What is the global market size of Wireless Microphone Market?

Global Wireless Microphone Market size was valued at USD 1.59 billion in 2021 and is poised to grow from USD 1.72 billion in 2022 to USD 3.02 billion by 2030, growing at a CAGR of 8.57% in the forecast period (2023-2030).

Global Wireless Microphone Market Size, Share, Growth Analysis, By Type(Handheld, Clip-on), By Technology(Radio Frequency, Bluetooth), By Application(Corporate, Entertainment), By Frequency(Ultra-high Frequency, Very High Frequency), By Distribution Channel(Online, Offline) - Industry Forecast 2024-2031

Report ID: SQSG45K2004 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 150 | Figures: 78

Global Wireless Microphone Market Dynamics

Wireless Microphone Market Driver

Growing attraction towards events and concerts is expected to drive the market in coming years

The growing number of corporate events, concerts, sporting events, and festivals is driving up demand for effective, dependable sound systems with excellent audio quality. In order to offer the broadcasting studios with live reporting in response to specific breaking news, TV news reporters look for ways to travel to the appropriate locations at any time of the day. As they provide a two-way wireless communication between the reporters and the cameramen, these mics are the greatest tools for these reporters. As a result, the media and entertainment industries are seeing significant growth in the use of talkback, wireless cameras, and radio mics. These are versatile in addition to being portable.

Technological innovations in the industry is facilitating the market growth

As the market is witnessing numerous technological innovations, it is bound to be a driving factor. It results in enhanced user-experience, ease of operation and offers customization as well. Therefore the advancements are promoting the market in a positive direction.

Wireless Microphone Market Restraint

The market operates on a very low profit margin as far as the chain of suppliers is concerned. Also the limitation to access spectrum is hindering the growth of the market. As a result of the shutdown of analog TV broadcasting, the governments of various geographies have auctioned off the rights over usage of large bands of the electromagnetic spectrum. These spectrums have been distributed among the mobile telecommunication operators and Wi-Fi services. This has created interference in the operation of Radio-Frequency microphones.

Global Wireless Microphone Market Report Snapshots

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Global Wireless Microphone Market size was valued at USD 1.59 billion in 2019 and is poised to grow from USD 1.72 billion in 2023 to USD 3.02 billion by 2031, growing at a CAGR of 8.57% in the forecast period (2024-2031).

The market for wireless microphones is massively competitive and has players spread across various parts of the world. Key players are undergoing mergers and acquisitions to surpass the boundaries and extent beyond their current presence. For instance, Audio-Technica had partnered with RP tech India with intention to become the national distributor of headphones manufactured by Audio-Technica. 'Shure Incorporated', 'Sennheiser Electronic GmbH & Co. KG', 'Audio-Technica Corporation', 'AKG Acoustics GmbH', 'Rode Microphones', 'Sony Corporation', 'Samson Technologies Corp.', 'Blue Microphones', 'Electro-Voice (EV)', 'Beyerdynamic GmbH & Co. KG', 'Lectrosonics, Inc.', 'TOA Corporation', 'Line 6, Inc.', 'MIPRO Electronics Co. Ltd.', 'Yamaha Corporation', 'Audio Ltd.', 'Trantec Solids, Ltd.', 'Revolabs, Inc.', 'Peavey Electronics Corporation', 'Anchor Audio Inc'

Growing attraction towards events and concerts is expected to drive the market in coming years

The need for various types of wireless microphone-related items has expanded as the automobile industry becomes more automated. These products are utilised in telematics, controllers, power integrated devices, driver assistance systems, and global positioning systems (GPS). Electric vehicles (EVs) and driverless vehicles both use these components often. Thus, it is anticipated that increased demand for electric vehicles will accelerate product acceptance during the projection period. The manufacturing sector is undergoing a rapid transformation as a result of connected technology.

Over the course of the forecast period, North America is anticipated to hold the greatest market share in the wireless microphone industry, followed by Europe. It is anticipated that the market would expand in tandem with Northern America's expanding entertainment and media sector. One of the main growth drivers for the wireless microphone market in the North American region is the rise in the deployment of smart traffic management systems in a number of North American nations, including the U.S., Canada, and Mexico, to handle the traffic-related problem.

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Global Wireless Microphone Market Dynamics

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