Hearable device shipments will exceed 200 million units by 2024, up from 165 million in 2022, according to Juniper Research. The research firm said the shipments will grow at 30% over the next two years.
Hearables shipments will be driven by the assistive and healthcare-focused segments.
“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,” Juniper said.
The firm also expects that the growing implementation of ‘right to repair’ legislation has the potential to limit future hearables’ shipments.
To overcome this, Juniper 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 research firm forecasts that the US and Germany will grow to account for 50% of total hardware revenue from emerging hearables use cases by 2024.
“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,” said the Research author Adam Wears.