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Global Hearables Market expected to reach USD 1,322.4 Mn by 2026

07-02-2021 03:59 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Alltheresearch

Change in preference of consumers towards wireless communication devices is contributing to the growth of the global hearables market during the forecast period. The global hearables market was valued at USD 160.1 million in 2018 and is expected to reach USD 1,322.4 million in 2026, growing at a CAGR of 30.2% during the forecast period.

Hearables identify as a result of a ubiquitous computing concept. These are technologically advanced, wireless hearing aids that perform multiple applications in the healthcare monitoring and communication electronics sector. These are designed with the capability to transmit communication signals for short-range using wireless technology.

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Hearables are increasingly being adopted in various industrial sectors which includes manufacturing, mining, construction, among others owing to their capability to wirelessly transmit data over short-range. Moreover, rapid growth in the consumer electronics sector is hugely benefitting hearables market as consumers are increasingly preferring wireless electronic devices for communication purposes. The compactness of modern sensors is enabling hearable manufacturers to design and produce smart and compact devices that are easy to use and are able to perform numerous functions. These wireless hearables are used Bluetooth and Wi-Fi technology to connect various electronic communication devices to headphones. On the other hand, hearable technology is considered to be in the emerging stage which can explore multiple application areas which require hands-free communication in the noisy working surrounding which is anticipated to propel the global hearables market in the industrial sector. Additionally, the growing demand for mobility services is further propelling the growth of hearable industry globally. However, low battery life due to extensive usage of hearables and high cost are some of the restraining factors to the growth of hearables market.

Key Findings:

Based on type, the in-ear segment is expected to grow at the highest CAGR of around 37% during the forecast period
Based on technology, the Bluetooth segment is expected to grow at the highest CAGR of around 41% during the forecast period
Based on application, the consumer electronics segment is accounted for the largest share in the market and held for around 44% of the total market, in 2018
Asia Pacific accounted for around 34% share of the global hearables market in 2018
Recent News:

In March 2019, Apple Inc. (US) launched latest in-ear headphone Apple AirPods 2 which is entirely cord-free and designed for iPhones without a headphone jack and other Apple products.
In May 2018, Sony Corporation (Japan) introduced its wireless earphone product Sony WF-SP700N Truly Wireless Sports Headphone.

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AllTheResearch was formed with the aim of making market research a significant tool for managing breakthroughs in the industry. As a leading market research provider, the firm empowers its global clients with business-critical research solutions. The outcome of our study of numerous companies that rely on market research and consulting data for their decision-making made us realize, that it's not just sheer data points, but the right analysis that creates a difference. While some clients were unhappy with the inconsistencies and inaccuracies of data, others expressed concerns over the experience in dealing with the research firm. Also, same-data-for-all-business roles were making research redundant. We identified these gaps and built AllTheResearch to raise the standards of research support.

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