Change in preference of consumers towards wireless communication devices is contributing to the growth of the global hearables market during the forecast period. The global hearables market was valued at USD 160.1 million in 2018 and is expected to reach USD 1,322.4 million in 2026, growing at a CAGR of 30.2% during the forecast period.
Hearables identify as a result of a ubiquitous computing concept. These are technologically advanced, wireless hearing aids that perform multiple applications in the healthcare monitoring and communication electronics sector. These are designed with the capability to transmit communication signals for short-range using wireless technology.
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Hearables are increasingly being adopted in various industrial sectors which includes manufacturing, mining, construction, among others owing to their capability to wirelessly transmit data over short-range. Moreover, rapid growth in the consumer electronics sector is hugely benefitting hearables market as consumers are increasingly preferring wireless electronic devices for communication purposes. The compactness of modern sensors is enabling hearable manufacturers to design and produce smart and compact devices that are easy to use and are able to perform numerous functions. These wireless hearables are used Bluetooth and Wi-Fi technology to connect various electronic communication devices to headphones. On the other hand, hearable technology is considered to be in the emerging stage which can explore multiple application areas which require hands-free communication in the noisy working surrounding which is anticipated to propel the global hearables market in the industrial sector. Additionally, the growing demand for mobility services is further propelling the growth of hearable industry globally. However, low battery life due to extensive usage of hearables and high cost are some of the restraining factors to the growth of hearables market.