The global chip shortage crisis which began in 2020 is, unfortunately, an issue which is still very much relevant today. The demand for integrated circuits (otherwise known as semiconductor chips) continues to exceed the supply, leading to major earning losses for more than 169 industries.
The reasons behind the circuit shortage are complex, but one of the main causes has been the COVID-19 pandemic. Not only has it fuelled the crisis through effects like labour challenges and geopolitical uncertainties, but it has also caused a massive growth in demand for semiconductors due to higher consumer interest in electronics.
Another major cause behind the chip shortage is the China-United States trade war. The restrictions that the United States have imposed on SMIC (Semiconductor Manufacturing International Corporation)- China’s largest chip manufacturer, have made the semiconductor supply to the United States even more difficult.
Furthermore, TSMC (Taiwan Semiconductor Manufacturing Company) who supply over 50% of the global market have been suffering greatly from the major drought occurring in Taiwan. Since semiconductor production uses up a lot of water (more than 150,000 tons per day, or approximately 80 standard swimming pools), the water regulation policy which has been imposed due to the drought has made the process harder and more expensive: TSMC have been depending on water trucks to maintain production.
So, what does this mean for the hearing aid accessories market in the US? Hearing equipment availability in the United States has seemed quite poor for a while. Product recalls and low hearing aid penetration were affecting the US market for hearing aid accessories negatively even before the global chip shortage. The increasing cost of hearing aid technology and the lack of skilled experts in the field have made it even more difficult for the market to grow.
Meanwhile, approximately 15% of American adults (37.5 million) aged 18 and over report difficulty hearing, and one in eight people in the US (about 30 million in total) aged 12 years or older has hearing loss in both ears. Furthermore, public awareness regarding the deafness spectrum is on the rise- for example, the World Health Organization (WHO) commemorates World Hearing Day on March 3rd, striving to promote better understanding related to hearing loss. The rise of public attention towards those issues has raised the interest in hearing aids and as a result- hearing aid accessories, increasing product demand across the US.
Despite the growing demand, however, the global chip shortage is bound to have a further negative effect on the US market for hearing aid accessories. Industry experts predict that the crisis will continue and don’t believe that there will be any relief until 2023, or possibly even early 2024.
We at Hearing Aid Accessory have been aware of the hardships that those experiencing hearing loss are currently facing in the US due to the poor access to hearing equipment available. After noticing the amount of positive feedback from American customers explaining how hard it was to find the products we offer in the US (especially at such amazing prices), we decided to create this website to maximise accessibility of those products to our US customers and to provide them with the convenience to browse and order from an Americanised website.
Are you currently living in the US and looking to purchase affordable hearing aid accessories of amazing quality? Look no further- order today and thanks to our quick delivery, your product(s) of choice will be with you in no time! You can browse our shop and find the accessories most suitable for you here.
