New York, May 09, 2023 (GLOBE NEWSWIRE) -- The global microphone market had a value of USD 3.5 billion in 2022 and is projected to reach USD 5.04 billion by 2032. It is expected to have the highest CAGR of 3.8% between 2023 and 2032.
Global demand for microphones will be driven by the surge in hearing aids, VR headsets, and other virtual reality devices. The high demand for smartphones will also support the growth in the microphone market. A report by the Pew Research Centre published in 2019 shows that more than five million people own mobile phones worldwide, of which half are smartphones. Hearing aids with high-quality microscopic technology are in demand due to the increasing number of elderly people who suffer from hearing loss. Microphones like omnidirectional or directional microphones allow the user to hear in a noisy and complex environment. The market is also expected to be driven by the increasing adoption of wireless mics in the public speaking, broadcasting, and entertainment segments.
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Key Takeaway:
- By the type analysis, handheld microphones dominate the market with a 35% market share.
- By technology analysis, the electret segment dominates the market with 47% market share.
- By Communication technology analysis, the wireless segment dominates the market with a 64% market share.
- In 2022, North America dominated the market with the highest revenue share of 38%.
- APAC is anticipated to have the highest CAGR among all the regions.
- APAC is expected to grow at a greater pace owing to affordable prices, increasing medical tourism, as well as hospitals and clinics, among other factors.
Factors Affecting the Growth of the Microphone Market
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Market Growth
In the upcoming years, it is anticipated that the microphone industry will continue to expand significantly. The growing use of microphones in a variety of applications, including live events, music creation, broadcasting, and video conferencing, is one of the major factors driving market expansion. The manufacture and sale of microphones have increased as a result of the increased demand for high-quality audio equipment in these sectors. Technology development, which has resulted in the creation of high-end microphones with cutting-edge capabilities like noise-cancellation and beamforming, is another element boosting the market. The development of smart devices and the Internet of Things (IoT) has also increased the demand for microphones with voice recognition features that can be incorporated into smart speakers, virtual assistants, and other smart devices.
Regional Analysis
North America Accounted for the Largest Revenue Share in Microphone Market in 2022. The growing adoption of electronic devices that use cutting-edge technologies in countries such as the US and Canada has been a major factor in the growth of the microphone market in this region. The US consumer electronics manufacturers are also increasing the production of microphone-enabled products for smart homes and offices, which will boost the market over the forecast period. The Asia Pacific region will experience a CAGR of 8.67% over the forecast period. In this region, the increased use of consumer electronics such as wearables and intelligent home devices is driving product demand. China, the largest market in the Asia Pacific region for manufacturing smartphones, tablets, televisions, and other electronic products, is expected to drive product demand. China and India are emerging economies that have high-end smartphones with better audio quality. This is expected to drive the growth of the microphone market.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 3.5 billion |
| Market Size (2032) | USD 5.04 billion |
| CAGR (from 2023 to 2032) | 3.8% |
| North America Revenue Share | 38.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The microphone market is experiencing robust growth due to several market drivers. Firstly, the proliferation of streaming services such as YouTube, Twitch, and TikTok, has increased the demand for high-quality microphones among content creators, influencers, and podcasters. Additionally, the emergence of remote work and online learning due to the COVID-19 pandemic has fueled the demand for microphones for virtual meetings, webinars, and online classes. Moreover, the rise of smart speakers and voice assistants has led to increased demand for microphones with advanced features such as noise-cancellation, beamforming, and far-field voice recognition. This trend is expected to continue as the adoption of smart home devices and IoT technology grows.
Market Restraints
Price sensitivity could limit growth as consumers may choose cheaper alternatives, which can affect profitability. Research and development are required for new and advanced microphone technologies, which can be prohibitive to innovation and entry. The end-use industries have a direct impact on market growth. Music, broadcasting, and live events are all included. Microphones are not widely known or readily available in some emerging markets. In certain emerging markets, microphones aren't widely available or known. This can limit the growth of their products. Microphones are required to meet safety, quality, and electromagnetic interference requirements. It can result in higher prices and discourage new players. Mic manufacturers are constantly innovating and improving products to stay competitive. This can result in lower margins and increased price pressure.
