Market Highlights
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 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.
Japan was the largest market for karaoke in 2018 and the regional market is expected to maintain its dominance during the review period. Karaoke is a popular activity in Japan and usually takes place in private rooms at restaurants and bars with the complete set-up for users. The increasing demand for karaoke systems, for household and commercial use is driving the growth of the market in the region. Europe also held a significant market share and was the second-largest market for karaoke in 2018.
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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.
Segmental Analysis
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. The all-in-one system segment accounted for the largest market share in 2018 and is projected to exhibit the highest CAGR during the forecast period. All-in-one systems include a CD player, monitor for the lyrics, and speakers for ease of set-up.
Based on application, the global karaoke market has been classified as household and commercial. The household segment accounted for the larger market share in 2018. As compared to professional karaoke machines, household machines are less expensive and portable in size which is driving the growth of the segment. However, the commercial segment is projected to exhibit the higher CAGR during the forecast period owing to hotel and restaurant owners increasingly offering the option of karaoke.
Market Players
Market Research Future recognizes 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), and Audio Video Solutions Corporation (Philippines) as the key players in the global karaoke market.
Regional Analysis
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.
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
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