The global wireless microphone market size was USD 1.84 billion in 2019 and is projected to reach USD 3.60 billion by 2027, exhibiting a CAGR of 8.8% during the forecast period. However, the global market is expected to exhibit steady growth during the period of 2020-2021 owing to the ongoing COVID-19 pandemic. In this current pandemic situation, companies are taking active initiatives to mitigate the risk of decline in business due to disturbed economic conditions.
“Rising Usage of Wireless Microphones by TV News Reporters to Boost Growth”
The demand of efficient and reliable sound systems with superior audio quality is increasing because of the increasing number of corporate gatherings, concerts, sports events, and festivals. TV news reporters are also looking for a way to respond to particular breaking news by going to the desired areas at any time of the day to provide the broadcasting studios with live reports. These microphones are the best suited devices for these reporters as they offer a two-way wireless link between them and the cameramen. Therefore, talkback, wireless cameras, and radio microphones are experiencing high popularity in the media and entertainment industry. These are not only portable, but are also flexible.
“Migration of Workers to Their Hometowns Owing to COVID-19 will Hamper Growth”
The outbreak of COVID-19 pandemic has impacted the manufacturing processes negatively on a large scale. It has forced manufacturers to emphasize more on introducing new working opportunities, workforce safety protocols, manufacturing operations, and risk management. This pandemic has also caused the migration of workers to their hometowns on account of the rising uncertainties and loss of income. It is set to affect the workforce of certain companies extensively. These factors are expected to hamper the wireless microphone market growth in the near future.
“Sports & Entertainment Segment to Grow Steadily Backed by Rising Usage of Wireless Microphones”
In terms of end-user, the market is divided into sports & entertainment, healthcare, education, transportation, retail, corporate, and others. Out of these, the sports & entertainment generated 23.0% in 2019 in terms of wireless microphone market share. This is growth is attributable to the rising usage of cordless microphones in sports events, concerts, and broadcasting events.
“Presence of Several Industry Giants to Favor Growth in North America”
North America procured USD 0.68 billion in terms of revenue in 2019 on account of the presence of a large number of prominent companies in this region. Besides, the increasing popularity of broadcasting studios, sports tournaments, and music concerts would augment growth. Asia Pacific is anticipated to grow significantly backed by the rising adoption of 5G technology, connected devices, and Internet of Things (IoT) in this region. Europe would grow moderately because of the higher demand for wireless services from several countries.
“Key Players to Intensify Competition by Launching Innovative Wireless Microphones”
The market is highly fragmented with the presence of a large number of companies worldwide. They are persistently striving to introduce state-of-the-art cordless microphones to cater to the demand of the consumers belonging to a wide range of industries. Below are two of the latest industry developments:
January 2020: Audio Technica, Inc. expanded the pre-existing functionalities of its 3,000 series ultra-high frequency wireless systems by incorporating a network port. It would aid the company in providing unique systems to consumers.
May 2019: Yamaha Corporation introduced its latest wireless extension microphone that is specially designed with Yamaha CS-700 Video Sound Collaboration System.
View Recent Press Release For More Information:- https://www.marketwatch.com/press-release/wireless-microphone-market-analysis-2020-top-companies-portfolio-future-outlook-latest-trends-revenue-growth-analysis-regional-forecast-till-2027-2020-07-27
Fortune Business Insights™ presents a list of all the manufacturers operating in the market. They are as follows:
- Audio-Technica U.S., Inc.
- Harman International Industries, Incorporated
- Lewitt Gmbh
- Logitech, Inc. (Blue)
- Rode Microphones
- Samson Technologies Corp.
- Sennheiser electronic GmbH & Co. KG
- Shure Incorporated
- Sony Corporation
- Yamaha Corporation
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