Global Hearables market is expected to reach $56756.80 million by 2023
Published Date: 2018/10/17
Global Hearables Market Research Report 2018 focuses on the Hearables (Hearable Devices) market. Compared to 2016, Hearable Devices market managed to increase sales by 31.19 percent to 42574 K Units worldwide in 2017 from 19229 K Units in 2016. Overall, the Hearable Devices market performance is positive, despite the weak economic environment.
In terms of revenue, hearing aids, although one of the smaller volume segments, will dominate in terms of overall revenue, largely due to their historic sales and distribution channel which will maintain their high product price. The challenge will come from earbuds, which, if they gain customer acceptance will attract new users, not least from the 1.1 billion potential people identified by the WHO report as being susceptible to hearing loss. If they succeed, they will eventually take over the hearing aid category. These will be at a lower price, but with massively higher volumes. Even without challenging the hearing aid industry, the wireless ear bud will evolve into an important market in its own right. As a result it will become one of the most successful areas within the wearables market.
Among all the major applications of the hearable devices market, the market for healthcare application accounted the 13.06% of market share in 2017. The evolution of technology allows people to measure heart rates and other parameters such as body temperature, blood pressure, pulse oximetry, electrocardiogram (ECG), electroencephalogram signals, and others using various smart hearable devices available in the market. Companies in this market also started offering new capabilities in hearables to the elderly and other patients. These hearable devices also help manage particular health conditions and disease states.
Some key factors driving 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 Hearables market is expected to reach $56756.80 million by 2023 from $14903.81 million in 2018, growing at a CAGR of 30.66% from 2018 to 2023. And the sales volume would reach 579151 K Units in 2023.
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