The hearable market has grown rapidly, with projections indicating an increase from $26.00 billion in 2023 to $30.22 billion in 2024, at a compound annual growth rate (CAGR) of 16.2%. This growth is driven by increased use of infotainment devices, adoption of smart headphones, the rise of jack-less mobile phones, growing adoption of hearable devices, and demand for miniaturized wearable electronics. The market is expected to grow to $55.63 billion by 2028, with a CAGR of 16.5%. This anticipated growth is driven by rising demand for wireless headphones, increased adoption of hearable devices, smart electronics, popularity of truly wireless earbuds, and continued use of infotainment devices. Key trends include technological advancements, integration with IoT, voice assistants, connectivity features, and connectivity technologies.
Major Driver In The Hearable Market
The growing demand for wireless headphones is anticipated to boost the hearable market. Wireless headphones, utilizing Bluetooth or other wireless technologies, offer convenience and freedom of movement. This demand is driven by increased smartphone adoption, the convenience of wireless connectivity, and advancements in audio technology. The Consumer Technology Association reported that wireless earbud shipment revenues increased by 3% from 2021 to 2022, reaching $9.3 billion. This rising demand for wireless headphones is driving the hearable market.
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Hearable Market Competitive Landscape
Apple Inc., Samsung Electronics Co. Ltd., Sony Group Corporation, LG Electronics Inc., Xiaomi Corporation, Bose Corporation, Koninklijke Philips N.V., Demant A/S, Starkey Hearing Technologies, Razer Inc., Jabra, Voxx International Corporation, Sennheiser electronic GmbH & Co. KG, Widex A/S, Miracle-Ear, Skullcandy Inc., WS Audiology, Eargo Inc., Beats Electronics LLC, Doppler Labs Inc., Bragi GmbH, AKG Acoustics GmbH, Earin AB, GN Audio A/S
Key Hearable Market Trend
Major players in the hearable market are committed to developing cutting-edge products, such as speech-enhanced hearables, aimed at improving comprehension in noisy environments. For example, in January 2023, Sonova Holding AG, a leading Switzerland-based hearing care company, launched the Sennheiser Conversation Clear Plus earbuds. These earbuds utilize advanced technology, including noise-canceling microphones and intelligent algorithms, to enhance speech clarity while effectively minimizing background noise, ensuring natural communication even in challenging settings. They also seamlessly integrate with smart devices, offering personalized sound settings via a dedicated mobile app.
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Hearable Market Segmentation
The hearable market covered in this report is segmented –
1) By Product: Headsets, Earbuds, Hearing Aids
2) By Type: In-Ear, Over-Ear, On-Ear
3) By Communication Technology: Bluetooth, Wireless, Wi-Fi, Wired, Other Communication Technologies
4) By Application: Industrial Noise Cancellation, Industrial Wireless Audio
5) By End-User: Industrial, Healthcare, Manufacturing, Construction, Consumer
By Geography:The regions covered in the hearable market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the hearable market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Hearable Global Market Report 2024 furnishes information about the global hearable market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
