Hearable Market Report 2024

The hearable market size has grown rapidly in recent years. It will grow from $26.0 billion in 2023 to $30.22 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The growth during the historic period stemmed from increased use of infotainment devices, higher adoption rates of smart headphones, proliferation of jack-less mobile phones, rising popularity of hearable devices, and growing demand for miniaturized wearable electronics.

The hearable market size is expected to see rapid growth in the next few years. It will grow to $55.63 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. Anticipated growth in the forecast period is driven by escalating demand for wireless headphones, expanding adoption of hearable devices, increased demand for smart electronics, surging popularity of truly wireless earbuds, and continued use of infotainment devices. Key trends expected in this period include technological advancements, integration of hearable technologies, connectivity with the Internet of Things, incorporation of voice assistants and connectivity features, and advancements in connectivity technologies.

The growing demand for wireless headphones is expected to drive the hearable market's growth. Wireless headphones are audio devices that use Bluetooth or other wireless technologies to transmit audio signals, allowing users to listen without being connected to a device by a cable. These headphones offer freedom of movement and convenience across various audio applications. The increasing demand is fueled by the rising adoption of smartphones, the convenience of wireless connectivity, and advancements in audio technology. Hearables further boost this demand by incorporating features such as health monitoring, AI assistants, and seamless connectivity, enhancing user experience beyond traditional audio playback. For example, according to the Consumer Technology Association, wireless earbud shipment revenues increased by 3% from 2021 to 2022, reaching an estimated $9.3 billion. Thus, the rising demand for wireless headphones is driving hearable market growth.

Leading companies in the hearable market are focusing on developing innovative products, such as speech-enhanced hearables, to help consumers understand speech in noisy environments. These devices, typically earbuds or headphones, use advanced technology to improve speech clarity and intelligibility. For instance, in January 2023, Sonova Holding AG, a Switzerland-based hearing care company, launched Sennheiser Conversation Clear Plus earbuds. These earbuds enhance speech clarity with advanced technology, including noise-canceling microphones and intelligent algorithms, effectively reducing background noise for clear and natural communication in challenging environments. They integrate seamlessly with smart devices, offering intuitive controls and personalized sound settings through a dedicated mobile app.

In March 2022, Sonova Holding AG acquired the consumer division of Sennheiser Electronic GmbH & Co. KG. for an undisclosed amount. This acquisition aims to expand Sonova's portfolio in the consumer audio market by leveraging Sennheiser's expertise in high-quality audio products. Sennheiser Electronic GmbH & Co. KG. is a Germany-based company that manufactures microphones, headphones, and loudspeakers for both professional and home audio sectors.

Major companies operating in the hearable market are Apple Inc., Samsung Electronics Co. Ltd., Sony Group Corporation, LG Electronics Inc., Xiaomi Corporation, Bose Corporation, Koninklijke Philips N.V., Demant A/S, Starkey Hearing Technologies, Razer Inc., Jabra, Voxx International Corporation, Sennheiser electronic GmbH & Co. KG, Widex A/S, Miracle-Ear, Skullcandy Inc., WS Audiology, Eargo Inc., Beats Electronics LLC, Doppler Labs Inc., Bragi GmbH, AKG Acoustics GmbH, Earin AB, GN Audio A/S.

North America was the largest region in the hearable market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hearable market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the hearable market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Hearables are worn in the ear and integrate functions of hearing aids with features such as wireless connectivity and smart assistants, enhancing sound quality, enabling health monitoring, and facilitating communication for diverse everyday uses.

Hearables encompass headsets, earbuds, and hearing aids. Headsets cover both ears and often include a microphone, designed for hands-free communication and immersive audio experiences. They find applications in professional settings for calls, gaming, and multimedia, utilizing technologies such as Bluetooth, wireless, Wi-Fi, and wired connections. These devices are employed across various sectors including industrial noise cancellation, industrial wireless audio, healthcare, manufacturing, construction, and consumer electronics.

The hearable market research report is one of a series of new reports that provides hearable market statistics, including hearable industry global market size, regional shares, competitors with a hearable market share, detailed hearable market segments, market trends, and opportunities, and any further data you may need to thrive in the hearable industry. This hearable research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The hearable market consists of sales of headphones, smart hearing aids, fitness earbuds, and wireless headphones. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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