The global hearable devices market is expected to reach USD 23.24 Billion by 2023, at a CAGR of 9.98% between 2017 and 2023. The key opportunity for this market is the advancements in voice user interface (UI) and emerging hearable computing. Some of the key factors driving this market are hearable devices market include 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 key players in the hearable devices market include GN Store Nord A/S (Denmark), Apple Inc. (US), Samsung Electronics Co., Ltd. (South Korea), Sennheiser Electronics GmBH, Co. KG (Germany), and Sony Corporation (Japan). Most of the leading companies have followed the organic strategy of product developments & launches. This market is evolving worldwide with an increasing number of start-ups globally with many functions to offer disruptive products. These leading strategies in this market help companies remain and grow in the technically competitive market.
Leading players in the hearable devices market:
Apple Inc. (US) has been at the top position because of its wide contribution to the parent market share and high financial power. The company has an established brand recognition worldwide and is one of the leading providers of smart and wireless hearing devices. The latest product by the company is equipped with various sensors such as dual optical sensors, motion-detecting accelerometers, and speech-detecting accelerometer to improve the overall performance of the device. The company has a prominent focus on research and development (R&D) activities and is innovative at core. For instance, in September 2016, the company launched Airpods and Beats X in the hearable device market.
Samsung Electronics Co., Ltd. (South Korea) is at the second position. The company has a strong financial power and shows a significant increase in its R&D investment dedicated toward the development of hearing devices. Along with the inbuilt basic features and functionalities, the company focuses on product and technology innovation. For instance, the company offers wireless stereo headset, which provides very sophisticated U-shaped design, delivering clear voice quality with the help of noise- and echo-reducing NR and EC technologies. Also, gear icon x, cord-free fitness earbuds, helps track the fitness of the body by tracking speed, distance, duration, heart rate, and calories burnt via dedicated voice guide. For instance, in August 2016, the company launched gear icon X, cord-free fitness earbuds. Also, the company acquired Harman International Industries (US) in March 2017 to create substantial growth opportunities in the audio market.
Hearable Devices Market by Product ((Headset (Traditional Headset, Earbuds), Headphone, and Hearing Aids (Smart, Regular)), Technology (Bluetooth, Wi-Fi), Application (Consumer, Healthcare), and Geography - Global Forecast to 2023
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