Hearables Market Size Worth $69 billion in 2022 with the Highest Contribution from Asia-Pacific – GlobalData Plc

The global hearables market size reached $69 billion in 2022, according to a new report by GlobalData Plc. Hearables are ear-worn connected devices designed for communication, health and activity monitoring, and real-time information services. These devices can be controlled by tap/touch or voice by connecting to smartphones, smart TVs, and other smart devices via Bluetooth or Wi-Fi, and generally feature digital assistants such as Alexa and Siri for real-time voice-based communication. Technological advancements enabling the miniaturization of smart earbuds will plummet the adoption of hearables over the forecast period.

Hearables Market Overview 2022-2026 ($ Billion)

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Hearables Market FAQs

• What was the hearables market size in 2022?
  The hearables market size was $69 billion in 2022.
• What will be the hearables market CAGR during 2022-2026?
  The hearables market will grow at a CAGR of 18.8% during 2022-2026.
• What are the key segments in hearables market?
  The hearables market is mainly segmented by price range and region.
• Which region accounted for the highest hearables market growth in 2022?
  The Asia-Pacific region accounted for the highest hearables market growth in 2022.
• Which are the key companies in the hearables market?
  The key companies in the hearables market are Microsoft Corp, Alphabet Inc, Apple Inc, Bose Corp, GN Store Nord AS, Samsung Electronics Co Ltd., Sony Group Corp, Xiaomi Inc, and Nuheara Ltd among others.

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Hearables Market Dynamics

The first hearables appeared in 2014, but the 2016 launch of Apple’s AirPods brought the devices to mainstream attention. The launch coincided with Apple’s decision to remove the iPhone’s headphone jack, forcing users to either buy an adapter for wired headphones or invest in wireless earbuds. Hearables are upgrading at a rapid pace due to advancements in supportive technologies such as customized silicon chips, AI-enabled conversational platforms, and improved batteries. Furthermore, the availability of some other prominent features such as active noise cancellation and enhanced cybersecurity are making hearables a viable choice for the modern consumers.

However, hearables have limited capacity to store the data they generate. Thus, vendors store users’ data, such as location, health metrics, app activity, and conversations, on cloud servers. This stored data is open to potential misuse by advertisers and vendors. The regulations mandate hearables vendors to have transparent privacy policies that stipulate the purpose and use of user-generated data. Furthermore, COVID-19 has also impacted the hearables market growth as the lockdowns in China in early 2020 delayed the production of new devices.

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Hearables Report Highlights

• The hearables market is projected to witness a CAGR of 18.8% from 2022 to 2026. Hearables have proved extremely popular with consumers, and they continue to evolve. The next generation hearables will be designed for greater comfort and offer longer battery life. They will also feature services like immersive spatial audio, health monitoring, and AI-based communication.
• As of 2022, the USD <50 price range segment captured the highest share primarily due to the affordability of these devices in developing countries. Although the products falling in this price segment do not provide sophisticated features such as active noise cancellation and health tracking, they serve the basic purpose of music and call adequately.
• COVID-19 has dented the momentum of the hearables market. The shipment of hearables will grow by 37% in 2020, compared to growth of 258% in 2019, according to GlobalData estimates. Changes in consumer behavior, including working from home, increased consumption of digital media, and the popularity of virtual fitness coaching are driving the adoption of hearables during the pandemic.
• Asia Pacific’s hearables market value was the highest in 2022, capturing over 30% of the overall market size. With increasing population and improving standard of living in the APAC countries, the region is anticipated to dominate the market and showcase a growth rate of more than 17% over the forecast period.
• The key hearables players analyzed as part of this report include Apple Inc, Bose Corp, GN Nord Store AS, Samsung Electronics Co., Ltd, Microsoft Corp, Alphabet Inc, Amazon.com Inc, Sony Group Corp, Xiaomi Inc, and Nuheara Ltd among others.

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Hearables Market Scope

GlobalData Plc has segmented the hearables market report by price range and region:

Hearables Price Range Outlook (Revenue, $Million, 2019-2026)

• USD <50
• USD 50-100
• USD >100

Hearables Regional Outlook (Revenue, $Million, 2019-2026)

• North America
• S.
• Canada
• Mexico
• Europe
• Germany
• K.
• Italy
• France
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Australia
• Rest of Asia Pacific
• South & Central America
• Brazil
• Argentina
• Chile
• Rest of South & Central America
• Middle East & Africa
• United Arab Emirates (UAE)
• Kingdom of Saudi Arabia (KSA)
• South Africa
• Rest of Middle East & Africa

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