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Karaoke Market Research Report - Global Forecast till 2028

Karaoke Market Size, Share, Industry Information by Type (All-in-One System, Built-In Microphone System, TV Monitor System and MP3 System), Application (Household and Commercial) and Region (North America, Europe, South America, Japan, China, Africa, India, South-East Asia, Middle East and Rest of the World) - Forecast till 2028

ID: MRFR/CR/6562-CR | February 2021 | Region: Global | 88 pages

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Karaoke Market Overview


As per the karaoke market research analysis, the expected CAGR of 2.52% to reach USD 6333.95 Million by 2024. Karaoke is becoming a famous form of entertainment in which a singer with the help of a karaoke machine performs on the prerecorded music by using a microphone. The karaoke industry is growing like anything .The popular musical lyrics are shown on a video screen and images, with changing colors, and recognizable symbols that guide the avid singer during the performance.


The karaoke market demand is rising among the young global population, without any differentiating of social status, age and gender, as it gives a platform to showcase talent and is used to unwind the enormous potential. Many people use karaoke as a pastime and for corporate party entertainment which is contributing to the growth of the global karaoke market. 


COVID 19 Impacts and effects


The COVID 19 has affected 215 countries. To combat the negative effects countries lead lockdown which has adversely affected the graph of the market share of karaoke industry statistics. The pandemic leads numerous challenges to the music industry, this sector has been hit badly across the globe. COVID-19 has influenced the world economy in three main ways: by directly influencing the production and demand, by building supply chain and market disruption, and by its monetary effects on the entertainment industry.. The outbreak of COVID-19 has brought effects on many aspects, the market slowdown has definitely hindered the growing pace of karaoke market revenue. Business of the karaoke industry size shrinks during a pandemic. The global market has been hit badly due to COVID 19.                                                                                   


Market Dynamics



  • Major Drivers Of The Market


People who do the karaoke market analysis projected a moderate growth of highest CAGR to reach USD 2,667.11 Million by the end of 2024, during the forecast period. There has been a rise in the number of karaoke competitions all over the globe, it undoubtedly gives a platform to non-professional singers to showcase their talent, and this is the most vital contributing factor towards the growth of the global karaoke market revenue. Moreover, the rising number of pubs and restaurants catering to the need of more karaoke platforms and boosting the growth of the market. However, karaoke apps are creating hurdles for the growth of the karaoke industry, globally. 



  • Significant Opportunities For The Market


After COVID 19 gets over, people will start going to clubs, parties and bars. This will definitely increase the demand for the karaoke industry. According to recent surveys, the future of the karaoke market manufacturers are bright. 


The market has seen significant growth in recent years. The whole process is very interesting. The youngsters love it so much. Showing of musical talent is making it so popular across the globe, we all love music. Through music we connect with each other. Many non-professional singers are coming into limelight. There are enormous karaoke competitions across the world. There has been a scope of more innovations in this field. However, the rising adoption of karaoke apps is slowing the growth.



  • Market Restraints


The Global Karaoke Market has been divided on the basis of type, application and by region. As per the basis of region, the Global Karaoke Market has been divided into All-in-One System, Built-In Microphone System, TV Monitor System and giant MP3 System. As per the basis of application, the karaoke market has been again segregated into Household and Commercial. The division of the region, the market has been divided into various regions like Japan, Europe, China, North America, South America, South-East Asia, Middle East, India, Africa and Rest of the World



  • Market Growth Challenges


According to recent studies, the Japanese karaoke market is estimated to be the biggest during the forecast period. This region accounted for 52.58% of the total share. In Spite of the fact, the Japanese karaoke market is displaying the highest CAGR during the forecast period. Karaoke was first invented in Japan from where it gained global recognition. Karaoke is the most famous social activity. As per the market research report, the Japanese population is the major factor for growth. The European karaoke industry also shows a steep hike in 2018. The growing culture of karaoke systems in pubs and bars in the region is expected to increase the growth of the European karaoke market. Infect, the karaoke us market is also in booming stage before COVID 19.



  • Cumulative Growth Analysis


There is a serious need for upgrades in the karaoke industry. The karaoke apps are hindering the demand. The industry needs to develop more innovative equipment to fight the competition. The global karaoke market is projected to have a growth rate of 52% during the period of 2019 to 2024. The popularity of karaoke culture is estimated to boost up the demand for karaoke instruments all across the globe.



