Karaoke Market Demand, Future Growth Trends, Competitors Strategy and Global Industry Analysis by 2024
Karaoke Market Overview
The recordings of popular songs are played without the words by karaoke machines, so the user can sing along. The widespread popularity of music across the globe is driving the growth of the global karaoke market. The Global Karaoke Market is Estimated to be valued at USD 5,733.77 Million by 2024 and is expected to register a CAGR of 2.52% during the forecast period.
The increasing number of karaoke competitions across the world is contributing to the growth of the market. The Karaoke World Championship is among the notable karaoke contests active since 2003. The adoption of karaoke as a pastime and corporate entertainment to showcase talent is boosting the growth of the market. Moreover, karaoke provides the opportunity to expatriates to sing, perform, and enjoy songs in their native/regional languages. Thus, growing expat communities across the globe are expected to offer market players lucrative opportunities for growth in the coming years.
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- DAIICHIKOSHO CO. LTD. (Japan)
- Onkyo & Pioneer Corporation (Japan)
- Memorex (US)
- The Singing Machine Company Inc. (US)
- Electrohome Ltd. (Canada)
- Ion Audio LLC (US)
- Karaoke USA (US)
- VocoPro (US)
- Pure Acoustics Inc. (US)
- Platinum Karaoke (Philippines)
- Audio Video Solutions Corporation (Philippines)
Key Findings of the Study:
- The global karaoke market is expected to register a growth rate of 52% during the period of 2019 to 2024. The increasing popularity of karaoke culture is projected to propel the growth of the global karaoke market.
- Japan accounted for the largest market share in 2018.
- The all-in-one system segment is projected to dominate the global karaoke market, by type, during the forecast
The global karaoke market has been segmented on the basis of type, application, and region.
By type, the market has been divided into all-in-one system, built-in microphone system, TV monitor system, and MP3 system.
Based on application, the global karaoke market has been classified as household and commercial.
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Geographically, the global karaoke market has been segmented into Japan, Europe, China, North America, South America, South-East Asia, the Middle East, Africa, India, and the rest of the world. As per MRFR analysis, Japan dominated the market, accounting for the largest share, in 2018 and is projected to be the fastest-growing market during the forecast period. The European market accounted for the second-largest market share in 2018. The market in Europe is estimated to reach USD 961.6 Million by the end of 2024.
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