Advancements in technologies have an imperious effect on the competitive landscape of the Asia Pacific wireless microphones market, finds Transparency Market Research (TMR). To strengthen their existing position, leading players are increasingly focusing on innovation in wireless microphones integrating latest technologies.
Shure Inc., Sony Electronics Inc., Sennheiser electronic GmbH & Co. KG, Audio-Technica Corp., and Yamaha Corp. are leading the wireless microphone market in Asia Pacific at present. However, the emergence of a large pool of small wireless microphone manufacturers, locally, is posing a threat to the dominance of these players. In order to compete with local manufacturers, major MNCs trading in Asia Pacific will need to expand their dealership network significantly over the next few years.
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Increasing Number of Media and Sports Events Fuels Demand for Wireless Microphones
In Asia Pacific, the media and entertainment industry has been reporting immense growth since the last few years. It is experiencing a rapid increase in outdoor entertainment as well as sports events. As wireless microphones provide free movement across the facility, these devices are registering high demand in such events.
The last decade witnessed Asia organizing two of the biggest sports events, FIFA World Cup 2002 and Olympics 2008, and in the near future, the continent is all set to host Winter Olympics 2016, Commonwealth Games 2018, Summer Olympics 2020, and Winter Olympics 2022. Owing to these events, the region is expected to exhibit a high demand for wireless microphones in the coming years.
Apart from this, wireless microphones are also finding significant application in government security services, adding considerably to the increasing demand for them.
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Countries in Rest of Asia Pacific to Remain Leading Consumer of Wireless Microphones
As estimated by TMR, the opportunity in the wireless microphone market in Asia Pacific is projected to expand at a CAGR of 9.80% during the period from 2015 and 2023 and reach US$611.4 mn by the end of the forecast period. Currently, the demand for wireless microphones is the highest in the Rest of Asia Pacific and it is likely to remain increasing in the coming years.
In 2014, the contribution of Rest of Asia Pacific in the total revenue generated by the overall wireless microphone market in Asia Pacific was US$95.9 mn, amounting to a share of nearly 33%. By the end of 2023, this region is expected to present an opportunity worth US$226.1 mn, rising at a CAGR of 10.20% between 2015 and 2023.
Wireless microphones are mostly utilized in events. The rise in sports and media events, worldwide, is likely to stoke the demand for these microphones in the coming years. In 2014, RF-based microphones were the highest demanded wireless microphones. However, the demand for Wi-Fi-based microphones is projected to report impressive growth over the forecast period.