Enjoy complimentary customisation on priority with our Enterprise License!
The Karaoke Market size is forecast to increase by USD 344.98 million between 2022 and 2027, accelerating at a CAGR of 3.65%. The US held the largest market share in 2017, projecting an annual revenue of USD 319.37 million. The report encompasses the industry projections for the Karaoke Market and is divided into categories including Application encompassing venues, outdoor settings, and home use, Product encompassing fixed and portable systems, and Geography encompassing APAC, North America, Europe, the Middle East and Africa, and South America. The market size, historical market size (2017-2021), and forecasts are provided on the basis of value (USD million) for all the above segments.
To learn more about this report, Download Report Sample
In the APAC entertainment sector, COVID-19 posed significant challenges in 2020, leading to a decline in consumer restaurant visits and the cancellation of live events due to lockdowns and travel restrictions. This negatively impacted the music industry and revenue. Additionally, low consumer awareness of karaoke's commercial uses hindered the market. However, with decreasing COVID-19 cases and relaxed government restrictions since H1 2021, the market has started to recover as restaurants and hotels resume services. This recovery is expected to drive the APAC karaoke market in the forecast period.
The growing popularity of music-related leisure activities is a key factor driving the market growth. Globally, people are increasingly embracing leisure activities like music, travel, and sports as a way to escape their busy lives. Karaoke, in particular, is gaining popularity as a stress-reliever, a means of expressing emotions, and a confidence booster. People of all ages are getting involved in music-related pastimes like karaoke, and parents and young individuals are encouraging music as a career or extracurricular pursuit for personal development. The availability of more disposable income is supporting the adoption of musical activities, including karaoke.
Furthermore, the growing number of live music events and attendees worldwide is inspiring people to pursue music as a career and learn various musical instruments, such as karaoke. This increasing interest in music-related leisure activities is expected to drive the global karaoke market's growth in the coming years.
The market share growth by the venue segment will be significant during the forecast period.
The venue segment showed a gradual increase in market share from USD 979.51 million in 2017 and continued to grow by 2021. Karaoke system provides a better platform for music fans, which is a driving factor for the growth of the market. Karaoke applications are more widely used in clubs and restaurants and at business gatherings in countries such as China, Japan, and India. Permission from the composer or license holder is required to play music in a business setting. In most cases, a blanket license can be obtained, allowing a business to play music held by a wide number of artists and recording studios. Performance rights organizations, such as ASCAP (American Society of Composers, Authors, and Publishers) or BMI, can provide such rights. Thus, the increasing adoption of karaoke system in bars and restaurants will drive the growth of the market in focus during the forecast period.
Karaoke Market - Revenue Share by Venue Segment, 2017-2027
For more details on other segments, Download Sample Report
APAC is Dominating the Market
APAC holds 43% of the global karaoke market share. The market in APAC is likely to grow at a considerable rate during the forecast period. The growth of the market will be driven by the rising adoption of music streaming services in countries such as China and India. Japan held the largest revenue share of the karaoke market in APAC in 2021, primarily owing to the high adoption of such music events at bars, restaurants, and pubs in the country. However, the rising number of music service providers in Japan is leading to intense competition, which is a factor that drives the growth of the regional market in focus.
Karaoke Market Size By Region, Global, 2017-2027
To understand geographic trends Download Report Sample
The Karaoke Market is fragmented in nature. Some significant players include Acoosta Innovations Pvt. Ltd., Audio Video Solutions Corp., Circus World Displays Ltd., inMusic Brands Inc., Platinum Karaoke, Pure Acoustics Inc.,
The research report also includes detailed analyses of the competitive landscape of the market and information about 9 market companies, including:
DAIICHIKOSHO CO. LTD., Digital Products International Inc., Jiangmen Boway Sound Equipment Co. Ltd., Karaoke USA, Karavision, Onkyo Corp., Persang Entertainment Pvt. Ltd., Samsung Electronics Co. Ltd., The Singing Machine Co. Inc., VocoPro, WhiteSquare, and ZOOOK.
The karaoke market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Karaoke Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
155 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 3.65% |
|
Market growth 2023-2027 |
USD 344.98 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
2.52 |
|
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 43% |
|
Key countries |
US, Japan, China, Germany, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Acoosta Innovations Pvt. Ltd., Audio Video Solutions Corp., Circus World Displays Ltd., DAIICHIKOSHO CO. LTD., Digital Products International Inc., inMusic Brands Inc., Jiangmen Boway Sound Equipment Co. Ltd., Karaoke USA, Karavision, Onkyo Corp., Persang Entertainment Pvt. Ltd., Platinum Karaoke, Pure Acoustics Inc., Samsung Electronics Co. Ltd., The Singing Machine Co. Inc., VocoPro, WhiteSquare, and ZOOOK |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Get the report (PDF) sent to your email within minutes.
