Pune, India, Aug. 29, 2022 (GLOBE NEWSWIRE) -- The global wireless microphone market size was valued at USD 1.66 billion in 2021. The market is projected to grow from USD 1.72 billion in 2022 to USD 3.29 billion by 2029, exhibiting a CAGR of 9.7% during the forecast period.
This information is stated by Fortune Business Insights, in its report titled, “Wireless Microphone Market, 2022-2029.”
Key Industry Development:
- May 2022: Audio-Technica Ltd. presented ATW-3255 3000 Series, a wireless in-ear monitor system intended to be an inexpensive and robust IEM solution delivering professional sound quality. It displays all phases of venues and performers. Moreover, it offers sonic performance and is modeled after Audio-Technica’s 3000 Series UHF wireless microphone system. It further offers ATH-E40 in-ear monitor headphones with registered dual-phase push and pull levers.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 9.7% |
| 2029 Value Projection | USD 3.29 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 1.66 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
COVID-19 Impacts:
Supply Chain Commotions and Shutdown of Industrial Plants Impeded Market Growth during COVID-19
The COVID-19 pandemic triggered multiple problems for the global supply networks. Various nationwide lockdowns remained to obstruct or even terminate the mobility of raw materials and completed products, hindering production. Nevertheless, the pandemic did not present novel supply chain concerns. It exposed formerly undisclosed vulnerabilities in various industries, and numerous companies have endured labor shortages and damages owing to COVID-19. Nonetheless, it has accelerated and intensified pre-existing supply chain problems.
Segments:
Bolstering Implementation of Handheld Microphones to Thrust the Product Demand
Based on type, the market is segmented into handheld, bodypack, and tabletop. Among these, the handheld segment captured the highest market share of around 47.7% in 2021. Bodypack microphones are predicted to grow at a notable CAGR of 12.4% over the forecast period.
Stress-Free Setup Fuels the 2.4 GHz Segment
Based on frequency, the market is categorized into ultra-high frequency, very high frequency, 2.4 GHz, and others Among these, the 2.4 GHz segment is predicted to grow at the maximum CAGR of 9.7% during the forecast period.
Due to Rising Live Performance, Sports Venues, Stadiums, Public Gatherings, and Concerts to Sports to Spur Market
Based on application, the market is categorized into auditorium, theaters, studios; shopping malls, hotels, restaurants, bars, large retails, malls; parking lots, airports, bus stations; education institutes and universities; offices, conferences rooms; sports venues, stadium, public gatherings, concerts, stage shows; and others.
Geographically, the market is divided into five key regions, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.
Report Coverage:
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The information used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
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Drivers and Restraints:
Amplifying Progressions of Advanced Microphones to Bolster Market Growth
Increasing advancements of technologically progressive microphones across applications, such as shopping malls, hotels, conferences rooms, restaurants, parking lots, offices, bars, large retail, airports, bus stations, education institutes, universities, sports venues, stadiums, public gatherings, concerts, and stage shows, across the world are growing the product demand.
Decreased raw material accessibility to satisfy microphone production demand is constraining the wireless microphone market growth. Voice coil, cable, and magnets are a few of the raw materials used for manufacturing these microphones. Scarcity of these materials might hinder the manufacturing process in the market.
Regional Insights:
North America to Dominate Backed by Presence of Vast Music Enthusiasts
North America to attain the largest wireless microphone market share during the forecast period. North America has presence of the world’s largest music market.
Asia Pacific observed a notable growth rate during the forecast period. According to IFPI’s Global Music Report 2019, China was the seventh biggest music recording market, and India was present in the top ten, regardless of having the globe’s two biggest populations.
The Europe market is anticipated to hold a key share in the global market. The growth is owing to the region's surging manufacturing competency of the product.
Competitive Landscape:
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
Companies Covered in the Wireless Microphone Market Report
- Harman International (Samsung) (U.S.)
- Logitech International S.A. (Blue) (Switzerland)
- Sennheiser Electronic GmbH & Co. KG (Germany)
- Sony Group Corporation (Japan)
- Saramonic (China)
- Shure Incorporated U.S.)
- Shenzhen Jiayz Photo Industrial., Ltd (China)
- Audio-Technica Ltd. (Japan)
- Rode Microphones (Australia)
- Samson Technologies Corp. (U.S.)
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Major Points in TOC:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Wireless Microphone Key Players Market Share Insights and Analysis, 2021
- Global Wireless Microphone Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Handheld
- Bodypack
- Tabletop
- By Frequency (USD)
- Ultra high frequency(UHF)
- Very high frequency (VHF)
- 2.4 GHz
- Others (1.9 GHz)
- By Application (USD)
- Auditorium, Theatres, Studios
- Shopping Malls, Hotels, Restaurants, Bars, Large Retails, Malls
- Parking lots, Airports, Bus stations
- Education Institutes and Universities
- Offices, Conferences Rooms
- Sports Venues, Stadium, Public Gatherings, Concerts, Stage Shows
- Others
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Wireless Microphone Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Handheld
- Bodypack
- Tabletop
- By Frequency (USD)
- Ultra high frequency(UHF)
- Very high frequency (VHF)
- 2.4 GHz
- Others (1.9 GHz)
- By Application (USD)
- Auditorium, Theatres, Studios
- Shopping Malls, Hotels, Restaurants, Bars, Large Retails, Malls
- Parking lots, Airports, Bus stations
- Education Institutes and Universities
- Offices, Conferences Rooms
- Sports Venues, Stadium, Public Gatherings, Concerts, Stage Shows
- Others
- By Country (USD)
- United States
- Canada
- Latin America Wireless Microphone Market Size Estimates and Forecasts, By Segments, 2018-2029
- How big is the Wireless Microphone Market?
The market is projected to grow from USD 1.72 billion in 2022 to USD 3.29 billion by 2029, exhibiting a CAGR of 9.7% during the forecast period.
- What was the value of the global market in 2021?
In 2021, the market stood at USD 1.66 Billion.
- Who are the Top Players in the market?
Harman International, Logitech International S.A., Sennheiser Electronic GmbH & Co. KG, Sony Group Corporation, Saramonic, Shure Incorporated, Shenzhen Jiayz Photo Industrial., Audio-Technica Ltd, Rode Microphones, Samson Technologies Corp
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