  • Value Chain Analysis


There has been a growing demand for karaoke industry everywhere including the U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K, France, Spain etc. The whole of Japan; the U.S., Canada, and Mexico seem to have the biggest markets. Europe and Asia-Pacific countries are also coming forward. The modern innovation methods are accelerating the growth of the modern karaoke. Another lucrative market is India.


Segment Overview



  • By Form


The recent COVID-19 or novel coronavirus outbreak has broken many karaoke companies. This industry is facing challenges in COVID. But there are major companies in this field:


 



  • The 3M Company (US)

  • Koninklijke Philips N.V. (Netherlands)

  • Sharp Corporation (Japan)

  • Panasonic Corporation (Japan)

  • Ecom Ventures (US)

  • Agcen Air Purifier (China)

  • Xiamen Maxmac Air Technology Co., LTD (China)

  • Purafill (US)

  • Zhongzhi Environmental Protection (China)

  • Ionkini Technology (GZ) Co., Ltd. (China)

  • Foshan autobio Electrical Appliance Co., Ltd. (China)

  • Guangzhou Haike Electronic Technology Co., Ltd (China)

  • Elofic Industries Limited (India)

  • Ansio India Private Limited (India)

  • ADA Electrotech (Xiamen) Co., Ltd. (China)



  • By Sales Channel


The global karaoke market is touching the revenue of USD 5,733.77 million at a 2.52% CAGR between 2014- 2024, as per the recent report by Market Research Future (MRFR). It originated from Japan. A perfect platform for amateur vocalists to shim recorded music with a microphone. The songs are played and the singer performs reading the lines. In the Philippines, China, and Cambodia, it is called KTV. There are different machines for karaoke such as MP3 system, TV monitor system, built-in microphone system, and all-in-one system they have wide applications both in the commercial and household sectors.



  • By Application:


The Intended Audience for karaoke are 



  • Karaoke manufacturers

  • Hotels, restaurants, and cafés

  • Traders, wholesalers, and distributors

  • Governments, associations, and industrial bodies

  • Investors and trade experts


The various Government agencies, partners and industrial bodies, Investors and Trade experts are the major stakeholders which are related to the music and entertainment industry. The concept is gaining momentum. It is becoming an important part of pubs and bars. This is the reason of its growing popularity .The companies are focusing in increasing product innovations.


Regional Analysis


The karaoke has customers worldwide, across North America, Europe, the Asia Pacific (APAC), the Middle East & Africa (MEA), and the Rest of the World (RoW). Among these, Japan has the highest share. The European consumers are predicted to hold the second-largest share in the market over the forecast. The global karaoke market in the APAC region is projected to grow at a high CAGR during the estimated period for the rising awareness of karaoke machines in this region. There are many factors that add market growth in Europe and North America including rising inclination in the region for leisure activities.


Geographically the Global Karaoke Market has been growing in the following regions like Japan, Europe, China, North America, South America, South-East Asia, Middle East, India, Africa and Rest of the World.


Competitive Landscape


The market players for the karaoke industry, are:


Global karaoke market has been divided By Geographical Regions



  • North America

  • Asia-Pacific

  • Europe

  • South America

  • Middle East & Africa


Major players are:



  • Electrohome Ltd. (Canada),

  • Karaoke USA (USPure Acoustics, Inc. (US),

  • Platinum Karaoke (Philippines),

  • Audio Video Solutions Corporation (Philippines)

  • DAIICHIKOSHO CO., LTD. (Japan)


Recent Developments



  • Global karaoke market size is estimated to reach over USD 5,733.77 million by 2024

  • The segment is expected to grow over $36 million by 2025.

  • Indian air purifier market has an expected CAGR of 2.25% by 2024

  • It is divided on the basis of type, application, region

  • It has many components like an all-in-one system, built-in microphone system, TV monitor system, and MP3 system.


Report Overview



  • Market overview highlights the global recognition of the karoke market share

  • Analysis based upon COVID 19

  • Explanation upon the Market Dynamics

  • Value chain analysis for the karaoke music

  • Market segmentation overview

  • The regional analysis

  • Competitive landscape analysis

  • Recent Developments



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