Wireless Microphone Market to Reach $4.4 Billion, Globally, by 2032 at 7.3% CAGR: Allied Market Research

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May 02, 2023, 10:45 ET

PORTLAND, Ore., May 2, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Wireless Microphone Market by Product Type (Handheld, Clip On, Plug In, Others), by Technology (Radio Frequency, Wi-Fi Band, Others), by Industry Vertical (Corporate, Education, Travel and Hospitality, Sports, Entertainment, Others), by Price Range (Below US$ 200, US$ 200 to US$ 500, Above US$ 500): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global wireless microphone industry generated $2.2 billion in 2022, and is anticipated to generate $4.4 billion by 2032, witnessing a CAGR of 7.3% from 2023 to 2032.

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Prime Determinants of Growth

The growth of the global wireless microphone market is driven by factors such as rise in development of wireless connectivity and the increase in utilization of wireless microphones in corporate and educational sectors. However, interference and spectrum availability in wireless technology restrict the market growth. Moreover, integration of wireless microphones with latest technologies presents new opportunities in the coming years.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2022–2032
Base Year	2022
Market Size in 2022	$2.2 billion
Market Size in 2032	$4.4 billion
CAGR	7.3 %
No. of Pages in Report	279
Segments covered	Product Type, Technology, Industry Vertical, Price Range, and Region.
Drivers	Rise in development of wireless connectivity Increase in utilization of wireless microphones in corporate and educational sectors
Opportunities	Integration of wireless microphones with latest technologies
Restraints	Interference and spectrum availability in wireless technology

Covid-19 Scenario

The impact of the Covid-19 pandemic on the global wireless microphone market was positive due to the increased demand for remote work and online learning.
On the other hand, the pandemic caused disruptions in the global supply chains, resulting in shortages and price increases for some wireless microphone system components.
The pandemic also had a substantial impact on the wireless microphone market in the form of the cancellation or postponement of live performances and events such as concerts and sports games.

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The Handheld Segment to Maintain its Leadership Status Throughout the Forecast Period

Based on product type, the handheld segment held the highest market share in 2022, accounting for more than two-fifths of the global wireless microphone market revenue, and is estimated to maintain its leadership status throughout the forecast period, due to the enhanced clarity and fidelity of handheld microphones by innovations in noise reduction, microphone capsule technology, and other features. The clip on segment is projected to manifest the highest CAGR of 8.0% from 2023 to 2032, owing to its advantage of allowing for freedom of movement while maintaining consistent audio quality.

The Radio Frequency Segment to Maintain its Leadership Status throughout the forecast period

Based on technology, the radio frequency segment held the highest market share in 2022, accounting for nearly three-fourths of the global wireless microphone market and is estimated to maintain its leadership status throughout the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 7.7% from 2023 to 2032, as more frequency bands are anticipated to be allocated for the use of wireless microphones due to higher demand.

The Entertainment Segment to maintain its Lead Position during the Forecast Period

Based on industry vertical, the entertainment segment holds the largest share in 2022, contributing to nearly one-third of the global wireless microphone market revenue, and is projected to maintain its lead position during the forecast period. The development of more dependable and effective systems due to advancements in wireless microphone technology has increased their appeal to entertainment venues and performers which eventually boost the entertainment segment globally.

However, the corporate segment is expected to portray the largest CAGR of 9.0% from 2023 to 2032. In corporate settings, a wireless microphone can be a useful tool, especially for presentations, conferences, and meetings where the speaker needs to move around freely. In addition, a wireless microphone can aid in the reduction of noise in the background and ensure that the speaker's voice is heard clearly and consistently throughout the room which eventually boost the market growth.

North America to Maintain its Dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global wireless microphone market revenue. The increasing demand for wireless microphones in live performances, events, and broadcasting along with the trend toward mobility and flexibility in audio equipment have significantly promoted the growth of the wireless microphone market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.4% from 2023 to 2032, and is likely to dominate the market during the forecast period. The increase in popularity of live events, concerts, and performances in this region is expected to drive the growth of the wireless microphone market.

Leading Market Players:

Honeywell International. Inc
Robert Bosch GmbH
Sennheiser Electronic GmbH and Co. Kg
Mipro Electronics
Knowles Electronics
Sony Corporation
Yamaha Corporation
RODE
Saramonic
Audio-Technica Ltd.

The report provides a detailed analysis of these key players in the global Wireless Microphone market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Key Benefits For Stakeholders:

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wireless microphones market analysis and wireless microphones market outlook from 2021 to 2031 to identify the prevailing market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global wireless microphones market trends, key players, market segments, application areas, and market growth strategies.

Wireless Microphones Market Key Segments:

Product Type

Handheld
Clip On
Plug In
Others

Technology

Radio Frequency
Wi-Fi Band
Others

Industry Vertical

Corporate
Education
Travel and Hospitality
Sports
Entertainment
Others

By Region

North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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