The global microphone market is expected to reach a value of USD 2.14 billion by 2024, according to a new report by Grand View Research, Inc. North America is the largest market for microphones, accounting for more than 45% of the global market in 2016. The US is the largest market for microphones in North America and grew at a CAGR of 7.1% from 2016 to 2021. Canada is the second-largest market for microphones in North America and grew at a CAGR of 6.8% from 2016 to 2021.
-
MARKET DRIVERS
The North American microphone market is projected to gain momentum in the forthcoming years on the back of the rising technical advancement in consumer electronics. Additionally, the media and entertainment industry across the region is estimated to generate humongous revenues underpinned by the rising television broadcasting, public speaking, and live concerts have boosted the demand for microphones, as a result, it is estimated to bolster the impressive growth of North America microphone market in the coming time zone. The growth is also due in part to the increasing popularity of voice-activated devices, such as Amazon’s Echo and Google Home. Moreover, the latest technology like IoT and smart devices are propelling the microphone market’s growth in North America. Furthermore, the production of new items has strengthened the microphone market’s growth. Additionally, the increase in sports events has boosted the growth of the microphone market in this region over the years.
However, the complexity in the assembly of the microphone is hampering the growth in this region. Additionally, the concerns related to battery efficiency have shown a dip in the market’s growth. Further, the outbreak of COVID-19 has resulted in a decline in demand for microphones in North America. Also, the pandemic has disrupted manufacturing operations resulting in a dip in manufacturing operations. However, the recent developments and innovations will shape the market in the coming years.
-
MARKET SEGMENTATION and PLAYERS
Microphones are an important tool for a variety of applications, from live sound reinforcement to recording.
The market for microphones is segmented into two categories: standalone microphones and embedded microphones. Standalone microphones are used in applications such as voice recognition, video conferencing, and live streaming, while embedded microphones are used in applications such as smartphones, tablets, PCs, and laptops. The standalone microphone segment accounted for more than 60% of the global market in 2016 and grew at a CAGR of 7.0% from 2016 to 2021.
The market for embedded microphones is growing at a faster rate than the standalone microphone segment and is expected to grow at a CAGR of 8.1% from 2016 to 2021. Embedded microphones are being increasingly used in smartphones, tablets, PCs, and laptops due to their low cost and smaller size. The demand for embedded microphones is also driven by the growth of voice recognition and touchless gesture control applications.
Based on the product type, the North American microphone market is segmented into handheld, headwoman, clip-on, and others. Among these, handheld and clip-on are expected to be the fastest-growing segment over the forecast period due to their portability, lightweight, and lower cost, as compared to others. Also, based on end-users, the North American microphone market has been segmented into corporate, entertainment, education, events, and others. Moreover, with the expansion of new product lines and significant strategies adopted by key market players, the microphone market in North America is likely to capture opportunities in different sectors.
Based on production technology, communication technology, and applications, the products can be further classified:
- technology: electret, MEMS, and others;
- communication technology: wired and wireless
- applications: automotive, commercial security & surveillance, consumer electronics, industrial, medical, noise monitoring & sensing.
The major players in the global microphone market are Apple (US), Samsung Electronics (South Korea), Amazon (US), B&O PLAY (Denmark), Sony (Japan), Microsoft (US), Harman International Industries (US), Intel (US), and LG Electronics (South Korea), Goertek Inc. (China), Knowles Electronics (U.S.), CTS Corporation (U.S.), STMicroelectronics N.V. (Switzerland), Bose Corporation (U.S.), and Yamaha Corporation (Japan). These players are involved in the development and launch of innovative products to cater to the growing demand for microphones. These players account for more than 85% of the global microphone market.
The international market for microphones is currently dominated by five companies: Sony, Shure, Audio-Technica, Sennheiser, and AKG Acoustics. These companies account for more than 60% of the international market for microphones.
The key players in the North American microphone market are Apple (US), Samsung Electronics (South Korea), Amazon (US), B&O PLAY (Denmark), Sony (Japan), Microsoft (US), Harman International Industries (US), Intel (US), and LG Electronics (South Korea).
To remain competitive, Canadian producers focus on quality and innovation, and develop effective marketing strategies to reach buyers in both the domestic and international markets. They are adopting various marketing strategies such as expansions, collaborations, and partnerships to strengthen their foothold in the global market.
-
EXPORT SALES STRATEGIES
The Canadian market for microphones is growing rapidly, with new applications and technologies emerging all the time.
The Canadian microphone market generated revenue of USD 107.4 million in 2016 and is anticipated to grow at a CAGR of 6.5% from 2017 to 2024. The country has a well-developed telecom sector with a high penetration of smartphones and tablets. This is expected to drive the demand for microphones in Canada over the forecast period. The increasing use of voice recognition and video conferencing is also expected to spur market growth.
The top producers of microphones in Canada are Shure, Sennheiser, and Audio-Technica. These companies have a long history of producing high-quality products that meet the needs of their customers.
The Canadian market for microphones is currently dominated by three companies: Sony, Shure, and Audio-Technica. These companies account for more than 60% of the Canadian market for microphones.
In order to capitalize on the Canadian market, it is important to understand the dynamics of the industry and develop an effective export sales strategy.
One way to expand into new markets is to collaborate with other companies that have a similar customer base. This can help broaden your reach and attract new customers. Additionally, partnerships and joint ventures can be beneficial in terms of sharing resources and knowledge. For example, a microphone manufacturer could partner with a company that sells voice-activated devices in order to jointly promote their products. Alternatively, the manufacturer could partner with a company that provides audio engineering services in order to jointly develop new products.
The buyers of microphones in Canada are highly diverse, with a wide range of needs and budgets. By understanding the needs of Canadian customers, a foreign manufacturer of microphones can develop targeted sales strategies that will help achieve success in the microphone industry. It is important to offer a variety of products and use a combination of push and pull marketing strategies. A push strategy involves aggressively promoting and selling the product to potential customers. On the contrary, a pull strategy encourages customers seeking relationships to come to the seller instead of the other way around.
To succeed in the Canadian market, it is also essential to have a price strategy and keep an eye on marketing metrics such as brand awareness, customer satisfaction, and product quality.