Hearables Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Hearables Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Hearables Market is expected to register a CAGR of 11.7% during the forecast period of 2021-2026. Moreover, the market is multiplying due to the increasing demand for consumer preference for an enhanced audio experience, the growing music industry, and the growing penetration of the internet.

Key Highlights

• The demand for on-ear and over-ear headphones has reduced due to the bulky size and cost of these headphones. However, the active noise cancellation and rich bass signature of wireless headphones make them a preferred choice among the technologically advanced customers. For instance, in 2019, Xiaomi launched Mi Superbass Headphones, which has active noise cancellation, and its near field communication offers enhanced listening experience for its customers.
• Moreover, the hearing aids market is growing at a significant rate due to the technological advancement of these products. According to the World Health Organisation, Over 5% of the world’s population or 466 million people are suffering from hearing loss, and it is expected to reach over 900 million people by 2050.
• Major key vendors in this market are also following innovative strategies to meet the unique demand of consumers. However, modern hearing aids are incorporated with broadband technology and filters, which can selectively amplify the sounds which the user wants to hear, and it also reduces the background noise of that system. For instance, in 2019, Oticon launched Oticon Xceed, and Oticon Xceed play for adults and pediatric patients. This product is integrated with brain hearing technologies, which can improve speech clarity by reducing the environmental noise for its users.

Key Market TrendsWireless Headphones to Hold the Significant Market Share

• The shifting preference of consumers is expected to drive the growth of this market. Wireless headphones are enabled with Bluetooth and Wi-Fi technology, which helps the user to connect their phones and other devices with these headphones. Additionally, the rapid demand for mobility services is also fuelling the growth of this market.
• The new technological advancements of wireless headphones are the primary drivers of this market. For instance, in 2019, Apple launched Airpods Pro, which is integrated with Active Noise Cancellation and superior, immersive sound. Moreover, this product also provides additional benefits to its consumers, such as Voice-activated Siri, Audio sharing, and Eartip fit test.
• Furthermore, hearable computing is the fastest emerging technology that offers hands-free calling and communication to ensure noise-free mobile communication to its customers. For instance, in 2020, Xiaomi launched Mi AirDots 2 SE, which is not only a cost-effective solution for its customers but also provides smart voice control along with touch controls for volume and track change.

Asia Pacific to Hold the Significant Market Share

• Asia Pacific region holds the largest market share for this market during this forecast period. The rapid urbanization and industrialization in developing countries such as China, India, Japan are the key growth drivers for this market. Furthermore, increasing penetration of jack-less mobile phones and surge in the spending of electronic goods are increasing the demand for hearable products for these countries.
• Moreover, the rapidly growing blockchain technology, machine learning (ML), artificial intelligence (AI), the internet of things (IoT) are the primary driver of flourishing e-commerce industries for these regions. For instance, Alibaba currently covers 80% of online sales in China, and Flipkart has over 100 million registered users and holds 43% share of entire India’s e-commerce market. Hence this rapidly growing e-commerce market is fuelling the growth of wireless headphones and earbuds markets.
• Most of the consumers in these regions are price sensitive. Hence significant vendors in this market are offering price-sensitive wireless headphones that can support them to cater to this untapped market. For instance, Sony recently launched WH-CH710N, which not only affordable to the consumers but also it is specially designed for work from home solutions during this COVID 19 pandemic situation.

Competitive Landscape

The competition in the Hearable market remains high owing to the presence of some key vendors in this market, such as Sonova Holding AG, WS Audiology A/S, Xiaomi Corporation, Apple Inc. (Incl Beats Electronics) etc. The major vendors in this market are looking forward to providing technologically advanced products through their considerable investments in the research and development which can support to gain a competitive advantage for this market.

• April 2020: GN Group launched Re sound assist live to provide a new hearing care solution and is expected to reduce the need for in-office visits of older during these ongoing COVID 19 pandemic situations. However, GN believes its innovative solutions can offer the broadest range of at-home hearing care services for those who are suffering from hearing loss problems.
• February 2020: Starkey launched Livio Edge AI to provide a unique hearing experience for its customers. The company believes that it can provide improved sound quality and sound processing for challenging listening environments. Moreover, its Edge Mode can provide an AI-based analysis of the acoustic environment and can make immediate adjustments for the patients.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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