The live events and performances segment is likely to witness an incremental growth of over $70 million during the forecast period.
Arizton’s recent market research report on the global in-ear monitoring market provides a comprehensive study, competitive analysis, and trend forecasts. The research study segments the market by product types (wired and wireless), applications (studio & broadcasting, live events & performances, large venues, and others), distribution types (online and retail), and geography (North America, Europe, APAC, Latin America, and MEA). Shure, Sennheiser Electronic, Harman International (Samsung), and Audio-Technica are identified as major vendors that are likely to dominate the market during the forecast period. The research report offers market share in volume (thousand units) during the forecast period.
The in-ear monitoring market is expected to reach over $950 million, growing at a CAGR of over 4% during 2018−2024.
Sound isolation and hearing protection are the two major purposes for wearing in-ear monitoring systems. These are designed to enhance the overall sound quality and reduce noise and other distractions from outside platforms. Audio/tech engineers, musicians, and audiophiles are the major end-users of in-ear monitoring systems.
The in-ear monitoring market is divided into four major segments - products, applications, distribution types, and geography.
The live events & performances segment is likely to dominate the in-ear monitoring market
The live events and performances segment is likely to witness an incremental growth of over $70 million during the forecast period. This segment includes outdoor concerts, live performances, live music festivals, tour shows, and clubs. The revenue of the global live concert industry is expected to cross $30.9 billion by 2022. The urge to participate in musical shows and concerts and a chance to see their favorite stars/performers live drive the demand for live stage shows and concerts. In terms of volume, the market is likely to witness over 650 thousand units of in-ear monitoring systems in the live events and performances segment in 2024, growing at a CAGR of over 3.5% during 2018−2024.
The retail distribution channel is the largest segment in the in-ear monitoring market
In terms of revenue, retail distribution channels such as AV system integrators, pro-AV and electronics stores, and pro AV dealers and distributors are the major contributors to the market. In 2018, the retail sales constituted almost 90% of the revenue. AV system integrators include in-ear monitoring equipment providers that offer consultation services to end-users. Pro AV and electronic stores are retail businesses that sell and rent pro AV solutions. Dealers and distributors are the prime sellers of OEMs pro AV systems in the market. Retail store purchases are increasing due to personalized customer services. Vendors such as HARMAN, Sennheiser, Shure, and Audio-Technica have established retail stores in Europe, North America, and APAC. A large number of retail players such as Wal-Mart, Sear's, Tesco, Best Buy, and Costco have started to stock and showcase products in their retail outlets, leading to the erosion in the market share of the online segment.
Latin America is expected to grow at a promising CAGR during the forecast period
The 2016 Summer Olympics in Brazil resulted in an increase in market revenue for pro-AV systems (including in-ear monitor systems) and solutions in Latin America. The market is expected to reach around $130 million in 2024, growing at a CAGR of around 5% during 2018−2024. Latin America is also known for its music festivals that attract people from diverging cultures. These festivals take place throughout the year and portray music, fashion, and local cultural flare. The rise in music festivals and the growth of music enthusiasts are the major consumers and growth drivers of pro AV solutions, including in-ear monitoring systems. Also, an increasing number of internet and smartphone users is acting as a catalyst for the growth of the market in the region.
Nady Systems, Pyle-Pro, Hear Technologies, Peavey Electronics Corp., Prodipe, JTS Professional, Audio2000’s, EnpingSange Electronic (Baomic), Shenzhen Anleon Electronic, SOYO Technology, Takstar, Wisycom USA, CAD Audio, MIPRO, Listen Technologies, Gear4Music, TOA Corp., Advanced Native Technologies, The T.Bone, And LD Systems are the other prominent vendors in the global in-ear monitoring market.
The complete overview of the latest market research report on the global in-ear monitoring market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.
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