Market Trends of Audio Equipment Industry
Microphone Segment Expected to Register the Fastest Growth
- As most activities shift to home settings, including TV productions, education, health and wellness, and daily work, vendors are assessing the demand for better audio in these environments by introducing new products to the market.
- The rising digital revolution in the education industry will drive the need for microphones in the coming years. Digitization in the education industry provides advantages for educators, students, and other individuals involved in the learning experience. These modifications will enhance accessibility and engagement by offering intriguing and flexible learning opportunities. Consequently, online education is becoming more available, extensive, and diverse.
- Some of the possibilities brought about by the digital advancement of higher education are short educational modules, engaging videos or quizzes, gaming options, and artificial intelligence-based learning methods. Each option allows a student to participate more actively in the relevant components or tasks.
- The arrival of VR and AR headsets, along with the launch of True Wireless Sound earbuds featuring voice calling, noise cancellation, spatial audio, and transparency mode, has raised consumer demands for microphone tech and audio quality. Such developments are contributing to the market's expansion.
- Additionally, the demand for audio accessories is also being met in the expanding market. Microphones and related items are highlighted for high-quality sound reproduction in various settings like installation, broadcast, film, and fieldwork. Countries are investing money into expanding their imports in response to increased demand.
- According to the Thai Ministry of Commerce, in 2023, Thailand saw a rise in imports of microphones, speakers, and earphones worth around USD 0.65 billion, showing growth from the year before.
- Players are investing in broadening their technologies in order to cover higher demand. For instance, in February 2024, Sony unveiled the new ECM-S1 wireless/streaming microphone, expanding its microphone lineup. This advanced microphone marries top-notch sound recording with a lightweight construction. Sony's ECM-S1 enables video content creators to capture high-quality audio in a variety of shooting situations. The ECM-S1 microphone is the perfect tool for professional videographers and video content creators who need high-quality audio for shoots, livestreams, and podcasts.
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Asia-Pacific to Witness Significant Market Growth
- Due to rising technological innovations, the presence of key audio equipment providers like Yamaha Corporation and Alpine Electronics is projected to grow notably in the Asia-Pacific audio equipment market.
- The Asia-Pacific market’s growth is credited to the unparalleled expansion of consumer electronics production in China, which has positioned the country as the top smartphone producer worldwide. According to the National Bureau of Statistics of China, the production of cell phones amounted to 1.4 billion in November 2023. China has been among the top countries worldwide for producing cell phones and is expected to keep growing steadily in the coming years.
- Developments in digital audio technology and shifts in consumer preferences from traditional to contemporary audio systems are anticipated to propel the market's growth across the region. Moreover, the increasing need for portable home audio devices that can support USB drives and access high-quality audio content from the internet is also expected to positively impact the market's growth.
- In January 2024, Singapore-based company CODA Audio unveiled the LINUS6.4-iD installation amplifier at ISE 2024. The LINUS6.4-iD powers most of CODA's loudspeakers except for line arrays and sensor-controlled subwoofers, and it can be managed using LINUS Control, which provides complete network control and monitoring through Ethernet.
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