Global Hearable Market To Grow At A CAGR Of 16.74% During The Forecast Period

The global hearable market size was worth around USD 28 billion in 2022 and is predicted to grow to around USD 96.53 billion by 2030 with a compound annual growth rate (CAGR) of roughly 16.74% between 2023 and 2030.

This review is based on a report by Zion Market Research, titled "Hearable Market By Type (In-Ear, Over-Ear, And On-Ear), By Product (Headsets, Earbuds, And Hearing Aids), By End-User (Industrial, Healthcare, Manufacturing, Construction, And Consumer), By Communication Technology (Bluetooth, Wireless, Wi-Fi, Wired, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030"- Report at https://www.zionmarketresearch.com/report/hearable-market

Hearables are also known as earbuds or smart headphones. They are electronic devices that are designed for multiple purposes and perform audio-related functions. The main categories of hearables are devices for healthcare applications and equipment for other reasons. The term ‘hearable’ is derived using headphones and wearable and functions on principles of audio-based advanced information systems.

The term and its application was first described in 2016 by Valencell and since then, the hearable industry has undergone massive transformation along with innovation and development. Most of the systems currently in use are designed keeping in view binaural use and they tend to share the same basic functionalities. However, certain systems have incorporated additional technologies as well for better performance.

The global hearable market is projected to grow owing to the growing advancements in technology related to hearables. Rapid advancements have been crucial to industry expansion and businesses have undertaken strategic measures to ensure that they can tap into the growing potential held by the rising technology-loving population. Miniaturization of components, improved battery life, enhanced audio quality, and advancements in wireless connectivity have made it possible for the industry to generate high revenues in recent times.

Additionally, the market is also influenced by the growing popularity and adoption of voice assistants such as Amazon Alexa, Google Assistant, and Apple Siri. They have become an integral part of a modern citizen and since hearables provide a hands-free and always-on interface for using voice assistants, they have become popular simultaneously as they enable users to perform tasks like controlling smart home devices, making calls, sending messages, and getting real-time information. Furthermore, by entering into the hearing aid segment, companies have managed to reach a broader consumer group. With the aging population and the increasing prevalence of hearing loss, the demand for advanced hearing aid solutions that are discreet and multifunctional has grown significantly.

The hearable industry may come across certain roadblocks especially due to the limited battery life of hearables as opposed to wired counterparts. Current users expect companies to provide products with extended battery life. However, miniaturization has limited this ability since it is difficult to incorporate larger batteries. Other reasons including the existing room for improvement in terms of audio quality and performance along with connectivity or compatibility issues could also impede industry expansion trends.

Integration with the Internet of Things (IoT) and smart home could provide growth opportunities while data privacy concerns may challenge market expansion.

The global hearable market is segmented based on type, product, end-user, communication technology, and region.

Based on type, the global market segments are in-ear, over-ear, and on-ear.

Based on product, the hearable industry segments are headsets, earbuds, and hearing aids. Earbuds led the segmental growth in 2022 when compared to headsets and hearing aids. They are typically considered to be true wireless and have gained significant popularity in the last few years driven by the increasing rate of innovation and product development undertaken by market players. Additionally, the price of these products has reduced in recent times as several location and regional players have entered the industry. Thus the consumer reach has improved allowing more people to make purchases. Headsets consist of a built-in microphone and are typically used for professional reasons such as in call centers, gaming, and video conferencing. The Beats Pro by Dr. Dre X Graff headphones retail at USD 750,000.

Based on end-user, the global market divisions are industrial, healthcare, manufacturing, construction, and consumer.

Based on communication technology, the hearable industry segments are Bluetooth, wireless, Wi-Fi, wired, and others. The highest adoption rate was witnessed in the .Bluetooth segment. This technology allows wireless connectivity between hearables and other devices such as smartphones, tablets, and computers. In addition to this, it also offers convenience, flexibility, and compatibility with a wide range of devices and hence is preferred by manufacturers and users. Hearables with advanced functionalities tend to work on Wi-Fi technology, such as the ones used in smart home integration or for streaming high-quality audio. The most commonly used wired connections involve the utilization of 3.5mm audio jacks.

The global hearable market is expected to witness the highest growth in North America due to the presence of key industry players in the US. These companies have managed to create a dedicated consumer base in regional economies and are now targeting emerging nations where the potential for growth remains explored only to a limited extent. The recent launch of Apple’s flagship store in Mumbai, India is an example of the expansion strategies. Furthermore, high product awareness and adoption rates are equally important to the regional market.

In Europe, the growth rate could be a result of a rise in the elderly population requiring the use of advanced hearing aids along with the rising interest of people in health and fitness tracking.

Asia-Pacific is projected to also grow at a significant CAGR due to the growing middle-income families and rising disposable income along with the presence of a large number of domestic players.

The global hearable market is led by players like

• Apple
• Samsung
• Sony
• Bose
• Jabra
• Sennheiser
• Beats by Dre (Apple subsidiary)
• JBL (Harman International Industries)
• Plantronics (Poly)
• Xiaomi
• Huawei
• Amazon
• Google
• Microsoft
• Garmin
• Fitbit (Google subsidiary)
• Anker
• 1MORE
• Bang & Olufsen
• Jaybird (Logitech)
• Skullcandy
• Nuheara
• Bragi
• Master & Dynamic
• and Razer.

Recent Developments:

• In March 2023, Nothing announced the launch of Nothing Ear (2) as its new audio product. The successor of Northing Ear (1) was launched on 22nd March
• In January 2023, U&i launched 3 new audio products in the Indian market. The products launched are Sky TWS earbuds, Multi Series Neckband earbuds, and Soundbox
• In September 2022, Apple launched the next-generation AirPods Pro

The global hearable market is segmented as follows:

By Type

• In-Ear
• Over-Ear
• On-Ear

By Product

• Headsets
• Earbuds
• Hearing Aids

By End-User

• Industrial
• Healthcare
• Manufacturing
• Construction
• Consumer

By Communication Technology

• Bluetooth
• Wireless
• Wi-Fi
• Wired
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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