The pro microphone market size to reach USD 3.14 billion by 2024, growing at a CAGR of 2% during the forecast period. The global pro microphone market is witnessing a steady demand. The growth is mainly propelled by upgrades and the replacement of legacy systems in developed regions. Further, new demand for the microphone is mainly concentrated in developing regions where economies are flourishing, and the vertical markets are growing at a steady rate. Technological innovations are generating new opportunities for vendors in North America and Europe, along with APAC.
As the AV industry is converging with IoT, microphones are increasingly being connected to networks in a way similar to computers and laptops. This allows the microphone to operate over long distances or from remote areas. Further, the increasing proliferation of IoT in the education sector is offering vendors opportunities to explore additional sales prospects as university campuses are becoming smart. Hence, these advancements are likely to drive market growth during the forecast period.
With digital wireless technology coming with a host of benefits such as low voice distortion, less noise interference, there are increased opportunities for encryption and enhanced the reliability of signal transmission. Vendors are increasingly finding growth opportunities due to the growing importance of AV conferencing within global and local corporate setups. End-users are constantly looking out for better sound quality, which is driving the need for constant R&D in the market. Further, offices are witnessing a rise in the number of meeting rooms per location, which is increasingly being used for remote conferencing. Also, vendors are focusing on developing new products that are efficient in terms of dropouts, multi-path interference, and signal loss.
The US is the largest market for the microphone in the world, followed by Japan. However, the market in Europe is growing slowly due to the downward pressure from the slow economic growth in many European countries. New demand in Western European countries is low while upgrades and the replacement drive the market. However, Eastern and Central European countries such as Russia, Ukraine, Poland, the Czech Republic, and Romania are witnessing growth in their economies and increased employment opportunities.
Futuristic inventions in wireless digital technology and growth in complementary digital technologies are likely to boost investors’ confidence. New startups are likely to come with innovative solutions with advanced features, while existing vendors will continue developing their product portfolio with upgrades. Thus, the introduction of upgrades will fuel growth during the forecast period.
PRO MICROPHONE MARKET SEGMENTATION
This research report includes detailed market segmentation by
- Product type
- Distribution channel
INSIGHTS BY PRODUCT TYPE
The wireless microphone segment currently dominates the market. However, the wired segment accounted for a majority share of more than 59% of the market in terms of unit shipment due to their low costs. The increased penetration of digital wireless technology has put wireless models on the growth track worldwide. These devices are widely used worldwide in concerts, musical events, sporting tournaments, and broadcasting studios. Several end-users prefer wired types over wireless ones due to the convenience these devices offer. Further, end-users do not have to deal with battery or frequency selection challenges.
End-users use several wireless devices depending on the type of events and the environment. These devices are vastly used in podcasting, public speaking, TV broadcasting, and entertainment and sporting events for commentary and announcement purposes. The demand for wireless devices is increasing in government infrastructure and corporate setups. Technological advancements have significantly made improvements in these devices while bringing down their prices. These factors are expected to drive the demand for the wireless microphone in the market.
INSIGHTS BY FORMAT
The market size for the digital microphone is expected to grow at a CAGR of over 3% during the period 2018−2024. The growth in the digital segment is due to the increasing focus on the development of new tech-savvy products. Further, the adoption of digital devices worldwide has significantly increased as they offer improved sound quality and better noise cancelation mechanism.
Analog microphones have widely been used throughout the globe in the last few decades. As this technology is primarily older, the market acceptance and product usages of this format type are still prevalent worldwide. However, digital wireless systems tend to have better audio as far as dynamic response and frequency response as well as usually being less noisy at the end of range situations. This development has propelled the demand for the digital segment more than analog.
INSIGHTS BY END-USER
In 2018, the corporate segment dominated the market in terms of value and unit shipment. The corporates segment is expected to grow during the forecast period due to the growing demand for sound reinforcement and video conferencing solutions among corporates. Also, the growing number of offices, geographic expansion of companies, and the integration of IoT in business workflow processes are the major driving forces behind the growth of the segment. The large venues and events segment follows the corporate segment. The increasing number of live performances, the growing number of music concerts and festivals, and the growth in the number of music tours by celebrities are likely to help the growth of this segment during the forecast period. The increase in replacements and upgrades is driving the market growth of the government and military segment. Further, governments worldwide are embracing digitalism, which also drives the demand for sound reinforcement systems. Other segments such as studio and broadcasting, hospitality, retail and distribution, and healthcare are also witnessing the increasing adoption of sound reinforcement equipment globally.
INSIGHTS BY DISTRIBUTION CHANNEL
Retail and online are two major distribution channels in the pro microphone market. A majority of the revenue comes from the retail distribution channel such as AV system integrators, pro-AV and electronics stores, and pro AV dealers and distributors. However, the availability of pro microphone in professional headphones and solutions through online OEMs’ e-commerce portals and online direct-to-consumer stores is growing.
The manufacturers harness retail stores due to personalized customer services. However, the growth in online sales is set to increase YOY during the forecast period. The primary reason for this is online stores offer a variety of options to choose from than retail stores. Vendors such as HARMAN, Yamaha, Sennheiser, Shure, Audio-Technica, Sony, and MUSIC Group have established retail stores in Europe, North America, and APAC. Further, they have robust websites, which provide sound reinforcement equipment and solutions. The online distribution model for the market is sturdy and is set to witness healthy growth in the next few years.
INSIGHTS BY GEOGRAPHY
In 2018, North America was the largest segment of the global pro microphone market. The penetration of pro AV systems remains all-time high in the US and Canada. North America is likely to continue its lead in terms of revenue and unit shipment because of the replacement and upgrading of legacy systems during the forecast period. The entertainment industry in Canada has been driving demand in the region.
China, Japan, Australia, South Korea, and India, where sound reinforcement systems are witnessing a surge, are leading the APAC market. Although Japan and South Korea are mature markets for professional microphone systems, replacement drive for legacy systems will fuel the growth in the region.
In 2018, the UK, Germany, and France accounted for major market shares in terms of revenue and unit shipment. The demand for new pro AV systems keeps growing in the European region. Further, Western European markets are maturing as there is low product differentiation. However, the new demand is expected to emerge from Central and Eastern European countries.
Latin America accounted for small market shares in 2018. The growth in Latin America was fueled by the Summer Olympics 2016 in Brazil. The increasing popularity of Latin music in other parts of the world has also propelled the growth of the music industry in the region.
In MEA, the concept of concerts and live music has not gained popularity yet. Thus, demand and penetration are low in these regions. However, large events such as the 2020 Dubai Expo in the UAE and the 2022 FIFA World Cup in Qatar are expected to propel the growth during the forecast period.
Key Vendor Analysis
The global pro microphone market is currently highly fragmented with many local and global players. The competition among these players is intense. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades in pro AV solutions. The present scenario is driving vendors to refine their unique value propositions to increase their presence.
The market is moderately fragmented though the high-end market is concentrated with leading vendors occupying over 40% share. Audio-Technica, HARMAN International (acquired by Samsung), MUSIC Group, Sennheiser, Shure, Sony, and Yamaha are the key vendors. The competition is intense on the worldwide level. The market concentration in developed countries such as the US and other Western European countries is high, while the market is in its nascent stage in developing economies such as China and India because of the entry of several international brands. Vendors are using new business models and focusing on developing a new product portfolio to drive growth.
The Pro Microphone market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Market Segmentation by Product Type
- Wired microphone
- Wireless microphone
- Studio & Broadcasting
- Large Venues and Events
- Educational Institutions
- Government and Military
By Distribution Channel
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- North America