A lead analyst at AMR highlighted that the hearables market in LAMEA is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the hearables market. The findings of the report states that the global market for hearables generated $21.20 billion in 2018, and is projected to reach $93.90 billion by 2026, growing at a CAGR of 17.2% from 2019 to 2026.The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Significant surge in the demand for wireless headphones and infotainment devices among people across the globe, increase in prevalence of hearing computing, and rise in demand for miniaturized wearable electronic devices for health monitoring are expected to drive the growth of the global hearables market. On the other hand, extortionate cost of industrial hearables is expected to hinder the growth to some extent. However, surge in the adoption of protective hearables in industries to prevent hearing loss is expected to create tremendous opportunities for the growth of the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the hearables market globally. The outbreak of Covid-19 has had a negative impact on the growth of the global hearables market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to the closure of numerous manufacturing facilities, including those of hearable. Thus, all the production activities were partially or completely stopped during lockdowns. In addition, stringent import and export restrictions from the government further aggravated the impact on the market. However, the market is expected to recoup soon.
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“The hearables market in Asia-Pacific is expected to witness growth at the highest rate during the forecast period, owing to rapid urbanization and industrialization. Moreover, there is an increase in investment in the manufacturing and construction industry in the region, which in turn boosts the demand for hearables devices used for noise cancellation and voice assistance in industrial applications. However, rise in competition in developing economies such as India, is anticipated to influence the growth of the hearables industry,” said Ankit Prajapati, Lead Analyst, Semiconductor and Electronics at Allied Market Research.
The report offers a detailed segmentation of the global hearables market based on products, type, connectivity technology, end-user and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
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Based on product, the headsets segment generated the highest market share in 2018, garnering more than two-thirds of the global market. The earbuds segment, on the other hand, is expected to cite the fastest CAGR of 29.5% during the forecast period.
Based on type, the on-ear segment held the majority share in 2018, holding nearly half of the global market. The over-ear segment, on the other hand, is predicted to exhibit the fastest CAGR of 19.9% during the forecast period.
Based on region, the market across North America held the lion’s share in 2018, garnering one-third of the global market. The LAMEA region, on the other hand, is expected to cite the fastest CAGR of 21.0% during the forecast period.
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The key players analayzed in the global hearables market report include Skullcandy, Inc, Jabra (GN Store Nord A/S), LG Electronics, Apple, Inc, Bose Corporation, BRAGI GmbH, Sony Corporation, Sennheiser Electronic GMBH & Co., KG, Koninklijke Philips N.V., and Samsung Electronics Co., Ltd.
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