As I was thinking about the upcoming MLT, I came to think which could be a better market for Nuheara. So here are my thoughts
USA has accounted for 50% of the sales on Indiegogo Campaign as of 19 April 2016. On top of that, according to GMI 'North America earphones and headphones market share was over 36% of the global revenue in 2015.' U.S. earphones and headphones market size will grow at 4.8% CAGR to exceed USD 5 billion by 2023.
My opinion from that is as North America accounts such a large portion of the earphones/headphones market, It could be a fairly saturated market - where people have their own preference of brands and headphones companies are deeply entrenched. But so far USA seems to be a better market for Nuheara.
On the other hand, Asia accounted for only a tiny portion of the sales compares to USA.
But based on what I've looked up, Asia could potentially provide a better opportunity for Nuheara.
APEJ - Asia Pacific excluding Japan has both most attractive value and volume. " Asia Pacific Excluding Japan (APEJ) will Account for Half of the Market Revenue by 2025
Asia Pacific Excluding Japan (APEJ) is the largest market for earphones and headphones globally. The region accounted for 41.3% of global revenues in 2014, and FMI expects it to represent over 48% of the market by 2025.
In terms of shipments, APEJ accounted for 185.8 million units in 2014; by 2016, the figure is expected to reach 202.4 million units. Earphone and headphone sales are heavily dependent on the Chinese market, which accounted for nearly 60% of region’s revenues in 2014. FMI expects 122.5 million units of earphones and headphones to be shipped in China in 2016.
South Korea is the second-largest market for earphones and headphones in APEJ. Shipments in the country were to the tune of 194.4 million in 2014, and FMI expects demand to grow at over 9% (CAGR) in the next decade.
APEJ is witnessing a period of economic growth and development, with large markets, such as China and India showing an insatiable appetite for consumer electronics. The earphones and headphones segment is expected to ride the coattails of this trend, with strong sales expected in the region.
I have actually been South Korea and I have noticed there are lots of people wearing earphones/headphones.
So do you think America is a better market for Nuheara? Or do you think Asia would be a better one?
Any intelligent input/comments/thoughts are welcome.
**On the other website, it says of all these regions, APEJ dominated the market in terms of both value and volume, accounting for over 40% share of the overall earphone and headphone market, in 2014. In terms of value, North America ranked second with more than 18% market share in 2014, followed by Western Europe.
You can see that the data don't really match, and I have no idea which is right and wrong - about the share of global market for earphones.
(20min delay)