The Global Wireless Microphone Market Forecast report by Fortune Business Insights cites that the wireless microphone market is expected to surpass USD 37.1 billion by 2030, exhibiting a CAGR of 10.6%. The global wireless microphone market was initially valued at USD 1.72 billion in 2022 and is expected to grow from USD 1.82 billion in 2023 to USD 3.71 billion by 2030.
Such rapid growth can be attributed to the rising demand for wireless microphones from vloggers, content creators, live streamers, and more. The increasing advancements of technologically progressive wireless microphones also contribute to the growth and demand as these recording devices can be used in varied applications and locations.
From the report, wireless microphone applications in shopping malls, hotels, conference rooms, large retail, bus stations, education institutes, sports venues, concerts, and more were listed.
Aside from the market demand and applications, other factors contributing to the growth of wireless microphones can be traced to industry developments from leading players and drivers.
As per the report, leading players are the following: Harman International (Samsung) (U.S.), Logitech International S.A. (Blue) (Switzerland), Sennheiser Electronic GmbH & Co. KG (Germany), Sony Group Corporation (Japan), Saramonic (China), Shure Incorporated (U.S.), Shenzhen Jiayz Photo Industrial., Ltd. (China), Audio-Technica Ltd. (Japan), Røde Microphones (Australia), Samson Technologies Corp. (U.S.).
However, there are possible causes of restraint that can serve as a challenge to the potential growth of the wireless microphone market. The decrease in raw material accessibility for creating the voice coil, cable, magnets, and other parts can hinder the manufacturing process.