ID: MRFR/SEM/3171-HCR | February 2021 | Region: Global | 100 pages
The global wireless microphone market is witnessing a rise at a CAGR of 8.44% for the period between 2017 to 2023. Owing to the entertainment and media industry majorly, the market is taking over new leaps now and then. In the global market, there is a consistent demand for the products of this niche and that market has not been affected much in the recent developments of the world business scenario. Multiple industry verticals make use of the facilities of the wireless microphone.
As the name suggests, the microphone which does not require a cable or cord to connect with the receiver or amplifier device is a wireless microphone. In general terms, it is a small battery-powered device, which transmits audio waves to the receiver through a small radio transmitter that stays inside it. The global microphone industry is heavily reliant on the broadcasting and media production market, public service sectors, sporting, and other entertainment events, etc. Wireless microphones are a better, efficient, and flexible alternative to the traditional microphones in the market.
The impact of the COVID-19 pandemic has a multi-faceted effect on the lives of people. Most of the major countries and thriving economies have faced dire losses and slower growth in the last year. Since the pandemic has emerged in the market, it has become extremely difficult for the wireless microphone system manufacturers to carry on production amidst the lockdowns. Due to lockdowns, the economies of several countries have taken a terrible shape in the post-pandemic years. Investments have been reduced to multiple core industries, which unquestionably have contributed to the lowering of the wireless microphone business.
Although, in the lockdown period, major public administration and authorities have chosen the path to aware people through audio communication in the streets. Patrolling Cops have been regularly seen in the streets providing important information to the people from a safe distance. These public service initiatives have included increased use of wireless microphones.
Wireless Microphone Market Dynamics:
A popular market for wireless microphones is the live event industry all over the world. Various stage shows, concerts, live performances, sporting events, etc are the biggest market pusher for wireless microphones. The event management industry is one of the fastest-growing businesses in the world. Not only the market is expanding fast, but it is generating a lot of employment and revenue for subsidiary industries as well. The wireless microphone market growth highly depends on the growing event management business. Especially the live events are a key contributor in the industry. The live events have an immense global popularity, which is growing with time.
Also, a significant market stimulus is the live recording and broadcasting segments. Everywhere in the world, there grows the importance of the live programs because it is engaging to a lot of audiences. Typically, a live show on the television, radio, or internet fetches almost twice more an audience than the recorded shows. The microphone market is getting full advantage of these trends.
With the rise of the internet, online shows and events are becoming a hot favorite for consumers. The online music videos or events get millions of views, shares, and a huge engagement. That segment is a golden opportunity for wireless microphones. Modern devices like wireless Bluetooth microphones are a top preference for online content creators, podcasters, video hosts, etc. Especially after premium streaming platforms came along, there is a huge increase in the online on-demand-video segment. Potential end-users like stand-up comedians, motivational speakers, etc are a growing opportunity for the market to expand.
Highspeed low-cost internet facilities, wi-fi, and other enabling factors are encouraging audiences to turn towards digital more and more. The video-on-demand phenomenon has been a steady audience multiplier for the streaming platforms. Dedicated music studio shows, exclusive events, are generating maximum revenues off the online market. USB wireless microphone, computerized receiving systems, etc are going to win a lot of acceptance from the content creators in the online media.
The road to market growth is not without thorns for wireless microphone devices. There are stringent regulations on the decibel levels, sound pollution from several Governments of the world. There are regulations on the availability of excessive high-frequency devices as well. Also, electronic wireless microphones for computers face the challenge of non-advanced noise-sensitivity levels. This leads to unsatisfied consumers which later decreases the demand further. Also, battery efficiency is a critical issue for the devices. Apart from few top-notch branded products, there is no standardization regarding batteries in the market.
