronic SE & Co. KG
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Samsung Electronics
*Disclaimer: Major Players sorted in no particular order
True Wireless Stereo (TWS) Market News
- June 2024: Jabra unveiled its newest earbuds: the Jabra Elite 8 Active Gen 2 and the Jabra Elite 10 Gen 2. These models feature enhanced noise cancellation, Dolby Audio spatial sound, and a unique "Natural HearThrough" mode, allowing users to maintain situational awareness even with Active Noise Cancellation (ANC) activated. Both models come with a smart case and incorporate Jabra's upgraded Adaptive Hybrid noise canceling technology, which claims to be twice as effective as its predecessor.
- April 2024: Nothing launched its latest audio products, the Nothing Ear and Nothing Ear (a), priced at USD 149 and USD 99, respectively. These additions bring Nothing's total offerings in the headphone category to five. Both the Nothing Ear and Ear (a) retain the design introduced in 2021, with enhancements aimed at everyday performance. For the flagship Earbuds, the sound profile received another tweak, which now features new personalization options. Their battery life boasts a 25% extension. A new Bass Enhance setting has also been introduced, allowing users to amplify the low-end when desired.
True Wireless Stereo (TWS) Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
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4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Consumers
- 4.2.3 Threat of New Entrants
- 4.2.4 Threat of Substitutes
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market
- 4.4 Technology Trends
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Rising Consumer Demand for Wireless Convenience
- 5.1.2 Technological Advancements
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5.2 Market Restraints
- 5.2.1 Limited Battery Life
6. MARKET SEGMENTATION
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6.1 By Product Type
- 6.1.1 In-Ear
- 6.1.2 Over-Ear
- 6.1.3 Neckband
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6.2 By Technology
- 6.2.1 Active Noise Cancellation (ANC)
- 6.2.2 Non-Active Noise Cancellation (ANC)
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6.3 By Application
- 6.3.1 Music and Entertainment
- 6.3.2 Sports and Fitness
- 6.3.3 Gaming
- 6.3.4 Professinal/Workplace
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6.4 By Brand Positioning
- 6.4.1 High End/Prestige Brands
- 6.4.2 Value Brands
- 6.4.3 Niche Brands
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6.5 By Geography***
- 6.5.1 North America
- 6.5.2 Europe
- 6.5.3 Asia
- 6.5.4 Australia and New Zealand
- 6.5.5 Latin America
- 6.5.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
- 7.1.1 Apple Inc
- 7.1.2 Samsung
- 7.1.3 Sony Corporation
- 7.1.4 Bose Corporation
- 7.1.5 Jabra
- 7.1.6 Sennheiser Electronic SE & Co. KG
- 7.1.7 Xiaomi
- 7.1.8 Harman International Industries Inc
- 7.1.9 Anker Innovations Co., Ltd.
- 7.1.10 Huawei Device Co., Ltd.
- 7.1.11 OnePlus
- 7.1.12 Skullcandy
- 7.1.13 Google Inc.
- 7.1.14 Nothing
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
** Subject To AvailablityTrue Wireless Stereo (TWS) Industry Segmentation
The true wireless stereo (TWS) market comprises wireless earbuds that deliver stereo sound without any cables connecting the earpieces or to the audio source. Driven by Bluetooth technology, TWS devices offer portability, convenience, and advanced features like active noise cancellation, touch controls, and voice assistants.
The study tracks the revenue generated from the sale of true wireless stereo (TWS) products by various manufacturers worldwide. It also tracks the key market parameters, underlying growth influencers, and major manufacturers operating in the industry, which supports the market estimations and growth rates over the forecast period. The study further analyses the overall impact of macroeconomic factors on the market. The report’s scope encompasses market sizing and forecasts for the various market segments.
The true wireless stereo (TWS) market is segmented by product type (in-ear, over-ear, and neckband), by technology (active noise cancellation (ANC), and non-anc), by application (music and entertainment, sports and fitness, gaming, and professional/workplace), by brand positioning (high end/prestige brands, value brands and niche brands) and by geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Product Type | In-Ear |
| Over-Ear | |
| Neckband | |
| By Technology | Active Noise Cancellation (ANC) |
| Non-Active Noise Cancellation (ANC) | |
| By Application | Music and Entertainment |
| Sports and Fitness | |
| Gaming | |
| Professinal/Workplace | |
| By Brand Positioning | High End/Prestige Brands |
| Value Brands | |
| Niche Brands | |
| By Geography*** | North America |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
True Wireless Stereo (TWS) Market Research FAQs
How big is the True Wireless Stereo Market?
The True Wireless Stereo Market size is expected to reach USD 40.13 billion in 2024 and grow at a CAGR of 14.06% to reach USD 77.47 billion by 2029.
What is the current True Wireless Stereo Market size?
In 2024, the True Wireless Stereo Market size is expected to reach USD 40.13 billion.
Who are the key players in True Wireless Stereo Market?
Apple Inc, Sony Corporation, Bose Corporation, Sennheiser Electronic SE & Co. KG and Samsung Electronics are the major companies operating in the True Wireless Stereo Market.
Which is the fastest growing region in True Wireless Stereo Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in True Wireless Stereo Market?
In 2024, the North America accounts for the largest market share in True Wireless Stereo Market.
What years does this True Wireless Stereo Market cover, and what was the market size in 2023?
In 2023, the True Wireless Stereo Market size was estimated at USD 34.49 billion. The report covers the True Wireless Stereo Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the True Wireless Stereo Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
True Wireless Stereo (TWS) Industry Report
Statistics for the 2024 True Wireless Stereo (TWS) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. True Wireless Stereo (TWS) analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
