The hearable devices market has entered the growth phase and is expected to grow further in the coming years. The market is expected to be worth USD 23.24 billion in 2023, at a CAGR of 9.98%
LONDON, Oct. 24, 2018 /PRNewswire/ -- Hearable Devices market is projected to grow at a CAGR of 9.98% between 2017 and 2023
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The hearable devices market has entered the growth phase and is expected to grow further in the coming years. The market is expected to be worth USD 23.24 billion in 2023, at a CAGR of 9.98% between 2017 and 2023. The drivers for this market are the growing demand for smartphones as a source of entertainment; consumer preference for wearable and portable devices; increasing demand for health monitoring applications and hearing aids; and high investment in R&D for hearables by OEMs. The main restraint for this market is delivering high-quality audio.
Market for headset is estimated to grow at the highest CAGR during the forecast period
The headset market is expected to grow at the highest CAGR during the forecast period.One of the major reasons why headset is preferred more than a headphone is because it comes with a microphone.
The market opportunity and the upcoming trend of the voice user interface are mainly driven by the pair of earbuds with equipped microphone. Also, with the help of microphones that record the surrounding noise, headsets perform better in noise cancellation compared to headphones.
Market for Bluetooth headset accounted for the largest share of the hearable devices market in 2016
The reason for Bluetooth to be the preferred choice is its ubiquitous and universal deployment, which makes it compatible with a larger set of devices.It is also preferred because it is the most economic technology for close range.
Wi-Fi being preferred for a larger distance area. As hearables generally demand a use case where the source of audio is within 15 feet, this is the most cost-effective technology that can be deployed.
APAC is expected to be the fastest-growing market for hearable devices during the forecast period
Being the most populated region in the world, the market in APAC for consumer electronics including smartphones, tablets, and hearable devices is increasing rapidly with a high rate of development. Furthermore, factors such as urbanization, individuals' acceptance for innovative technologies, and the growing popularity of streaming music services are responsible for the growth of the hearable devices market in this region.
Breakdown of the profile of primary participants:
• By Company: Tier 1—35 %, Tier 2—45%, and Tier 3—20%
• By Designation: C-level Executives—35%, Directors—25%, and Others—40%
• By Region: North America—45%, Europe—17%, APAC—30%, and RoW—8%
The major players profiled in this report include:
• Apple Inc. (US)
• Samsung Electronics Co., Ltd. (South Korea)
• Sony Corporation (Japan)
• GN Store Nord A/S (Denmark)
• Sennheiser Electronic GmbH & Co. KG (Germany)
• Harman International Industries Inc. (US)
• VOXX International Corporation (US)
• William Demant Holdings A/S (Denmark)
• Bose Corp. (US)
• Widex Holding A/S (Denmark)
Research Coverage
The study segments in the hearable devices market report are products, which include headphone, headset, hearing aid, and technology covering Bluetooth and Wi-Fi. The study also covers applications and geographic forecast of the market size for various segments with regard to 4 main regions: Asia Pacific, Americas, Europe, and RoW.
Reasons to buy the report
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the hearable devices market comprehensively and provides the closest approximations of the overall market size and those of the subsegments across different applications and regions.
2. The report gives the detailed analysis of the hearable devices market with the help of business model analysis, competitive leadership mapping, and value chain analysis including key companies in the market and their relations in the ecosystem.
3. The report helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
4. This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, product developments, partnerships, and mergers and acquisitions in the hearable devices market.
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