Hearable Devices Market - Forecast(2024 - 2030)

Hearable Devices Market Overview

Hearable Devices market size is estimated to reach $35 billion by 2027 at a CAGR of 10.2% during the forecast period 2022-2027. Hearables devices are electronic in-ear devices that are specifically designed for healthcare and consumer industry. The growth of this market is mainly attributed to the increasing demand for wireless hearable devices for entertainment purposes and growing popularity of these devices across the world. Apart from that, hearing aid devices are being used by the people with hearing issues as a personal sound amplifier and helps in improving hearing and speech comprehension, which in turn accelerates the growth of this market. Furthermore, increasing demand for health monitoring applications and hearing aids in healthcare sector fuels the adoption rate of hearable devices. In addition, the deployment of advanced technologies such as compatibility with voice-assistants, biometric personal identification, nanoelectromechanical systems mass spectrometer (NEMS-MS), ubiquitous computing and others in these devices plays a crucial role in the growth of hearable devices industry as it helps in expanding the Hearable Devices market size. Hence, the above-mentioned factors will drive the growth of hearable devices industry during the forecast period 2022-2027.

Report Coverage

The report: “Hearable Devices Market– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Hearable Devices market

By Product Type: Headsets, Headphones, Earphones, Earbuds, Hearing Aids and others
By Type: In Ear, On Ear, Open Ear, behind the ear and Over Ear
By Connectivity: Bluetooth, WI-FI and Others
By Sales Channel: Offline and Online
By End Users: Consumer, IT & Telecommunication, Healthcare, Corporate offices and others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (India, China, Japan, South Korea, Australia and Others), South America (Brazil, Argentina and others), and RoW (Middle east and Africa)

Key Takeaways

• APAC is anticipated to witness the fastest growth due to the increasing demand for various consumer electronic products, smart gadgets and its accessories in this region.
• The market of Hearable Devices is estimated to witness significant upsurge during the forecast period, owing to increasing demand for wireless headphones across the world.
• This industry is consolidated with top market players including Apple Inc., Bose Corporation, Samsung Electronics Co. Ltd., Sony Corporation, Sennheiser Electronic GmbH & Co. Kg, among others.

Hearable Devices Market Value Share, by Geography, 2021 (%)

Hearable Devices Market Segment Analysis - By Connectivity

Hearable Devices market is segmented into Bluetooth, WI-FI and Others, based on connectivity. Bluetooth Hearable Devices segment is analyzed to grow with the fastest CAGR of 11.5% during 2022-2027, owing to rapid technological advancement and rising popularity of Bluetooth wireless hearable devices. These devices offer more portability, freedom of movement and these devices are compatible with modern devices. As a result, the adoption rate of bluetooth wireless hearable devices is rising. Apart from that, the usage of bluetooth wireless Hearable Devices technology in health-sector is also growing significantly. Hence, the above-mentioned factor will provide significant opportunities to the market players. In February 2022, Sony announced about the launch of its new wireless headphones, WH-XB910N headphones in India, which is equipped with various advanced technology and features such as extra bass output, dual sensor noise technology, ability to handle adaptive sound control and better battery life. It can be paired with two Bluetooth devices at the same time and also offers the ‘Swift Pair’ feature that aids in quick pairing with Windows 10 PC using Bluetooth connectivity. Such developments fuel the growth rate of wireless Hearable Devices market in the forecast period 2022-2027.

Hearable Devices Market Segment Analysis - By End-Users

By end-users, the Hearable Devices market is segmented into Consumer, IT & Telecommunication, Healthcare, Corporate offices and others. Consumer segment is estimated to hold highest hearable devices market share in 2021, followed by the healthcare sector and it is estimated to grow at with a CAGR of around 15.3% during the forecast period 2022-2027. The growth is mainly driven by the increasing adoption rate of hearable devices for entertainment purposes. Apart from that, the growing sales rate of various consumer electronics and infotainment devices such as smartphones, laptops, tablets, in-vehicle infotainment device, digital music systems, digital TV, and others, is also playing a major role in the growth of this market, as it creates a positive effect on the demand of various important accessory to these devices including hearable devices among the consumers. To fulfil such high demand of these devices, many market players are taking numerous initiatives, which also fuels the growth of this market. In November 2020, manufacturer of luxury sports car, Lamborghini announced about teaming up with electronics brand, in order to launch their branded luxury range of hearable products and its collection includes the Master & Dynamic MW65 active noise-cancelling wireless headphones along with the MW07 PLUS true wireless earbuds. Hence, the above-mentioned factors and such developments are analyzed to drive the market growth during 2022-2027.

Hearable Devices Market Segment Analysis -By Geography

Geographically, the Hearable Devices market is segmented into the North America, Europe, APAC, South America and RoW regions. APAC is anticipated to witness the fastest market growth of CAGR 13.6% during the forecast period. The growth is majorly attributed to the rising demand for various consumer electronic products, smart gadgets and its accessories in this region. According to a recent report, there will be approximately 820 million smart-phone users in India 2022. Such high demand of smart-phone directly affects the demand for hearable devices as an important accessory. To meet such high demand of these devices, various market players are expanding their business in this region. For instance, in January 2022, Philips expanded its audio product line-up in India, by launching its new headphones, party speakers, and true wireless earbuds (TWS), that includes the Philips TWS TAT2206BK, Philips TAT2236BK, Philips TAA4216BK sports headphones, Philips TAX5206, and Philips TAX3206 party speakers. These devices have some advected features such as, a longer playback time, high fidelity sound experience, and party light effect. Along with the launches of technologically advanced hearable devices, the growing popularity of wireless headsets is contributing towards the market growth. Hence, the growing adoption rate of smart gadgets and popularity of wireless hearable devices are set to boost the demand for Hearable Devices, thereby contributing to the market growth rate during forecast period 2022-2027.

