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

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. The market is propelled by upgrades and replacements of legacy systems in the developed market. A rise in innovation has propelled the development of wireless microphones 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 TrendsWireless Technology to lead the Professional Microphones Market

• The increase in requirement for mobility, high expenditure on semiconductors for wireless devices, advancement in technologies, and introduction of innovative devices are the major drivers driving the growth of wireless technology.
• The market is driven by wireless technology due to the increased adoption of smartphones, and other wireless portable devices, intense investments in research and development for wireless audio devices, and the high adoption of wireless devices in offering infotainment services.
• Wireless technology is propelling the market growth as the usage of wireless microphones is increasing in commercial applications such as call centers, shows, events, and others. Also, 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 the 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 be the Fastest Growing Market

• The Asia Pacific is expected to dominate the market as this region is considered to be a manufacturing hub for the consumer electronics industry, and with the rapid industrialization and technical innovations in this region, major players in consumer electronics are further planning to invest in this market.
• The Professional microphone market has experienced a substantial rise in 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 traditional wired microphones.
• Owing to the growing population of middle-class consumers in Asian nations such as India, Japan, Taiwan, and Hong Kong and their interest in 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 adopted 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 -

• August 2021 - HARMAN Professional Solutions launched a new JBL Commercial CSSM100 studio condenser microphone in India that is available through e-commerce platforms. This studio microphone is targeted as a one-size-fits for all solution, be it for professionals, prosumers, or amateurs.
• May 2021 - Sony India launched two new microphones - ECM-W2BT Multi Interface Shoe compatible wireless microphone and ECM-LV1 compact stereo lavalier microphone. These products support stereo audio input with an external 3.5mm stereo mini-jack to allow for stereo sound pickup.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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