It’s not easy to get a good, reliable car, but a good pair of headphones can make all the difference.
As the world of music, movies, video games and music videos continues to expand, so too has the demand for affordable audio products.
In fact, according to a report from the Audio Research Group, the average price of audio gear is expected to increase by 1.4 percent in 2018, to $20,639, as consumers are turning to the cheapest available gear.
This year, the cost of a pair of earbuds, which measures just 4.5 inches by 4.7 inches by 0.8 inches, is expected at $12.70, according the report.
That’s nearly double the cost last year.
The cost of headphones also continues to rise.
According to a new report from J.D. Power, the prices of headphones have gone up by 6.6 percent in the last year, as more consumers are spending more money on the products they need.
But, despite the rising costs, the industry is still seeing an influx of new brands.
This time last year only one brand, Audio-Technica, made a mark in the headphone market.
This new report suggests that with the increased demand, it may be harder for one of the top five brands, Apple, to remain in the market.
“Apple has proven itself to be a brand that has been successful and profitable for a long time, and continues to evolve, but it also seems to be in a position where it is facing a different set of challenges in the coming years,” said James P. Hochman, president of the J.P. Morgan Audio & Audio Research.
Hochman said the market is also seeing a resurgence of high-end headphones in the U.S.
A large number of consumers are looking for quality audio.
According a study from Consumer Reports, 61 percent of U.P., 64 percent of millennials and 69 percent of people ages 18-29 have a pair or headphones they want to purchase.
That number is expected increase by 7.5 percent in 2019, according a report by Nielsen Audio.
The biggest brands in this market include Beats Electronics, Beats Electronics headphones, Sony, and Soundstamp.
In the last quarter, the company reported a 4.9 percent increase in revenue.
The biggest reason why consumers are increasingly seeking out quality audio is the growing popularity of streaming services like Spotify, Pandora, YouTube and Apple Music.
But the industry also sees a growing demand for more affordable audio, especially in the smartphone market.
According to a recent report from IDC, the market for mobile audio devices in 2018 was valued at $1.1 trillion, an increase of 1.5 billion from the previous year.
That was an increase in both total market value and the number of smartphones running Android, according IDC.
“The growth of the smartphone ecosystem is a big driver of the market,” said Hochmans VP of consumer research.
“For some consumers, there is more than one type of audio and more than a few brands can provide a range of audio to suit all tastes,” Hochmen added.