ID: MRFR/CR/6562-CR | June 2019 | Region: Global | 88 pages
The Global Karaoke Market Size is expected to register a CAGR of 2.52% to reach USD 5,733.77 Million by 2024. Karaoke is a form of entertainment in which a singer uses a karaoke machine to perform with prerecorded music using a microphone. The lyrics of the song are displayed on a video screen and images, changing colors, and symbols guide the singer during the performance.
The popularity of karaoke culture is increasing among the global population, irrespective of social status, as it offers a stage to showcase talent and is used to unwind. This has led to the adoption of karaoke as a pastime and corporate entertainment which is resulting in the growth of the global karaoke market.
The global karaoke market is expected to register moderate growth during the forecast period. Increase in the number of karaoke competitions across the world, providing a platform to non-professional singers to exhibit their talent, is contributing to the growth of the global karaoke market. Moreover, the increasing number of bars and restaurants offering karaoke is boosting the growth of the market. However, the rising adoption of karaoke apps is hampering the growth of the karaoke market, globally.
Global Karaoke Market Revenue, by Product Type, 2024 (USD Million)
Sources: MRFR Analysis
The all-in-one system segment is expected to be the largest, registering the highest CAGR to reach USD 2,667.11 Million by the end of 2024. A complete karaoke system includes microphones, mixing amplifier, speakers, a karaoke player, speaker stands, DJ LEDs, and visual display. All-in-one systems provide convenience to the users of a complete set-up, which is driving the growth of the segment. This segment is also projected to be the fastest growing during the forecast period.
The prominent players in the Global Karaoke Market are DAIICHIKOSHO CO., LTD. (Japan), Onkyo & Pioneer Corporation (Japan), Memorex (US), The Singing Machine Company, Inc. (US), Electrohome Ltd. (Canada), Ion Audio LLC (US), Karaoke USA (US), VocoPro (US), Pure Acoustics, Inc. (US), Platinum Karaoke (Philippines), and Audio Video Solutions Corporation (Philippines).
The players operating in the global karaoke market are focusing on product innovations and strategic collaborations and investing in strengthening their global footprints by entering untapped markets.
Global Karaoke Market Share, by Region, 2018 (%)
Sources: MRFR Analysis
The Japanese karaoke market is expected to be the largest during the forecast period. The region accounted for 52.58% of the total market share in 2018. Moreover, the Japanese karaoke market is expected to exhibit the highest CAGR during the forecast period. Karaoke was first developed in Japan from where it gained global acceptance. Karaoke is a popular social activity among the Japanese population which is driving the growth of the market in the region. The European karaoke market held a substantial market share in 2018. The increasing adoption of karaoke systems in pubs and bars in the region is expected to boost the growth of the European karaoke market.
Global Karaoke Market, by Type
Global Karaoke Market, by Application
Global Karaoke Market, by Region
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