Market Overview
Global Karaoke Market is likely to touch USD 5,733.77 million at a 2.52% CAGR between 2020 – 2024, as per the recent report by Market Research Future (MRFR). Karaoke, simply put, is an interactive entertainment machine that was made in Japan. Through this machine, an amateur vocalist can chime in with recorded music with a microphone. The verse is reflected on the screen for directing the singer, and the music played is in the instrumental form. In the Philippines, China, and Cambodia, it is popularly known as KTV. MP3 system, TV monitor system, built-in microphone system, and all-in-one system are the different types of karaoke machines. They have wide applications both in the commercial and household sectors. Various factors are adding to the karaoke market growth. According to the new MRFR report, such factors include increasing disposable income boosting the sales of karaoke machines, its widespread use in leisure time, increasing use both in home & commercial purposes such as restaurants, malls, and gaming arcades, technological advances, and growing demand for games as well as similar machines for entertainment.
On the contrary, increasing use by youngsters and children in leisure time is likely to inhibit the karaoke market growth in some regions.
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COVID-19 Analysis/COVID-19 Impact on Karaoke Market
The recent COVID-19 or novel coronavirus outbreak has broken and built many value-grab opportunities for karaoke companies. This industry is facing challenging times ever since the pandemic. The economic disruption has resulted businesses in different sectors seeing an immense downfall in its growth. In fact, the event industry is the worst affected that is facing a huge dip in business owing to event cancellation across the world. Lately, the Karaoke Box Association in Japan has set guidelines detailing suggestions on ways in which the karaoke industry can resume safely. They have called for a limit considering the number of people that will be present in one box, generally a small booth that is smaller than the motel room. Besides, people will have to put on masks and other forms of protective gear that cover the face and eyes while belting out the latest numbers.
Key Players
Eminent players profiled in the Global Karaoke Market Report include Audio Video Solutions Corporation (Philippines), Platinum Karaoke (Philippines), Pure Acoustics, Inc. (US), VocoPro (US), Karaoke USA (US), Ion Audio LLC (US), Electrohome Ltd. (Canada), The Singing Machine Company, Inc. (US), Memorex (US), Onkyo & Pioneer Corporation (Japan), and DAIICHIKOSHO CO., LTD. (Japan).
Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global karaoke market report based on type & application.
By type, the global karaoke market is segmented into MP3 system, TV monitor system, built-in microphone system, and all-in-one system. Of these, the all-in-one system segment will lead the market over the forecast period. The all-in-one systems comprise speakers, monitor for lyrics, and a CD player for easy set-up.
By application, the global karaoke market is segmented into commercial and household. Of these, the household segment will dominate the market over the forecast period. Household machines compared to professional karaoke machines are portable in size and less expensive, that is boosting the market growth. The commercial segment, on the other hand, will grow at a high CAGR over the forecast period for restaurant and hotel owners, increasingly providing the choice of karaoke.
Regional Analysis
Based on the region, the global karaoke market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), the Middle East & Africa (MEA), and the Rest of the World (RoW). Among these, Japan will dominate the market over the forecast period. The global karaoke market in Europe is predicted to hold the second-largest share in the market over the forecast. The global karaoke market in the APAC region is predicted to grow at a high CAGR during the forecast period for the increasing awareness of karaoke machines in this region. Factors adding market growth in Europe and North America include rising inclination in the region for leisure activities.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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