The global hearable electronic devices market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2023-2030).
Hearable Devices are advanced electronic ear devices designed for multiple purposes ranging from the wireless transmission to communication objectives, fitness tracking and medical monitoring. Wireless technology complements and enhances the hearing experience of the customer. The benefits of hearable devices include improved sound quality, activity tracking, more accurate vital signs, augmented hearing, layered listening and personal biometric identification. The devices provide voice inputs directly to a user’s ear through tiny speakers, which can be worn either in the ear or over it. The hearable devices employ Bluetooth, Wi-Fi or others and are generally classified into three types: headphones, headsets and hearing aids. Hearable devices are also used in healthcare and consumer applications.
Technological advancements in voice user interface and increasing demand for smartphones as a source of entertainment using headsets will likely drive the hearable devices market over the predicted years. The increasing adoption of portable and wearable devices gives the demand for health monitoring applications and hearing aids are expected to leverage the market in the forecast period.
Increasing demand for hearable electronic devices in the healthcare sectors
The evolution of wired to wireless headphones has affected the market growth significantly. The hearable electronic market has witnessed improvements in terms of technology over the past few years. The sales of hearables devices are growing at a high rate and headphones are a major contributor to the market. Headphones are the major accessories for mobile devices, laptops, digital music systems, smart TVs and vehicle infotainment devices. Smart headphones provide many benefits, such as convenience, high-definition sound quality, multiple user facilities, mobility and portability and freedom from wire maintenance. The increase in infotainment devices is a major factor that boosts the hearables electronic device market growth.
The rapid progressions in the trend of wearable health devices in the consumer market have impacted the growth of the hearable market. Consumers are investing in smart hearables to monitor their health status and prevent the threat of hearing loss in extreme noise conditions. COVID-19 has made an impact on health-conscious consumers and led to the growth of the hearables market. The revolution of technology in the miniaturization of hearables devices is allowing to design of more reliable & portable wearables and contributing to the continuously changing health monitoring tactic. The factors of emerging wearable health devices assist in the rapid growth of the hearables electronic device market.
The high cost of hearable electronic devices and their health impacts restrains the market growth.
The overuse of headphones of industrial hearables harms hearing ability. The respective factor is hampering the growth of the hearables market globally. The increasing focus on adopting hearing devices to prevent hearing loss is expected to offer remunerative opportunities for the hearables market. Further, the high cost of hearable electronic devices heavily impacts the sales and demand for hearables. Thus, the high costs of hearing devices and their long-term health implications are projected to significantly impact the hearables electronic device market during the forecast period.
COVID-19 Impact Analysis
The COVID-19 pandemic has negatively impacted the demand and supply of materials used in the electronic devices industry. The sector’s path to recovery depends on the duration of the restrictions imposed and their impact on global economic activity. The COVID-19 pandemic unevenly impacted the global hearable electronic devices market. COVID-19 has made an impact on health-conscious consumers and led to the growth of the hearables market. The revolution of technology in the miniaturization of hearables devices is allowing to design of more reliable & portable wearables and contributing to the continuously changing health monitoring tactic.
The manufacturing was closed during the pandemic. Trade restrictions, breaking supply chains, government restrictions on manufacturing products and globally lockdowns can affect demand. Therefore, the materials of the electronic device processing factories, manufacturing and elements industries were closed. The demand for the electronic devices market decreased internationally. Therefore, the manufacturers had to close.
However, with the government movement restrictions and lockdowns, the development of new products was slowed considerably. Further, the pandemic will not impact the long-term growth prospects of the global hearable electronic devices market since the demand for electronic devices remains strong and is expected to grow gradually in the coming years.
The global hearable electronic devices market is segmented into technology, type, application and region.
The shift in consumers’ preference from wired to wireless headphones boosts the demand for Bluetooth hearables.
The hearable electronic devices technology is further segmented into Bluetooth, Wi-Fi, NFC and others. The increase in demand for wireless headphones is mainly contributing to the hearables market growth due to a shift in consumers’ preference from wired headphones to wireless headphones. Modern wireless earphones, earbuds and headphones are enabled with Bluetooth, enabling users to link their phones to other devices and headsets. The respective wireless earbuds have smart capabilities such as tracking via fitness applications, communication and health monitoring. Thus Bluetooth segment is estimated to dominate the hearable electronic device market through the forecast period.
Rapid urbanization, the presence of major players and advancement in the development of hearables allow Asia-pacific to dominate the regional segment of the global hearable electronic device market.
Asia-Pacific is the largest market share and dominates the global market through the forecast period. The rapid urbanization in developing countries such as India, China and Japan is the major driver of the market. Moreover, the increasing penetration of jack-less mobile phones and electronic goods is increasing the demand for hearables devices in Asia-Pacific. The primary drivers of the flourishing e-commerce market for the Asia-Pacific are the rapidly growing artificial intelligence (AI), blockchain technology, machine learning (ML) and the internet of things (IoT). Most of the consumers in the Asia-Pacific are price sensitive. The market is offering price-sensitive hearables devices which can support them to supply to this untapped market.
Additionally, many developing international and electronic devices companies are based in Asia-Pacific, so it is expected to influence the market. Therefore, many manufacturing companies are based in China and India, so it is expected to see growth in the future. The innovation regarding Bluetooth, headsets, headphones and Wi-Fi in the hearable electronic devices market is set to develop in the future.
The global hearable electronic devices market is competitive due to the wide range of different end-use applications available. The major players contributing to growth in the market are Starkey Laboratories, Inc., Apple Inc., Bose Corporation, Samsung Electronics Co. Ltd, Sony Corporation, Sennheiser Electronic GMBH & CO. KG, Skullcandy, Inc and Xiaomi Corporation. Ltd., LG Electronics and Sivantos. The major players in the market adopt several growth strategies such as formulating and patenting, researching new sources, collaborations and joint ventures to contribute to growth in the industry.
Starkey Laboratories Inc.
Overview: Starkey Laboratories Inc. develops, designs and distributes hearing aid solutions. The business sells hearing aid batteries, wireless hearing aides and in-canal hearing aids. It offers portable music, audio and communication equipment. Starkey Laboratories provide global customer service. The company primarily develops the need to offer the increasingly virtual and practical world a functional and atmospheric-aesthetic counterpart in which the appreciation of the work is visible in the result. Starkey Laboratories Inc. was founded in 1964 by William F. Bill Austin and headquartered in Minnesota. U.S.
• In-the-Canal Hearing Aids: Starkey Laboratories Inc. designs and distributes in-the-canal hearing aid and hearing aid batteries. The respective devices are employed in communication and music devices.
• In August 2021, Starkey Unveiled Evolv AI launched the most innovative line of hearing aids: the effortless connection, the smartest hearing aid offering effortless hearing and effortless selection.
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The global hearable electronic devices market report would provide approximately 61 market data tables, 61 figures and 183 pages.
Target Audience 2023
• Healthcare manufacturers
• Sports device manufacture
• Defense manufacturers
• Residential manufacturers
• Education & Research Institutes
• Research Professionals