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Wireless Microphone Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Wireless Microphone Market
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According to The Business Research Company's, The wireless microphone market size has grown strongly in recent years. It will grow from $1.9 billion in 2023 to $2.04 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to entertainment industry growth, diversity receivers, wireless connectivity, regulatory changes, live events and conferences.
The wireless microphone market size is expected to see strong growth in the next few years. It will grow to $2.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to 5g network expansion, remote work and virtual events, emerging markets, byod (bring your own device), ai and smart microphones. Major trends in the forecast period include digital wireless technology, increased spectrum efficiency, diversity receivers, advanced noise cancellation, wearable microphones.
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Market Drivers and Trends:
The rising demand for consumer electronics is expected to propel the growth of the wireless microphone market going forward. Consumer electronics (CE) refers to any electronic device designed to be purchased and used by end users or consumers for non-commercial or professional purposes daily. Consumers increasingly use wireless microphones in various applications such as sports, concerts, interviews, and creating YouTube videos, where mobility is critical as it enables the user's voice to be transferred wirelessly to the sound system's receiver. For instance, in 2021, according to a market figure published by GFU Consumer and Home Electronics GmbH, a Germany-based consumer electronics company, the consumer electronics segment is up 2.5% with 30.5 billion Euros in sales in 2021. Additionally, the segment of IT goods for private use grew positively, increasing by 3.1% to 8.5 billion euros. Therefore, the rising demand for consumer electronics is driving the growth of the wireless microphone market.
Major companies operating in the wireless microphone market are launching innovative solutions, such as compact wireless microphones, to cater to filmmakers and content creators. Compact wireless microphones are small, portable audio devices that transmit sound signals without the need for physical cables. For instance, in August 2023, Røde Microphones, an Australia-based audio technology company, launched Wireless PRO, a compact dual-channel wireless microphone system with a range of up to 260m. Compatible with cameras, smartphones, and computers, it offers 32-bit float on-board recording with a 32GB memory, ensuring approximately 40 hours of recording without audio clipping. The system utilizes Rode's series IV 2.4GHz digital transmission with 128-bit encryption and has features like a 30dB gain range, pre-configured camera presets, and an internal timecode generator syncable via the Rode Central app.
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Major Key Players of the Market:
Yamaha Unified Communications Inc., Sony Electronics Inc., Sennheiser electronic GmbH & Co. KG, Shure Incorporated, Audio-Technica Corporation, RØDE Microphones, LEWITT GmbH, Cirrus Logic Inc., Lectrosonics Inc., Saramonic International Co Ltd, TONOR, Phenyx Pro, Honeywell Home and Building Technologies, Crestron Electronics Inc., Harman International Industries Inc, JBL Professional, MIPRO Electronics Co. Ltd., AKG Acoustics GmbH, Rode Wireless Go, Samson Technologies Corp, Electro-Voice RE3, Heil Sound Ltd., Beyerdynamic GmbH & Co. KG, Line 6 Inc., Nady Systems Inc., Chord Electronics Ltd., Amber Technology, Alto Professional
Wireless Microphone Market 2024 Key Insights:
• The wireless microphone market size is expected to see strong growth in the next few years. It will grow to $2.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Consumer Electronics Boom Fuels Growth In The Wireless Microphone Market
• Innovative Solutions To Cater To Filmmakers And Content Creators
• North America was the largest region in the wireless microphone market in 2023
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