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Hearable Devices Market Trends and Future Prospects 2024
Hearable Devices Market Trends
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According to The Business Research Company's, The hearable market size has grown rapidly in recent years. It will grow from $26.00 billion in 2023 to $30.22 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to an increase in the use of infotainment devices, an increase in the adoption of smart headphones, an increase in jack-less mobile phones, an increasing adoption rate of hearable devices, and a rise in demand for miniaturized wearable electronic devices.
The hearable market size is expected to see rapid growth in the next few years. It will grow to $55.63 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to rising demand for wireless headphones, increasing adoption of hearable devices, rising demand for smart electronics, growing popularity of truly wireless earbuds, and an increase in the use of infotainment devices. Major trends in the forecast period include technological advancements, integrating hearable technologies, integration with the Internet of things, integration of voice assistants and connectivity features, and connectivity technologies.
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Market Drivers and Trends:
The rising demand for wireless headphones is expected to propel the growth of the hearable market going forward. Wireless headphones are audio devices that transmit audio signals via Bluetooth or other wireless technologies, allowing users to listen to audio without being tethered to a device by a cable. They provide freedom of movement and convenience in various audio applications. The rising demand for wireless headphones is due to increasing smartphone adoption, the convenience of wireless connectivity, and advancements in audio technology. Hearables contribute to the increasing demand for wireless headphones by integrating advanced features like health monitoring, AI assistants, and seamless connectivity, enhancing the user experience beyond traditional audio playback. For instance, in January 2022, according to the Consumer Technology Association, a US-based trade organization, wireless earbud shipment revenues increased by 3% from 2021 to 2022, reaching an estimated $9.3 billion. Therefore, the rising demand for wireless headphones is driving the growth of the hearable market.
Major companies operating in the hearable market focus on developing innovative products, such as speech-enhanced hearables, to help consumers improve their comprehension in noisy environments. Speech-enhanced hearing aids are wearable devices, typically earbuds or headphones, incorporating advanced technology to enhance speech clarity and intelligibility. For instance, in January 2023, Sonova Holding AG, a Switzerland-based company focusing on hearing care, introduced Sennheiser Conversation Clear Plus earbuds, which enhance speech clarity with their advanced technology, including noise-canceling microphones and intelligent algorithms. They effectively minimize background noise, ensuring clear and natural communication even in challenging environments. They integrate seamlessly with smart devices, providing intuitive controls and personalized sound settings through a dedicated mobile app.
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Major Key Players of the Market:
Apple Inc., Samsung Electronics Co. Ltd., Sony Group Corporation, LG Electronics Inc., Xiaomi Corporation, Bose Corporation, Koninklijke Philips N.V., Demant A/S, Starkey Hearing Technologies, Razer Inc., Jabra, Voxx International Corporation, Sennheiser electronic GmbH & Co. KG, Widex A/S, Miracle-Ear, Skullcandy Inc., WS Audiology, Eargo Inc., Beats Electronics LLC, Doppler Labs Inc., Bragi GmbH, AKG Acoustics GmbH, Earin AB, GN Audio A/S
Hearable Market 2024 Key Insights:
• The hearable market size is expected to see rapid growth in the next few years. It will grow to $55.63 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%.
• Rising Demand For Wireless Headphones On The Hearable Market
• Innovative Speech-Enhanced Hearables Improve Comprehension In Noisy Environments
• North America was the largest region in the hearable market in 2023
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