A new research study by Future Market Insights (FMI) presents useful insights on the growth in adoption of wireless microphones across key regional markets. According to the report titled “Wireless Microphone Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028,” the wireless microphone market is growing rapidly due to the changing technological environment that is intensifying the competition among players. According to the report, the global wireless microphone market is expected to witness a CAGR of 8.0% from 2018 to 2028. In 2017, the market was worth US$ 1,926 Mn and is expected to reach a valuation of US$ 4,496.9 Mn by the end of 2028.
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Manufacturers are focussing on offering wireless microphones with high functionality and innovative design in order to acquire a large share in the global market. Some of the key players such as Shure Incorporated, DPA Microphones, RODE Microphones, Samson Technologies Inc., JTS Professional, Audio-Technica Corporation, Sennheiser electronic GmbH & Co. KG, AKG Acoustics, MIPRO Electronics, inMusic Brands, Inc. etc. are launching new products and entering into key partnerships in order to establish their foothold in the global market.
Growing Demand for Wireless Technology to Bolster Market Growth
The introduction of digital wireless technology is augmenting the growth of the wireless microphone market. The implementation of wireless technology offers benefits such as low voice distortion, less noise interference, increased opportunity for encryption, and enhanced reliability of signal transmission. The adoption of digital wireless technology and the introduction of professional microphones without noise distortions at affordable prices will drive the global wireless microphone market. The U.S, Japan, and China are the largest revenue generators in the wireless microphone market. Further, the economic development of the countries in Latin America and the Middle East and Africa, and the growth of the music industry in these regions will have a positive impact on the global wireless microphone market.
Given the improving economic conditions in certain regions and the introduction of innovative wireless technologies, leading players are focussing on expanding their businesses in emerging countries in APAC and Latin America. Vendors will try to distinguish their products and service offerings through a clear and unique value proposition during the forecast period. Prominent players and emerging companies are investing in the development of innovative products with advanced features and are also focussing on product portfolio upgrades to gain a larger market share in the global wireless microphone market.
Availability of Low-Quality Products to Restrain Market Growth
The cost of wireless microphones varies across regions as there is a large presence of several local players in the different regional markets. Sometimes, users from developing countries such as India tend to choose wireless microphones with lesser pricing, as they are ready to compromise on the brand and applications of the microphones. This can turn out to be a grave challenge for wireless microphone brands to maintain their sales especially in the Tier II and Tier III cities of developing countries.
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Will the low-quality products flourishing in the global market act as a roadblock or will the market prosper on account of increasing sales of these cost-effective wireless microphones?