WASHINGTON, Feb. 08, 2022 (GLOBE NEWSWIRE) -- The Global Hearable Devices Market size is expected to reach over USD 37.37 Billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 9.9% during the forecast period.
Market Synopsis
There constant innovation and up gradation in the hearable devices along with change in consumer preferences from traditional devices to advanced and noise cancellation devices is expected to propel market growth. The hardware architecture comprises of Speakers (convert analog signals to sound), Bluetooth IC (to link with other devices usually a smartphone), sensors (track cadence, heart rate, or detect proximity), Microphones (to make or take calls, or for voice commands). Furthermore, the increasing number of the hearing-impaired people across the globe is expected to fuel market growth. As per the World Health Organization (Switzerland), more than 5 % of the global population are hearing impaired. These devices also help in managing some health conditions and disease states. Hence, also, surging number of clinics and recommendations for hearable devices from audiologist has fuelled the adoption of hearing aids among the consumers. states Vantage Market Research, in a report, titled “Hearable Devices Market by Product (Headphone, Headset), by Technology (Bluetooth, Wi-Fi, Others), by Application (Consumer, Healthcare, Others), by Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in the Hearable Devices Market:
- Samsung Electronics Co., Ltd. (South Korea)
- Apple Inc. (US)
- Sony Corporation (Japan)
- Sennheiser Electronics GmBH, co. kg (Germany)
- GN Store Nord A/S (Denmark)
Market Dynamics:
Drivers: Preference to Hassle Free Audio Intake
The current generation has reached to a stage where the convenience and comfort of using technology is given the priority as the audio technology is not new to them. Consumers are increasingly using wireless headphones for a range of uses, such as listening to music, audiobooks, streaming digital podcasts, and making calls while keeping their hands free. Earlier, wired headphones or earphones in trend as they were the only available way to listen to audio or videos in a personal manner. With the advent of Bluetooth technology, the entire idea of audio intake took a revolutionary turn.
Today consumers do not want the hassle of connecting a wire to their audio device as a wireless headphone or earphone would do the same job with same effectiveness. This wireless freedom has bought headphones or earphones to more use in public places requiring a lot of movement. The best example for such a situation is in gym or while doing a sport, wherein the consumer needs to make a lot of movement with a personalized set of audios they want to consume. The wireless of headphone in these places provides an ease of convenience to move around. Moreover, the connectivity range for these audio sets is adequate enough to move around even if they’re at home or in the workplace, or while travelling.
The price range for these wireless headphones is same as one with wired one, thereby, making it a better option for a consumer, as they will always choose comfort when provided a similar price range. The wireless headphones are readily available in any nearby consumer electronic store or online. The comfort, easy availability and multiple brands with different price range to choose from has left consumer compelled to buy them even if they already own a wired headphone. The preference to hassle free audio intake is therefore one of the major drivers for the wireless headphone market. There is also an increase in its sales as the major companies provide easy return policy, and attractive loyalty discounts coupled with better customer support.
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Challenges: Changing Business Models
All these hearable and wearable devices are challenging and changing business model, especially where requirement for an on-going service need for hearable devices. The suppliers of smart gadgets are facing tremendous pressure of provide constant updated for their apps to match the upcoming smart hearable devices. The truth is smart true wireless ear buds coupled with advanced capabilities are very challenging to manufacture and build. The major challenge is of integrating a multitude of varied technologies into a smaller ear bud, are some of the factors posing a huge challenge to the manufacturers of hearable devices in the forecast time frame.
Regional Trends
Asia Pacific region held a largest share owing to the large populations, rising incomes of the people living in the region and expanding middle classes has surged the demand for hearable devices. The region has a great consumer base and market potential.
Additionally, the region has a strong economic growth; greater total disposable income will boost consumer expenditure in the region. The growing demand for wireless headphones in APAC region is also owing to the rising disposable income and change in consumer preference. The consumers in the region are willing to spend more on technologically advanced wireless headphones for better audio experience and status quo.
Increase in use of headphones by millennial for watching videos or listening music and increase in demand for in-ear wireless headphones is also going to be an opportunity for key manufacturing companies who are offering wireless headset with ergonomic design. The ergonomics design of the new earphones has contributed towards the rise in demand of wireless headphones as it allows the users to stay relax and has increased the productivity of users at workplace. Some of the other key factors that would fuel the market are growing organized retail and e-commerce industry, rising prominence in multi-branded stores and increasing number of mergers & acquisitions in Asia Pacific region. However, Asia Pacific is also a region with grave income disparities and rising income inequality, which require companies to adopt a granular approach. The region’s gender income gap is also set to widen, which will hold back some consumer spending growth potential.
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Recent Developments
- On July 2, 2021, South Korean battery makers Samsung SDI are considering investing in the US to meet the growing demand for electric vehicles, industry sources said on Friday, almost speculating about possible partnerships with major car manufacturers. Samsung Electronics’ battery arm reviewed various options to build a new battery factory in the U.S. to provide potential customers but remain vigilant with its system despite rising market expectations.
- On July 21, 2021, Apple Inc. announced that it will only release 5G-enabled iPhones from next year and will renew its budget back for the first time in two years, Nikkei reported on Wednesday, citing sources familiar with the matter. It will begin selling the 5G version of the iPhone SE in the first half of 2022, the report said, adding that the budget iPhone will be powered by its A15 processor and its 5G connectivity will be powered by Qualcomm modem X60 chip Inc.
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
Browse market data Tables and Figures spread through 175 Pages and in-depth TOC on "Hearable Devices Market by Product (Headphone, Headset), by Technology (Bluetooth, Wi-Fi, Others), by Application (Consumer, Healthcare, Others), by Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/hearable-devices-market-395600
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Hearable Devices Market?
- How will the Hearable Devices Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Hearable Devices Market?
- What is the Hearable Devices market drivers and restrictions?
- What will be the CAGR and size of the Hearable Devices Market throughout the forecast period?
The report on Hearable Devices Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
This market titled “Hearable Devices Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 19.21 Billion |
| Projected Market Size in 2028 | USD 37.37 Billion |
| CAGR Growth Rate | CAGR of 9.9% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 – 2020 |
| Forecast Years | 2022 – 2028 |
| Segments Covered | Product
|
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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