A closer look at the economic turmoil of Wireless Microphone Market, with a focus on the recent COVID-19 pandemic disruptions.
The global wireless microphone market is set to capture a CAGR of 8.44% and attain USD 3.63 Bn over the forecast period 2017-2023. A wireless microphone is one that does not require any physical cable to connect itself with any sound recording or amplifying equipment, and they facilitate greater freedom of movement. They are widely used in television broadcasting, public speaking, podcasting, performing arts and entertainment industry. Use of wireless microphones offers a wide range of advantages such as less noise interference, low voice distortion, increased opportunity for encryption, and enhanced reliability of signal transmission. Wireless microphones reduce the cost of cables and eliminate the hassles associated with cables. The factors contributing to the growth of the market include growing adoption of technology, growing consumer electronics market, reduction of trip hazards during the performance. The booming entertainment industry is the primary driver of the wireless microphone market as wireless microphones find intensive use in media and sports event. Increasing demand from motion pictures, television programs, commercials, recording, broadcasting further propel the market.
Wireless microphones are finding their application in corporate usage, entertainment, education, hospitality, events, military/defense and other industry verticals owing to their price affordability. Developments in the wireless microphone technology, various innovations in audio technology, unique variations offered by different companies are further fuelling the growth of the market. However, the growth of the market might be hindered by factors such as falling profit margins and fragmentation of the market, high operating costs due to an extensive inventory and technological obsolescence, regulatory restrictions on the frequency band and possible interference from FM systems, microwave, and other devices.
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The global wireless microphone market has been segmented based on technology, radio frequency channel, radio frequency band, product type, and application. By technology, the market has been segmented into Wi-Fi which is again sub-segmented into (2.4 GHz, 3.6 GHz and 5 GHz. By radio frequency, the market has been segmented into single channel, multi-channel and dual channel. By radio frequency band, the market has been segmented into 540 MHz – 680 MHz, 721 MHz – 750 MHz, 823 MHz – 865 MHz. By product, the market has been segmented into handheld, clipper, and head-worn. By application, the market has been segmented into entertainment, hospitality and education.
The key markets of the global wireless microphone market are North America, Europe, and Asia-Pacific. North America holds the most significant share of the wireless microphone market and countries such as U.S., Canada, and Mexico are the principal contributors of the region. North America owes this dominance to the presence of some leading industry participants in the region. The Asia-Pacific market for the wireless microphone is foreseen to exhibit a steady growth during the forecast period.
The global wireless microphone market is highly fragmented and competitive; the major players are emphasizing on retaining their market share by leveraging various strategies such as acquisition, mergers, innovations, product launches, etc. The key players of the market include Shure Incorporated (U.S.), Sony Electronics, Inc. (U.S.), Yamaha Corporation (Japan), Samson Technologies Inc. (U.S.), AKG Acoustics (Austria), inMusic Brands, Inc. (U.S.), Sennheiser electronic GmbH & Co. KG (Germany), Audio-Technica Corporation (Japan), LEWITT GmbH (Austria), Rode Microphones (Australia), and Blue Microphones (U.S.) among others.