According to the MRFR reports, the global Karaoke Market is projected to acquire a size of over USD 6.32 Billion by the end of 2032. Furthermore, the report projects that the market is anticipated to thrive at a robust CAGR of approximately 2.41% during the assessment era.
Karaoke is gaining massive traction as a popular form of entertainment. A singer performs on the pre-recorded music with the help of a karaoke machine and a microphone. The market is predicted to witness praiseworthy growth over the forecasted era. The growth of the karaoke market is attributed mainly to the growing craze amongst the young global population. Furthermore, the factors such as the growing number of karaoke competitions and the rising number of pubs and restaurants are also anticipated to boost the market's growth over the coming years. On the other hand, the launch of various karaoke apps is projected to impede the growth of the karaoke market over the assessment era.
Segment Analysis
The global Karaoke Market has been categorized into various segments based on application, region, and type.
Based on type, the global market for karaoke is divided into the MP3 system, TV monitor system, built-in microphone system, and an all-in-one system.
Based on application, the global market for karaoke is split into commercial and household.
Regional Analysis
The global karaoke market is examined across several geographies, including the Middle East & Africa (MEA), the Asia-Pacific (APAC), Europe, North America, and the Rest of the World (RoW).
The MRFR report suggests that the Asia-Pacific region will hold the top position in the global karaoke market over the assessment era. The Japanese market is projected to emerge as the leading market across the globe. The regional market's growth is attributed to the growing awareness of karaoke machines across the region.
The European region will likely secure the second position in the global karaoke market over the forecasted era. The growing adoption of these systems across the household sector is the primary aspect boosting the regional market's growth.
The North American regional karaoke market is anticipated to record substantial growth over the assessment period. The regional market's growth is ascribed to the increasing inclination in the region for leisure activities.
Competitive Analysis
The global karaoke market has an intensely competitive landscape. The players across the global market for karaoke systems are cantered on growing their global market presence and are implementing several growth policies like product launches and mergers to achieve so. The key karaoke market players are Panasonic Corporation (Japan), Koninklijke Philips N.V. (Netherlands), DAIICHIKOSHO CO., LTD. (Japan), Platinum Karaoke (Philippines), Electrohome Ltd. (Canada), ADA Electrotech (Xiamen) Co., Ltd. (China), Karaoke USA (USPure Acoustics, Inc. (the US), Ansio India Private Limited (India), Audio-Video Solutions Corporation (Philippines), Elofic Industries Limited (India), Purafill (US), The 3M Company (US), Guangzhou Haike Electronic Technology Co., Ltd (China), Sharp Corporation (Japan), Foshan autobio Electrical Appliance Co., Ltd. (China), Ecom Ventures (US), Ionkini Technology (GZ) Co., Ltd. (China), Agcen Air Purifier (China), Zhongzhi Environmental Protection (China), Xiamen Maxmac Air Technology Co., LTD (China), and several others.
Recent Developments
May 2021 – a Malibu-based record company based, CA and distributed by Universal Music Group, Sybersound, has proudly introduced the Party Tyme Karaoke linear streaming channel on SelectTV. The channel will be available on Chromecast, Android tv, Apple IOS, Firetv, Android, Apple TV, and more. The interactive and fun channel includes the biggest hit songs from several genres and is supported by white label OTT service OTTera.
Party Tyme is a prominent player in karaoke, with sales of 18 million CDs. The linear streaming channels and Party Tyme Karaoke subscription-based apps reach hundreds of millions of devices and households. The brand offers the best-sounding and biggest karaoke library on the market.
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