Hearable Devices Market Drivers

Increasing Demand for Wireless Headphones across the world in driving the growth of this market

Over the years, the headphones market has witnessed an exponential growth in terms of technology and demand. Due to the rapid technological advancement and consumer preference shift from wired to wireless hearable devices, the demand for wireless headphones including electronic in-ear-devices, open ear, over-ear as well as on ear and behind-the-ear devices, is growing. Apart from that, with wireless headphones, consumers can enjoy higher portability, greater compatibility, more freedom, along with advanced features, which in turn creates a positive impact on the demand of wireless headphone and provides incentive to the market players to take various strategic steps to expand their market share. In April 2022, Bose made an announcement regarding the launch of its new product, the QuietComfort 45 over-the-ear headphones in India, equipped with improved noise cancellation, better battery life, new AWARE Mode and many other features. Apart from that, the growing sales rate of smartphones, laptops, tablets, in-vehicle infotainment device, digital TV, and others, is also playing a major role in the growth of this market.

High penetration rate of Hearable devices due to increasing health awareness fuels the growth of this market

One of the major growth drivers is high penetration rate of hearable devices among consumers, due to the growing health awareness. These devices have built-in optical sensors to measure heart rate, aids in monitoring the overall health condition, stress level, tracking body activities, offers real-time health information, as well as body performance, due to which, the requirement for hearable devices is rapidly growing over the years. Furthermore, these devices can be used for photoplethysmography (PPG) and also helps in determining the oxygen saturation (SpO2), blood pressure, and pulse rate, which affects the adoption rate of these devices for health-related purposes. Apart from that, advanced hearable devices are compatible with voice assistants and nowadays most of the devices have built-in voice-enabled virtual assistants that can act as a caregiver to the patients by reminding them about their exercise, medication, doctor’s appointment and other schedules. In October 2021, Amazfit Powerbuds Professional true wi-fi stereo (TWS) earphones, equipped with adaptive lively noise cancellation (ANC), better battery-life, well-being monitoring sensors and can track various sports activities, were launched in China. Such innovative product launches triggers the growth of the market. Apart from that, people with hearing issues also opts for hearing aids, which in turn drive the growth of this market during the forecast period 2022-2027.

Hearable Devices Market Challenges

High Price Hearing Aids is creating hurdles for the market growth

Even though the hearable devices market is growing rapidly, but the high cost of hearing aids creates challenges for the growth of this market. The adoption rate of hearing aids in exponentially growing as it helps in improving the hearing and speech comprehension of people with hearing issues. But the high cost of this product is analyzed to hamper the market growth. According to a report of Healthy Hearing, published on June 2021, the price range of these devices falls between $1,000 to more than $6,000, depending on the level of technology. Hence the high cost of hearing aids will hinder the Hearable Devices industry during 2022-2027.

Hearable Devices Market Landscape

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Hearable Devices market. In 2021, the market of Hearable Devices industry outlook has been fragmented by several companies. Hearable Devices top 10 companies include

• Apple Inc.
• Bose Corporation
• Samsung Electronics Co. Ltd.
• Sony Corporation
• Sennheiser Electronic GmbH & Co. Kg
• Koninklijke Philips N.V.
• Bragi Gmbh
• Skullcandy, Inc.
• Jabra
• LG Electronics

Acquisitions/Technology Launches

• In April 2022, Olive Union made an announcement regarding the launch of its all-new Olive Max 2-in-1 true wireless earbuds that also works as a hearing aid. It has cutting-edge adaptable sound and a futuristic wraparound design that makes it more fashionable. This device is equipped with advanced hearable technology to fight against the social and economic barriers, which many people experience while trying to access better hearing health.
• In February 2022, Oticon started expanding its hearing aid portfolio, in order to allow people with hearing loss to experience the benefits of its BrainHearing technology. These additions include two new Oticon More miniBTE styles, for the consumers who prefer small, discreet, behind-the-ear (BTE) options as a hearable device, as well as two new hearing aid families, Oticon Zircon and Oticon Play PX, equipped with an on-board Deep Neural Network (DNN).
•  In January 2022, HyperX announced about its line-up of new products, which includes three headsets, a gaming controller for Android devices, a mouse, and a keyboard during Consumer Electronics Show (CES) 2022. The announcements also revealed about the advanced features such as greater battery life and others; of HyperX Cloud Alpha Wireless Gaming Headset.

Relevant Report Titles:

Wireless Audio Market – Forecast (2022 - 2027)

Report Code: ESR 0209

Headset Market - Forecast 2021 - 2026

Report Code: ESR 72756

Digital Headphones and Earphones Market – Forecast (2022 - 2027)

Report Code: ESR 0525

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