A study by Juniper Research has found that hearables’ shipments will exceed 200 million units by 2024, up from 165 million in 2022; representing total growth of 30% over the next 2 years.
The report identified the assistive and healthcare-focused hearables segments, typified by Nuheara’s IQbuds and Bose’s SoundControl Hearing Aids, as key to this growth. These devices facilitate proactive management of hearing loss and other medical conditions; enabling long-term care cost savings compared to traditional therapies. As such, it anticipates that these segments will comprise 18% of hearables’ shipments by 2024, compared to 12% in 2021.
The new research, Hearables: Emerging Opportunities, Competitor Leaderboard & Market Forecasts 2022-2026, also highlighted that growing implementation of ‘right to repair’ legislation has the potential to limit future hearables’ shipments. To overcome this, it recommends that vendors 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 report forecasts that the US & Germany will grow to account for 50% of total hardware revenue from emerging hearables use cases by 2024. It highlighted high levels of industrial digitalization, allied with widespread connectivity and ubiquitous consumer devices, as key to these countries’ positions as leaders.
