Global headphones market achieves $10.8 billion in Q2 amid regional divergence

The global headphones market continues to expand, generating $10.8 billion in Q2 2024, according to the latest quarterly tracking data from Futuresource Consulting. The research firm reports that Q2 volumes increased by 1.3% year-on-year, with revenue growth of 0.5%. 

LATAM and APAC lead the growth charge

“On the surface, we’re looking at what seems to be a quietly expanding industry, experiencing marginal growth,” says Saranraj Mathivanan, Senior Market Analyst, Futuresource Consulting. “However, when we step beyond the global facade, there’s plenty of divergence at the regional and country levels. 

“For example, Latin America achieved year-on-year volume growth of 6% in Q2, with the Asia Pacific region posting an increase of 4.6%. That’s in sharp contrast to the market contraction witnessed across the USA and most of Western Europe, driven by market saturation, inflation and a higher cost of living.” 

TWS maintains control

True wireless stereo (TWS) continues to command the market majority, accounting for almost two-thirds of global headphones shipments in the quarter. In China, TWS captured an even bigger slice of the market, capturing 79% of shipments. TWS is growing at a modest global rate, largely due to saturation and a shortage of new products from the major players, particularly Apple. 

Strong growth for over-ear products

Over-ear headphones experienced double-digit year-on-year growth. This was driven by a mounting consumer preference for premium products that emphasise comfort, advanced ANC, and other enhanced features available in the over-ear category. Segment growth was further boosted by new product launches from key brands like Sonos Ace and Sony ULT WEAR. However, both the in-ear excluding TWS, and the on-ear segments, saw declining volume shares, with in-ear shrinking by close to 9%. 

Apple stays on top, but loses share

“Looking to the brands, Apple continues to rule the roost,” says Mathivanan. “The tech giant controlled 16% of the market in volume terms, yet it did encounter a 4% decline, due to a slowdown in demand within key markets. Together, the top three brands of Apple, Sony and Harman achieved a combined global volume share of 36%.” 

Futuresource Consulting’s headphones quarterly report for Q2 2024 provides an update on the worldwide market, delivering data from Q2 2022 to Q2 2024, with accompanying breakouts for six regions and 11 countries. For more information or to make a purchase, please contact Ben at ben.thrussell@futuresource-hq.com.

About the author

Saranraj Mathivanan

Saranraj is a Senior Market Analyst in the Personal Electronics team. He has about six years of experience in market research and consulting. He is responsible for analysing and reporting trends in consumer electronics such as headphones, hearables and smartphones. In the past, Saran worked with the B2B and Technology teams at Kantar, where he managed and executed more than 80 customised market research projects across various sectors such as e-commerce, technology, logistics, automotive, engineering, etc. Projects he handled included market sizing, competitor analysis, demand estimation, forecasting, and brand equity. He holds a Bachelor's degree in Electrical & Electronics Engineering and an MBA in Marketing & Analytics.