Microphone Market is Projected to Worth Over $3 Billion by 2023 | Arizton

The microphone market is expected to grow at a CAGR of 2.44% during 2017-2022.

Arizton’s recent market research report on the sound reinforcement market identifies Audio-Technica, Bose, Harman International (Samsung), MUSIC Group, Sennheiser, Shure, Sony, and Yamaha as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed analysis of market segmentation by product type (microphones, pro speakers, audio/sound mixers, audio signal processor, power amplifier, and others), format type (digital and analog), distribution (retail and online), end-user (corporate, large venues and events, educational institutions, government and military, studio and broadcasting, hospitality, and others), and geography (APAC, Europe, Latin America, MEA, and North America).

The sound reinforcement market is projected to grow from $7.81 billion in 2017 to $9.33 billion by 2023, growing at a CAGR of 3.01%.

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The global sound reinforcement market is divided into major segments – product, end-users, format, distribution channel, and geography.

Microphone Market - Overview

The development of the emerging economies and the increase in the number of upgrades and replacement of legacy systems in developed nations are propelling the growth of the global microphone market. The microphone market was valued at $2,633.5 million in 2017 and is expected to grow at a CAGR of 2.44% during the forecast period. The microphone market is further divided into wired and wireless microphones. The growing demand from emerging countries such as China, India, and Brazil is expected to drive the growth of global microphone market over the next few years. Leading vendors are focusing on implementing IoT and connected devices in the AV industry. The development of microphones that offer network connectivity helps players gain a larger market share in the microphone market. The introduction and adoption of digital wireless systems will transform the global microphone market during the forecast period.

Wireless microphones to dominate the global microphone market share during the forecast period

The growing adoption of digital wireless technology across various industries will propel the growth of the wireless segment in the global microphone market.

The wireless microphone segment dominated the microphone market, accounting for close to 54% of the total market share in 2017 and is projected to generate revenue of $1,763.8 million during the forecast period.

The wireless microphone segment is further classified into handheld, clip-on, and others. The rising number of podcasting, public speaking, TV broadcasting, and entertainment and sporting events using wireless microphones for commentary and announcement purposes will boost the demand for these products in the global microphone market. Vendors are offering high-end models with network connectivity features to increase the consumer base and gain the market share.

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North America to occupy the largest market share in the microphone market during the forecast period

Technological innovations and growing demand from various industries such as corporate, government and military, education, entertainment, hospitality, and retail will augment the growth of the microphone market in North America. The microphone market in North America was valued at $890.3 million in 2017 and is expected to reach $1,007.6 million during the forecast period. The US is the major revenue contributor to the microphone market in North America. The increasing number of trade shows and exhibitions will create new business opportunities for vendors in the microphone market in North America during the forecast period.

Alcons Audio, Audix, Beyerdynamic, Blue Microphones, Bowers & Wilkins, Carlson Audio Systems, Dynaudio, Electro‑Voice, Hz Sound Systems, inMusic Brands, Klipsch Audio Technologies, K-Array, LEWITT, MIPRO Electronics, Nady Systems, PROEL, RCF, Samson Technologies, and ZAXCOM are the other prominent players in the sound reinforcement market.

The complete overview of the latest market research report on the sound reinforcement market by Arizton is now available.

The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.

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