Professional Microphones Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Professional Microphones Market is expected to reach a CAGR of 5.8%, over the forecast period (2021 - 2026).The market is propelled by upgardes and replacement of legacy system in developed market.Rise in innovation have propelled the development of wireless microphone as well.

Key Highlights

• There is a rising demand for microphones with the rapidly growing popularity of smart devices like home digital assistants and IoT sensors that are required to ‘hear’ their surroundings, as well as being easy to design-in, robust and tolerant of electrical or acoustic noise.
• The evolving autonomous segment in the automobile industry is encouraging growth of the microphone market as these Autonomous vehicles use speech recognition technology for recording voice and establishing communication between the driver and vehicle.As per the International Energy Agency, the number of electric vehicles running on the road will be 125 million by 2030. With this influx of demand from the automotive industry, revenues for the microphone market are expected to shoot up.
• The emergence of networked audio technology, increased demand from corporate, government, and institutions sectors, growth in music production and recording industry are the factors that are expected to contribute to the growth of the Professional Microphones market during the forecast period.
• The amalgamation of microphones within consumer electronics is a step towards further enhancing the smart aspect of such devices which is also expected to grow the market during the forecast period.

Key Market Trends

Wireless Technology to lead the Professional Microphones Market

• The increase in requirement for mobility,high expenditure on semiconductor for wirelessdevices, and advancement in technologies and introduction of innovative devices are the majors drivers which are driving the growth of wireless technology.
• The market is driven by wireless technology due to the increased adoption of smartphones,other wireless portable devices, and intense investments in research and development for wireless audio devices and high adoption of wireless devices in offering infotainment services.
• The wireless technology is propelling the market growth as the usage of wireless microphones are increasing in commercial applications such as call centers, shows, events, and others.Also in personal home assistant devices such as Amazon Alexa and Google Home, wearable consumer electronics and others.
• The evolving entertainment and media industry, mainly in developing regions such as Asia Pacific and Latin America, has fostered the demand for wireless microphone products. These products are used for applications such as television broadcasting, public speaking, podcasting, and performing arts.

Asia Pacific is Expected to hold the Highest Growth

• Asia Pacific is expected to dominate the market as this region is considered to be manufacturing hub for consumer electronics industry and with the rapid industrailization and technical innovations in this region , major players of consumer electronics are further planning to invest in this market.
• The Professional microphone market has experienced a substantial rise in the recent times in the APAC region due to the increasing frequency of media and sports events in the region which has augmented the demand for microphones. However, the advanced features of wireless microphones have given them an edge over the traditional wired microphones.
• Owing to the growing population of middle class consumer in the Asian nations such as India, Japan, Taiwan, and Hong Kong and their interest towards advanced media and communication gadgets is also driving the market in this region.
• Additionally, the infrastructural development in Japan and the increasing digitization in India are expected to their adoption in this region over the in next few years.

Competitive Landscape

The Professional Microphones Market is highly fragmented as changing consumer demands are driving companies to innovate in the space to attract more consumers. The rivalry in this market has intensified over the years, with companies launching a multitude of products to attract consumers. Key players are Sennheiser, AKG, Behringer, Rode , Sony etc. Recent developments in the market are -

• November 2019 - AKG Harman Professional Solutions has announced its new AKG Lyra ultra-HD, multimode USB condenser microphone that provides 4K-compatible, Ultra HD-grade 24-bit/192 kHz audio resolution, according to the company,
• August 2019 - Shure launched VPH, an innovative, long microphone handle engineered for on-camera interviews and live reporting. The VPH features a Shure RPW interchangeable cartridge interface and convenient XLR connectivity to broadcast mixers and recorders.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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