According to a new report published by Allied Market Research, titled, "Hearables Market by Products, Type, Connectivity Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global hearables market size was valued at $21.20 billion in 2018, and is projected to reach $93.90 billion by 2026, growing at a CAGR of 17.2% from 2019 to 2026.
Hearable technology is referred to as a hybrid technology, which combines the advantage of wearable technology with hearing devices. These devices are used for sound applications, audio masking, directional hearing, audio analysis, noise cancellation, and other applications in various industry verticals. Hearable devices in different industrial applications are now enabled with inbuilt voice-enabled virtual assistant and wireless communication features.
In addition, these devices ensure hearing aids among users in noisy working environments in an industry or enterprise. Furthermore, hearables are featured with biometric, proximitMa, movement, and other sensors that enables it to collect context about user.
Headphones have evolved and witnessed vast improvements in terms of technology over the years. Shift in preference of consumers from wired headphones to wireless headphones is expected to affect the market significantly.
Wireless communication via Bluetooth earbuds technology has been a breakthrough for headphones. This is attributed to wireless headphones are enabled with Bluetooth and Wi-Fi technology, which facilitate the users to link their phones to other devices and headsets.
The revolution of technology in the miniaturization of electronic devices is allowing to design more reliable & portable wearables and contributing to the continuously changing health monitoring tactic. Also, these devices allow to continuously monitor human vital signs in daily life or in clinical environment with benefits of minimizing discomfort and interference with normal human actions.
Increase in demand for wireless headphones and infotainment devices is majorly contributing to the hearables market growth, owing to shift in preference of consumers from wired headphones to wireless headphones, as wireless earbuds and headphones are enabled with Bluetooth and Wi-Fi technology, which enable the users to link their phones to other devices and headsets.
In addition, hearable computing is the next emerging technology, which promotes hands-free calling and communication, ensures voice communication in a noisy environment, and provides a solution by combining signals from in-ear and external microphones.
Furthermore, surge in demand for miniaturized wearable electronic devices for health monitoring is also driving the hearables market trends. However, adverse effect on the hearing ability due to overuse of headphones and high cost of industrial hearable can hinder the market growth.
Nonetheless, rise in focus toward adoption of hearing devices to prevent hearing loss in industrial applications is expected to provide growth opportunities to the market players, as government organizations and major companies operating in the hearable devices market are now striving toward the development of hearable devices to eliminate hearing damage among workers by providing suitable protection in the form of headsets and other devices to cover up their ears and enable noise cancellation.
In March 2019, Apple launched AirPods, which is the second generation most popular wireless and Bluetooth earbuds and headphones. Apple also designed H1 chip especially for headphones and deliver performance efficiency, and faster connect times. This new headphone delivers magical wireless experience.
Moreover, Asia-Pacific is the major revenue contributor, owing to rapid urbanization and industrialization. The hearable market growth in the region is attributed to factors such as increase in investment in the manufacturing and construction industry in the region, which in turn boosts the demand for hearables devices used for noise cancellation and voice assistance in industrial applications.
Key Findings of the Study:
- In terms of revenue, the headsets segment contributed the maximum market share in 2018, and is expected to maintain its lead throughout the forecast period.
- Industrial segment is expected to grow at the highest CAGR during the forecast period.
- In 2018, Asia-Pacific accounted for the highest revenue globally, and is expected to dominate the hearables market share in the future.
The major companies profiled in the report include Apple, Inc, Bose Corporation, BRAGI GmbH, Koninklijke Philips N.V., Samsung Electronics Co., Ltd., Sony Corporation, Sennheiser Electronic GMBH & Co., KG, Skullcandy, Inc, Jabra (GN Store Nord A/S), and LG Electronics.