Market Opportunities
The microphone market offers several opportunities for innovation and growth in many industries and applications. The microphone market offers several potential opportunities. As voice assistants, smart speakers, and other voice assistants become more popular, the demand for microphones that have this technology increases. The microphone industry has an opportunity to create advanced voice recognition capabilities that will provide a better user experience and greater accuracy. 5G adoption is expected to increase the market for microphones by enabling applications such as virtual reality and augmented realities that require high-quality audio input. Microphone manufacturers should take advantage of this opportunity to develop microphones that are more sensitive and have noise-canceling capabilities. The growing use of microphones for hands-free communications, noise reduction, and driver assistance in cars presents a market opportunity that is significant for microphone manufacturers. In automotive applications, the development of advanced microscopic techniques such as beamforming, echo cancellation, and noise reduction can improve voice quality and reduce background sound.
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Report Segmentation of the Microphone Market
Type Insight
According to the type analysis, handheld microphones dominate the market with a 35% share. Performers, fitness instructors, and broadcasters use head-worn microphones to free their hands. The microphones can be worn around the ears or on the head and they produce high-quality audio. The head-worn microphones don't require any physical contact. Fitness instructors, performers, and broadcasters use them to free up their hands.
The category includes all types of microphones not listed in the previous categories. This category includes boundary mics, lapel mics, and shotgun mics. Many established and smaller companies sell microphones. The demand for microphones is increasing due to audio and visual conferences, podcasts, and streaming platforms. Due to their ease of use and versatility, head-worn and handheld microphones are most in demand. Gooseneck and freestanding mics are in high demand as well, especially in the professional and commercial sectors. Future demand for specialized applications will increase the need for other types of microphones.
Technology Insight
By technology analysis, the electret segment dominates the market with 47% market share. Electret Microphones - Electret Microphones convert sound waves to electrical signals using a charged material. These microphones are used in many consumer electronics, such as mobile phones, laptops, and digital cameras. They are low-cost and small and use little power. Even though they produce lower-quality audio than condenser or dynamic microphones, their low price and convenience make them popular. Analog Microphones are the oldest type of microphones. They convert sound waves using electromagnetic induction into electrical signals. These microphones are used for sound reinforcement and recording. They are less precise and versatile than digital mics but still provide high-quality audio. Audiophiles prefer them for their natural and warm sound.
These microphones convert sound waves to digital signals using advanced signal processing techniques. These microphones offer high levels of accuracy, clarity, and flexibility. They are used for professional audio and visual applications, such as podcasting and music production. Digital microphones offer a variety of advanced features, including noise reduction, compression, and equalization.
Communication Type Insight
By Communication technology analysis, the wireless segment dominates the market with a 64% market share. These are the most popular communication segments in the market. Wireless Microphones are becoming more popular, particularly for events and performances that require mobility. They transmit audio via radio frequencies. Wireless microphones are connected to an amplifier, recording device, or other wireless receiver. Wired microphones are the most common. The microphone is connected to the amplifier or recording device by a cable. It provides a reliable and high-quality audio signal. Wireless microphones can be used for professional audio applications, such as recording studios or live performances. Costs are lower for wired microphones.
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Market Segmentation
- Based on Type
- Handheld Microphones
- Head-worn Microphones
- Goose Neck Microphones
- Freestanding Microphones
- Other Microphones
- Based on Technology
- Analog
- Digital
- Electret
- Other Types
- Based on Communication Type
- Wired
- Wireless
- Based on End-User
- Broadcasting
- Government & Institutional
- Live Performances & events
- Rental Vendors
- Automotive
- Other End-Users
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The global Microphone market is highly competitive, with many key players that are holding significant market shares. According to a report Dow Chemicals, BASF, Huntsman Corporation, Shell, and Lyondell Basell are among the top players in the market, which have a significant share of the global Microphone market.
- Abbott Laboratories
- Becton, Dickinson, and Company
- Bio-Rad Laboratories, Inc.
- Roche Holdings AG
- Danaher Corporation
- Siemens Healthcare GmbH
- Thermo Fisher Scientific Inc.
- Koninklijke Philips N.V.
- Qiagen N.V.
- Other Key Players
Recent Development of the Microphone Market
- In 2021, The Indian Finance Ministry announced that USD 26,578.3 million will be spent over five years to fund the Pharmaceutical PLI Scheme.
- In 2021, Hybrid E.V. accounted for 19.6% of all passenger cars registered across the EU, as compared to 11.9% in 2020. Electric chargeable vehicles also saw a strong increase in sales, which makes up 18.0% of total car registrations, up from a 10.5% share in 2020.
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