The Asia Pacific wireless microphone market has experienced a substantial rise in the recent times. The increasing frequency of media and sports events in this region has augmented the demand for microphones in general; however, the advanced features of wireless microphones have given them an edge over the traditional wired microphones, increasing their popularity significantly.
As the host to the imminent global sports events such as Winter Olympics 2016, Commonwealth Games 2018, Summer Olympics 2020, and Winter Olympics 2022, Asia Pacific is projected to maintain the pace of the demand for wireless microphones in the coming years, says TMR.
The Wireless Microphone Market in Asia Pacific stood at US$267 mn in 2014. Expanding at a CAGR of 9.80% during the period from 2015 to 2023, analysts estimate it to reach US$611.4 mn by the end of the forecast period. The production capacity of this market is likely to rise at a CAGR of 9.40% during the same time frame.
Wi-Fi-based Wireless Microphones to Gain Momentum in Near Future
Radio frequency (RF) and Wi-Fi are the main technologies employed in wireless microphones. In 2014, the demand for RF-based wireless microphones was much higher than Wi-Fi-based ones. The segment accounted for almost 80% of the overall demand for wireless microphones across the world, generated US$220.3 mn in revenue that year.
Although analysts project this segment to remain dominant throughout the forecast period, the growth prospects, however, looks in favor of Wi-Fi-based wireless microphones, which will report the fastest CAGR of 19.50% between 2015 and 2023. The shifting focus of leading manufacturers towards Wi-Fi-based wireless microphones in order to meet the surging demand is anticipated to provide the required momentum to this segment in the near future.
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Regionally, the Wireless Microphone Market in Asia Pacific stretches across China, ASEAN, Oceania, and the Rest of Asia Pacific. Among these, the highest demand for these microphones in 2014 was from the Rest of Asia Pacific, which held a share of nearly 33% in the overall market.
The shifting interest of people towards advanced media and communication gadgets, thanks to the improving economic condition in various Asian nations such as India, Japan, Taiwan, and Hong Kong, is the key factor behind the mounting demand for these microphones in the Rest of Asia Pacific. 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.
Apart from this, China is also witnessing a significant rise in the demand for Wireless Microphone Market due to the increasing number of media and sports events. During the forecast period, the country is likely to emerge as the second fastest consumer of these devices, with consumption growing at a CAGR of 9.90%. The rising utilization of these communication devices in the corporate and the hospitality sectors is also projected to add significantly to the growth of this market in China.