Market Highlights:
The key players in the global wireless microphone market include- Shure Incorporated (U.S.), Sennheiser electronic GmbH & Co. KG (Germany), Sony Electronics, Inc. (U.S.), Audio-Technica Corporation (Japan), Yamaha Corporation (Japan), LEWITT GmbH (Austria), Samson Technologies Inc. (U.S.), Rode Microphones (Australia), AKG Acoustics (Austria), Blue Microphones (U.S.) and inMusic Brands, Inc. (U.S.) among others.
The global Wireless Microphone Market is highly competitive. Various established international brands, domestic brands and as well as new entrants form a competitive landscape. The key players are nonstop increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. The wireless microphone market is highly competitive due to the presence of several large vendors. The competition among the vendors will intensify due to the increase in product extensions and various above mentioned factors. The players in the Wireless Microphone market compete on the basis of the factors such as technology, features, design and compatibility. The vendors or the manufacturers are continuously coming up with new ideas and technologies to gain competitive advantage over their competitors.
The global wireless microphone market is expected to reach approximately USD 3.63 billion by the end of 2023 with 8.44% CAGR during forecast period 2017-2023
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Regional Analysis:
The global wireless microphone market is expected to grow significantly over the forecast period, 2017-2023. Academic segment of wireless microphone market globally drives the market majorly due to growing consumer electronics market and adoption of wireless connectivity.
The market is expected to have higher growth rate as compared to the previous years due to the booming electronic industry globally. It is due to the rising demand of technology products globally from media and entertainment industry, sports events among others. It gives willingness push to wireless microphone market in future prospective.
The global wireless microphone market segmented into four main regions such as North America, Asia-Pacific, Europe and Rest of the World. The regional segment is further bifurcated into U.S., Canada, Mexico, UK, France, Germany, China, Japan and India.
North America region hold the largest share of the total wireless microphone market in terms of revenue. It is due to the presence of some leading wireless microphone providers in the region. Shure Incorporated, Sony Electronics, Inc., Samson Technologies Inc., Blue Microphones and inMusic Brands, Inc. are some well-known leading industry participants located in North America. Recently, in October 2017, TechNexus Venture Collaborative and audio industry leader Shure Incorporated announced the partnership ship that are building the future of technology in audio. This partnership will continue the focus on product innovation. The U.S. is the largest market for media and entertainment (M&E) industry globally. It is due to the increasing demand from motion pictures, television programs and commercials along with streaming content, music and audio recordings, broadcasting etc. Adoption of digital technologies have revolutionized the music industry in U.S. U.S. is the largest global music market due to the growing music concerts and music touring.
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Asia-Pacific region is expected to grow over the forecast period. Countries such as Japan, China and India contributes largely to the overall market share. The reason is attributed to the increasing demand of wireless microphone from China and India is booming entertainment industry, IT industry and incidence public events. As it is emerging region, the demand of consumer electronics is increasing. This is expected to grow the Asia Pacific wireless microphone market at fast pace in coming years.
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