The Global Pro Microphone Market to Reach Revenues of Over $3.1 Billion by 2024 - Market Research by Arizton

CHICAGO, Oct. 24, 2019 /PRNewswire/ -- According to Arizton's recent research report, Pro Microphone Market - Global Outlook and Forecast 2019-2024 is expected to grow at a CAGR of over 2% during the period 2018−2024.

Key Highlights Offered in the Report:  

1. The global pro microphone market is likely to realize an absolute growth of 124% - a leap of over $600 million revenue between 2015 and 2024.
2. Buoyed by the demand from the corporate segment and increasing installations in large venues & events, the global shipment of pro microphones will reach over 5.6 million units by 2024, registering an absolute growth of 37% between 2015 and 2024.
3. Registering a CAGR of about 4% between 2018 and 2024, the global wireless microphones market accounted for a majority share in 2018, and it is likely to continue erode the market share of wired microphone devices.
4. Although the corporate segment exhibits the highest future revenue projection, vendors could expect major growth traction in the large venues and events segment pertaining to the growing events and live performance market.
5. Pro microphone retailers have been focusing on omni-channel strategies for building customer relationships, which may prove their lifeline to repel the growing onslaught from online retailers. The online market is expected to witness YoY growth over 15% during the forecast period.
6. With over 60% of the market revenue coming from the US and APAC, vendors have to look upon innovative strategies and promotional measures to create an impetus in the stagnating European market.

Key Offerings:

• Market Size & Forecast by Revenue | 2018−2024
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by products, end-users, format, distribution, and geography
• Competitive Landscape – Profile of  7 key vendors and 31 other vendors

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Pro Microphone Market – Segmentation

• The convergence of IoT and the pro AV industry is expected to give rise to sophisticated sound reinforcement solutions, including microphones in the market.
• Educational institutes are becoming one of the key end-users of pro AV solutions worldwide. Driven by technological advancements, modern-day university campuses are getting revolutionizing. Hence, microphones and speakers are becoming an integral part of university campuses.
• The global sound reinforcement market is witnessing a boost from the growth in the demand for audio and video equipment in government offices, institutional workplaces, and corporate houses. The corporate sector and institutional workplaces are increasingly adopting AV equipment to ease the workflow environment.  

Market Segmentation by Products  

• Wired Microphones
• Wireless Microphones

Market Segmentation by End-users

• Corporate
• Large Venues & Events
• Educational Institutions
• Government and Military
• Studio and Broadcasting
• Hospitality  
• Others

Market Segmentation by Format

• Digital
• Analog/Non-digital

Market Segmentation by Distribution Channels 

• Retail Stores
• Online Stores

Market Segmentation by Geography

• North America
• Europe
• MEA
• APAC
• Latin America

Pro Microphone Market – Dynamics

Sound reinforcement equipment, including microphones, along with associated pro AV systems and solutions are the heart and soul of the live music industry globally. The world has been witnessing a spurt in the growth of live music concerts and events. The major reason behind this growth is the revenue generation for artists that see live music concerts as a primary source of their income. An increasing corporate sponsorship for music tours, venues, and events is also contributing to the market growth. Events and concerts not only help to boost the market growth but also contribute significantly to the economy.

Key Drivers and Trends fueling Market Growth:

• Growth in Convergence of Pro AV and IoT
• Emergence of Networked Audio Technology
• Increased Demand from Corporate, Government, and Educational Institutions
• Increased Number of Sporting Events and Tournaments

Pro Microphone Market –Geography

North America is the largest market in terms of revenue and unit shipment. The penetration of pro AV systems remains all-time high in the US and Canada.  China, Japan, Australia, South Korea, and India, where sound reinforcement systems are witnessing a high surge in their demand, are leading the APAC market. Europe, which is led by the UK, Germany, and France is witnessing the demand for new pro AV systems, while upgrades and replacements are also driving market growth. The market 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 market growth of the music industry in the region. However, political unrest in Venezuela, economic dwindling of Brazil's economy, and natural disasters would affect the market growth in the region.

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Market Segmentation by Geography

• North America
• US
• Canada
• Europe
• France
• Germany
• UK
• Italy
• Spain  
• Scandinavia
• Benelux
• Russia
• Switzerland
• APAC
• China
• Japan
• India
• Australia
• South Korea
• Indonesia
• Latin America
• Brazil
• Mexico
• Argentina
• MEA
• South Africa
• Maghreb
• Saudi Arabia
• UAE

Major Vendors Included in the Report are:

• Audio-Technica
• HARMAN International
• MUSIC Group
• Sennheiser Electronic
• Shure
• Sony
• Yamaha

Other vendors include - ADK Microphone, AEB Industriale (DB Technologies), ANSR Audio, Apex Audio, Audioprof Group International, Audio Engineering Associates (AEA), Audix Microphone, Beijing 797 Audio, beyerdynamic, Blue Microphone, BOYA, CAD Audio, Electro-Voice (EV), Extron Electronics, GTD Audio, Heil Sound, inMusic Brands, Lectrosonics, Legrand, Lewitt, MIPRO Electronics, Marshall Electronics, Nady Systems, OUTLINE, PROEL, Pyle Pro, RCF, Røde Microphone, Samson Technologies, sE Electronics, and Zaxcom.

Explore our smart tech profiles to know more about the industry.

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About Arizton:

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We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

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