Microphone Market - Forecast (2021 - 2026)
Microphones are an essential equipment in the consumer electronic products. Devices ranging from mobiles, smartphones, tablets, laptops, computers, home personal assistants, and headphones to earphones today are equipped with microphones that enables the user to communicate with the person on the other side. The demands of the above-mentioned consumer electronic products are increasing in a significant rate owing to the emerging technologies such as cloud computing, Internet of Things, and artificial intelligence. Additionally, the increased investment in the entertainment industry is employing a considerate number of professional recording microphones that is supporting the microphone market growth. Moreover, the total investment in an artist is around $50 million to $2 billion covering all the related major costs such as audio recording, advance, video recording, tour support, marketing, and promotion and as per the International Federation of the Phonographic Industry (IFPI), recording companies are expected annually to invest $4.5 billion in worldwide artists and repertoire (A&R) that contributes to 26% of the entertainment industry revenues. These bolstered investments and demands have surged the global microphone market size to $1.3 billion including MEMS and ECM microphones in the year 2018. The opportunities in the microphone market are projected to grow at a CAGR of 5.82% during the forecast period of (2019 to 2025).
Asia-Pacific dominated the global microphone market, by registering 37.47% of the total share in 2018. The APAC is considered as the manufacturing hub for consumer electronic industry. Majority of the electric spare parts are manufactured in these regions and further they are forwarded for assembling in the final products. This is poised as the major supporting aspect in the regional microphone market. Additionally, the increased investment in the entertainment industry coupled with the bolstered demands for high-quality audio outputs is driving the regional microphones market.
Microphone Market Outlook:
A microphone is a transducer that converts sound into electrical signals, and is highly applicable in hearing aids, radio, megaphones, and other industrial gadgets. Music events, movie screenings, radio and television broadcasting, motion pictures, sound recordings, and audio engineering events are some of the most prominent application areas for microphones.
The evolving autonomous segment in the automobile industry is encouraging growth of the microphone market. Autonomous vehicles use speech recognition technology for recording voice and establishing communication between the driver and vehicle. The autonomous vehicle is the key application in the microphone market, growing at a healthy CAGR of 9.76% through to 2025. 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.
Microphone Market Growth Drivers
Widespread Adoption of Smartphones: As per GSMA, around 5.21 billion unique mobile connections were registered as of March 2019. The demands for microphone is directly proportional to demands in the mobile market. And, foreseeing the ongoing digitalization era, the demands in the smartphone market are boosting, subsequently inducing opportunities in the microphone market. The global mobile demands are expected to increase continuously in the near future which will further encourage the global microphones market growth.
Wireless Microphone Technology: The implementation of wireless microphone technology offers lesser noise interference, increased opportunities for encryption, enhanced reliability of signal transmissions, and lesser voice distortion. The widespread adoption of professional microphones and wireless technology at affordable prices is driving the global microphones market.
Microphone Market Trends
Smart glasses: One of the fastest flourishing smart glass is the Google Glass, these pair of lenses provide a head-mounted computer interface with in-built cameras and microphone. The glass will respond to the voice instructions given by the user, therefore the microphone plays an important role in the Google Glass. The growing influence of miniaturization and the increasing demands for such smart glasses are supporting the growth in the microphone market.
Microphone Market Companies:
There is strong threat from local players in this market as the technology is fairly feasible to replicate, thus key players manufacture high-quality products to stay a step ahead from local market influencers. The key players involved in the global microphone market are Knowles Corporation, Goertek Inc., Vektor, Infineon Technologies AG, BSE, STMicroelectronics, Robert Bosch GmbH, Analog Devices Inc., NeoMEMS, Hosiden, and Omron Corporation.
Microphone Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the microphone market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The microphone market research report also analyses the application of microphone in various sectors such as real estate, small and medium-sized business, and others.
Microphone Market Outlook:
A microphone is a transducer that converts sound into electrical signals, and is highly applicable in hearing aids, radio, megaphones, and other industrial gadgets. Music events, movie screenings, radio and television broadcasting, motion pictures, sound recordings, and audio engineering events are some of the most prominent application areas for microphones.
The evolving autonomous segment in the automobile industry is encouraging growth of the microphone market. Autonomous vehicles use speech recognition technology for recording voice and establishing communication between the driver and vehicle. The autonomous vehicle is the key application in the microphone market, growing at a healthy CAGR of 9.76% through to 2025. 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.
Microphone Market Growth Drivers
Widespread Adoption of Smartphones: As per GSMA, around 5.21 billion unique mobile connections were registered as of March 2019. The demands for microphone is directly proportional to demands in the mobile market. And, foreseeing the ongoing digitalization era, the demands in the smartphone market are boosting, subsequently inducing opportunities in the microphone market. The global mobile demands are expected to increase continuously in the near future which will further encourage the global microphones market growth.
Wireless Microphone Technology: The implementation of wireless microphone technology offers lesser noise interference, increased opportunities for encryption, enhanced reliability of signal transmissions, and lesser voice distortion. The widespread adoption of professional microphones and wireless technology at affordable prices is driving the global microphones market.
Microphone Market Trends
Personal Home Assistant: Devices such as Amazon Alexa and Google Home are gaining popularity in both developing and developed economies. These devices, which are capable of replying to human voices, are manufactured through extensive use of microphones. The growing demand for personal home assistance owing to increasing disposable incomes and standard of living are driving revenues in the global microphone market.
Wearable Consumer Electronics: Smart wearable device manufacturers are investing in research and development for incorporating microphones in wearable electronics. The amalgamation of microphones within consumer electronics is a step towards further enhancing the smart aspect of such devices.
Wearable Consumer Electronics: Smart wearable device manufacturers are investing in research and development for incorporating microphones in wearable electronics. The amalgamation of microphones within consumer electronics is a step towards further enhancing the smart aspect of such devices.
Smart glasses: One of the fastest flourishing smart glass is the Google Glass, these pair of lenses provide a head-mounted computer interface with in-built cameras and microphone. The glass will respond to the voice instructions given by the user, therefore the microphone plays an important role in the Google Glass. The growing influence of miniaturization and the increasing demands for such smart glasses are supporting the growth in the microphone market.
Microphone Market Companies:
There is strong threat from local players in this market as the technology is fairly feasible to replicate, thus key players manufacture high-quality products to stay a step ahead from local market influencers. The key players involved in the global microphone market are Knowles Corporation, Goertek Inc., Vektor, Infineon Technologies AG, BSE, STMicroelectronics, Robert Bosch GmbH, Analog Devices Inc., NeoMEMS, Hosiden, and Omron Corporation.
Microphone Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the microphone market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The microphone market research report also analyses the application of microphone in various sectors such as real estate, small and medium-sized business, and others.
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