Global hearables market to exceed 200 mn units by 2024: Report

These segments will comprise 18 per cent of hearables shipments by 2024

AgenciesUpdated:Tuesday, May 03, 2022, 04:58 PM IST
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The US and Germany will grow to account for 50 per cent of total hardware revenue from emerging hearables use cases by 2024./ Representative image | Photo credit: IANS

The global hearables market will exceed 200 million units (shipments) by 2024, up from 165 million this year, a new report said on Tuesday.

This represents total growth of 30 per cent over the next two years, according to Juniper Research.

The US and Germany will grow to account for 50 per cent of total hardware revenue from emerging hearables use cases by 2024.

"The research anticipates sustainability initiatives will impact future hearables shipments, meaning vendors must target product comprehensiveness, rather than specificity, to attract consumers," said research author Adam Wears.

The report identified assistive and healthcare-focused hearables segments, typified by Nuheara's IQbuds and Bose's SoundControl Hearing Aids, as key to this growth.

These segments will comprise 18 per cent of hearables shipments by 2024, compared to 12 per cent in 2021.

"We have ranked Apple as an established leader due to its expansive, differentiated offerings, comprising high-quality audio with advanced assistive and healthcare-focused technologies that leverage its existing partnerships with stakeholders across the value chain in established and emerging use cases," Wears explained.

The report said that growing implementation of 'right to repair' legislation has potential to limit future hearables shipments.

To overcome this, vendors should leverage the growing capabilities of digital voice assistants to address emerging hearables use cases, including industrial monitoring, and productivity enhancement, with the goal of expanding revenue streams and capturing early market share, the findings showed.

(With inputs from IANS)

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