Published By : 12 Feb 2016 | Published By : QYRESEARCH
The growth in the entertainment industry has been tremendous. Additionally, the surging number of sporting events organized every year has exponentially fuelled demand from the wireless microphones market. The intrinsic benefits of wireless microphones compared to their wired precursors in terms efficiency, comfort, and robustness, further boost the Asia Pacific wireless microphone market. In response to the increasing demand for wireless microphones from applications such as corporate usage, media events, conference venues, and others, the Asia Pacific wireless microphone market will grow further.
According to Transparency Market Research, the Asia Pacific market for wireless microphones stood at US$267 mn in 2014 and it is expected to reach US$611.4 mn by the end of 2023. If the figures hold true, the market will exhibit a positive CAGR of 9.8% between 2015 and 2023.
High Demand from Media and Entertainment Industry Boosts Wireless Microphone Market
The demand for wireless microphones, primarily arises from the media and entertainment industry in the Asia Pacific market. The rapid expansion of the industry will further bolster demand from the Asia Pacific wireless microphone market in the near future. Additionally, demand in the region is likely to rise significantly from the venues hosting large sporting events. Asia Pacific is slated to host the Winter Olympics in 2016, Commonwealth Games in 2018, Summer Olympics in 2020, and Winter Olympics in 2022. With so many sporting events of global scale lined up, the demand for wireless microphone is poised to increase exponentially in the forthcoming years. Furthermore, the region is witnessing a rising emergence of event management companies, which is expected to give impetus to the Asia Pacific wireless microphone market.
Events’ Segment to Exhibit Fastest CAGR between 2015 and 2023
The most prominent application segments of wireless microphones are media and entertainment, education, hospitality, corporate usage, events, large venues, and house of worship. The media industry and the corporate sector held the largest share of the Asia Pacific wireless microphone market in 2014. However, between 2015 and 2023, the events segment is likely to exhibit the fastest CAGR. With the increasing number of small, mid-sized, and large-scale event management companies in Asia Pacific, the demand for wireless microphone is expected to rise significantly in the near future.