Hearable Devices Market is Reckoned to Increase With CAGR of 9.3% By 2026
The global hearable devices market was valued at over US$ 14 Bn in 2017 and is expected to register a CAGR of over 9.3%. The report offers in-depth insights, revenue details, and other vital information regarding the global hearable devices market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026.
Hearables or smart headphones are technically advanced electronic in-ear-devices designed for multiple purposes, ranging from wireless transmission to communication objectives, medical monitoring and fitness tracking, etc.
Technological advancements in electronic devices leading to miniaturization of products and demand for wireless headphones with built in rechargeable battery, integrated microphone for hands-free calling, and multi-point technology that helps to connect with multiple devices are major factors driving growth of the hearable devices market. In addition, prevalence of hearing loss among children and adults is another factor expected to support growth of the global hearable devices market. Moreover, increasing government initiatives related to hearing aids devices through public campaign is expected to drive demand for the products, which in turn is expected to support growth of the global hearable devices market.
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The global hearable devices market is segmented on the basis of product type, application and region.
On the basis of type segmentation, Bluetooth segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period owing to various benefits such as direct connectivity to cell phone, TV, computer, laptops, etc. Wi-Fi segment is expected to register highest CAGR of 9.0% in the global hearable devices market over the forecast period.
On the basis of application segmentation. Consumer segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period owing to various functionality offered by the devices such as ambient noise control, hand free calls, et. Healthcare segment is expected to register highest CAGR of 9% over the forecast period in the global hearable devices market.
On the basis of region/country, the global hearable devices market is segmented into US, Europe, China, Japan, South Korea, and Taiwan.
The China hearable devices market growth is expected to expand at a significant rate owing to presence of a number of hearable devices manufacturers and distributors, coupled with rising inclination towards technologically advanced devices among consumers in the country. In addition, increasing disposable income of consumers and growing trend and adoption of hearable devices such as ear plugs, earbuds, wireless headphones, etc. among various age-groups are other major factors projected to boost growth of the hearable devices market in the country. Moreover, increasing domestic manufacturing of hearable and connected devices, primarily due to availability of raw materials and labor at lower cost, and favorable government regulations for domestic manufacturing and distribution in the country are other factors anticipated to boost growth of the China market over the forecast period.
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Key players operating in the global hearable devices market include GN Store Nord A/S, Sivantos Pte. Ltd., Apple Inc., Samsung Electronics Co. Ltd., Sennheiser electronics GmbH & Co.KG, Sony Corporation, Starkey Hearing Technology, Inc., Bragi GmbH, Miracle-Ear, Inc., Valancell, Inc., Earin AB, Nuheara Limited, and Eargo Inc.