Portland, June 08, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hearables industry was pegged at $21.20 billion in 2018, and is anticipated to reach $92.46 billion by 2026, growing at a CAGR of 17.2% from 2019 to 2026. The report offers an in-depth analysis of changing market dynamics, top leading strategies, competitive scenarios, and major market players.
Increase in demand for wireless headphones and infotainment devices, emerging hearable computing and rapid technological advancements in voice user interface, and advent of miniaturized wearable electronic devices for health monitoring propel the growth of the global hearables market. However, adverse effect on the hearing ability due to overuse of headphones and high cost of industrial hearables restrain the growth to certain extent. Nevertheless, surge in focus toward adoption of hearing devices to prevent hearing loss in industrial application is expected to offer a number of opportunities to the key players in the market.
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COVID-19 Scenarios:
- The global hearable market is likely to suffer due to the novel coronavirus outbreak, as the global lockdown has made the industry face disruptions in production and supply chain management. In addition, the industry has witnessed a shrinkage in global demand.
- Moreover, relaxations in the restrictions in several countries have offered an opportunity to the companies. Also, the revival of e-commerce platforms offering contactless home deliveries is anticipated to increase the demand.
The global hearables market is segmented into product, type, communication technology, end user, and region. Based on product type, the headsets segment contributed to more than two-thirds of the global hearables market in 2018, and is expected to retain its dominance till 2026. On the other hand, the earbuds segment, is anticipated to grow at the fastest CAGR of 29.5% during 2019 to 2026.
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Based on type, the on-ear segment held the major share in 2018, accounting for nearly half of the global hearables market. Furthermore, the segment is anticipated to rule the roost by 2026. On contrary, the over-ear segment would register the fastest CAGR of 19.9% during the study period.
Based on geography, the market is analyzed across regions including Asia-Pacific, Europe, LAMEA, and North America. The region across North America accounted for nearly one-third of the global hearables market revenue in 2018, and is anticipated to dominate throughout the forecast period. However, the region across LAMEA is expected to portray the fastest CAGR of 21.0% by the end of 2026.
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The key market players in the report include Bose Corporation, Koninklijke Philips N.V., Apple, Inc., LG Electronics, Samsung Electronics Co., Ltd., Sony Corporation, Sennheiser Electronic GMBH & Co., BRAGI GmbH, Skullcandy, Inc., and Jabra (GN Store Nord A/S).
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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