Hearables or smart headphones are technically advanced electronic in-ear-devices designed for multiple purposes, ranging from wireless transmission to communication objectives, medical monitoring and fitness tracking, etc.
The global hearable devices market was valued at over US$ 14 Bn in 2017 and is expected to register a CAGR of over 9.3%. The first five-year cumulative revenue (2017–2021) is projected to be over US$ 85 Bn, which is expected to increase rather moderately over the latter part of the five-year forecast period.
Technological advancements in electronic devices leading to miniaturization of products and demand for wireless headphones with built in rechargeable battery, integrated microphone for hands-free calling, and multi-point technology that helps to connect with multiple devices are major factors driving growth of the hearable devices market. In addition, prevalence of hearing loss among children and adults is another factor expected to support growth of the global hearable devices market. Moreover, increasing government initiatives related to hearing aids devices through public campaign is expected to drive demand for the products, which in turn is expected to support growth of the global hearable devices market.
However, high cost of advanced hearable devices is excepted to restrain growth of the global hearable devices market to certain extent. Technological advancements and increasing R&D activities by manufacturers is expected to create new opportunities to players operating in the global hearable devices market over the forecast period.
The global hearable devices market is segmented on the basis of product type, application and region. On the basis of region/country, the global hearable devices market is segmented into US, Europe, China, Japan, South Korea, and Taiwan.
The Bluetooth segment accounted for highest revenue share contribution as compared to other type segment, and is expected to register a CAGR of over 9.0% between 2017 and 2026 owing to benefits of Bluetooth such as directly connecting to cell phone, television, computer, laptop or tablet is increasing among users.
The healthcare segment is projected to account for highest revenue share as compared to that of other application segment, and register a CAGR of 9.0% over the forecast period
The market in US accounted for highest revenue share in the global hearable devices market in 2016, and is expected to register a CAGR of 9.0% between 2017 and 2026, owing to the presence of prominent hearable devices manufacturers in the country.
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US market is estimated to account for largest market share in terms of revenue as compared to that of markets in other regions in 2017. This is attributed to increasing government expenditure on healthcare sector, and presence of prominent players operating in the country. Europe market is expected to account for the second-largest revenue share contribution to the global hearable devices market, followed by markets in China, Japan, South Korea, and Taiwan respectively. The market in China is projected to have the fastest growth in terms of revenue, owing to high disposable income and increasing demand for hearable devices with advanced features in in this country.
Key players operating in the global hearable devices market include GN Store Nord A/S, Sivantos Pte. Ltd., Apple Inc., Samsung Electronics Co. Ltd., Sennheiser electronics GmbH & Co.KG, Sony Corporation, Starkey Hearing Technology, Inc., Bragi GmbH, Miracle-Ear, Inc., Valancell, Inc., Earin AB, Nuheara Limited, and Eargo Inc.