A notable complaint from the consumer-ends is that there is a gap between noise sensitivity, battery consumption, and noise levels in the presently available microphones. These kinds of issues can damage the reputation of the brands in futuristic market conditions. The microphone market growth gets affected by these factors. Consumers expect satisfactory experiences from the products they use. It is a challenge in front of the market also to cope up with the shortcomings as well.
Advancements in the technology front aren’t always good for consumer products. While the wireless microphone headsets may have good sync with internet-based devices and smartphones, it is not the case with the bigger microphones at all. The innovation of IoT (internet of things) devices has been giving challenges to the microphone industry also. In the present outlook, more and more devices are getting infused with in-built audio and recording systems. This capability of smartphones and other smart devices can be a looming threat against microphone devices. The 2.4 GHz spectrum of wireless microphones can face severe challenges after the mainstreaming of IoT devices.
To cope up with the threat, the manufacturers have to work on the shortcomings of the devices. Wireless headphones are popular with microphones because of their compatibility with digital and indoor smart devices. The increasing number of indoors-man is a critical point to evaluate for the market expert.
Cumulative Growth Analysis:
Despite the challenges and market threats, wireless microphones have been able to manage a steady growth for the last couple of years. According to the wireless microphone market forecast, the industry is growing at a CAGR of 8.44% for the forecast period of 2017 to 2023. The estimated market valuation will reach USD 3.63 billion by the end of 2023. The market needs to focus on the potential and growing end-user industries also.
For instance, the internet-based video-on-demand segment is growing at a CAGR of 7% for the forecast period of 2021-2026. It is considered one of the fastest-growing industries to reach a market valuation of USD 88 billion for the forecast period. The wireless microphone market trends suggest tremendous growth opportunities for the market in the future.
Value Chain Analysis:
The distribution channels for wireless microphones are diverse and interrelated. The devices are sold in retail markets, exclusive branded showrooms, online eCommerce platforms, and in supermarkets as well. Having a close tie with the entertainment industry, the wireless microphone market needs to maintain a cordial balance of availability and deliverance of required products. There are completely different requirements in the case of sporting events and online-video conferences. Based on those parameters, the distribution channel has to set a value for itself.
Wireless Microphone Market Segment Overview:
Based on multiple parameters, the global wireless microphone market size can be segmented into various sub-segments. The key considerations are the technology (frequency type channel type, etc), product type, region, etc.
Wireless Microphone Market Segment based on technology:
Wireless Microphone Market Segment based on the type of products:
Wireless Microphone Market Segment based on applications:
Wireless Microphone Market Segments based on region:
Wireless Microphone Market Regional Analysis:
The global wireless microphone market analysis states that the global market is regionally segmented between three major regions, i.e., North America, Europe, Asia Pacific (APAC), etc. Regionally, the North American region holds the largest market share in the world. The APAC region is amongst the fastest-growing markets.
Wireless Microphone Market Competitive Landscape:
The major key players in the market are:
Wireless Microphone Market Recent Developments:
Wireless Microphone Market Report Overview:
The wireless microphone market report includes a detailed analysis of the market size, share, growth rate, opportunities, etc.
Wireless Microphone Market Report Period:
Wireless Microphone Market Report Demography:
Frequently Asked Questions (FAQ) :
The global wireless microphone market is predicted to grow at an 8.44% CAGR between 2017- 2023.
The global wireless microphone market is predicted to reach USD 3.63 billion by 2023.
North America will lead the global wireless microphone market.
Growing adoption of technology and booming entertainment industry are the key factors driving the global wireless microphone market growth.
Key contenders profiled in the global wireless microphone market include Shure Incorporated (U.S.), Sennheiser electronic GmbH & Co. KG (Germany), Sony Electronics, Inc. (U.S.), Audio-Technica Corporation (Japan), Yamaha Corporation (Japan), LEWITT GmbH (Austria), Samson Technologies Inc. (U.S.), Rode Microphones (Australia), AKG Acoustics (Austria), Blue Microphones (U.S.) and inMusic Brands, Inc. (U.S.) among others.