Houston, TX, June 03, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report 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” in its research database.
“According to the latest research study, the demand of global Hearable Market size & share in terms of revenue was valued at USD 28 billion in 2022 and it is expected to surpass around USD 96.53 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 16.74% during the forecast period 2023 to 2030.”
What is Hearable? How big is the Hearable Industry?
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.
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.
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Global Hearable Market: Growth Factors
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.
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|Market Size in 2022||USD 28 billion|
|Projected Market Size in 2030||USD 96.53 billion|
|CAGR Growth Rate||16.74% CAGR|
|Key Market Players||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.|
|Key Segment||By Type, By Product, By End-User, By Communication Technology, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
Hearable Market: Segmentation Analysis
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 segmented as follows:
- Hearing Aids
By Communication Technology
Browse the full “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
Some of the main competitors dominating the global Hearable market include –
- Beats by Dre (Apple subsidiary)
- JBL (Harman International Industries)
- Plantronics (Poly)
- Fitbit (Google subsidiary)
- Bang & Olufsen
- Jaybird (Logitech)
- Master & Dynamic
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Hearable market is likely to expand at a CAGR of around 16.74% during the forecast period (2023-2030).
- In terms of revenue, the Hearable market size was valued at around US$ 28 billion in 2022 and is projected to reach US$ 96.53 billion by 2030.
- The hearable market is projected to grow at a significant rate due to the growing demand for advanced wireless audio systems.
- Based on type segmentation, in-ear was predicted to show maximum market share in the year 2022.
- Based on end-user segmentation, the consumer was the leading user in 2022.
- On the basis of region, North America was the leading revenue generator in 2022.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Hearable industry?
- What are the main driving factors propelling the Hearable Market forward?
- What are the leading companies in the Hearable Industry?
- What segments does the Hearable Market cover?
- How can I receive a free copy of the Hearable Market sample report and company profiles?
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Type, By Product, By End-User, By Communication Technology, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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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.
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
- 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
To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/hearable-market
Hearable Market: Restraints
High cost to restrict market expansion
Although the industry consumers can expect a lowering of prices in the coming years, currently, most items available in the commercial market fall in the premium range or are more expensive when compared to traditional wired counterparts. This could greatly restrict global hearable industry growth, especially in developing or underdeveloped nations as they may prefer to opt for less expensive alternatives. Moreover, regulatory and compliance requirements for such advanced systems are more stringent which restricts the entry of players in new markets.
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