- The global karaoke market is expected to register a growth rate of 52% during the period of 2019 to 2024.
- 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 Size is predicted to reach at $5.7 billion with CAGR of 2.52% by the end of 2024. Karaoke machines are used for entertainment to play instrumental accompaniments for the user to sing along to a selection of songs.
The popularity of karaoke culture is increasing among the global population, irrespective of social status. Widespread interest in music, especially among the youth, and the ability to showcase talent with the help of karaoke systems are driving the growth of the market. However, technological advancements have revolutionized the Global Karaoke Market with the introduction of karaoke applications which is hampering the growth of the global karaoke market.
The global karaoke market has been segmented, on the basis of region, into Japan, Europe, China, North America, South America, South-East Asia, the Middle East, Africa, India, and the rest of the world.
The Japan karaoke market is expected to be the largest during the forecast period. The region accounted for 52.58% of the total market share in 2018. Karaoke systems originated in Japan due to which the country holds a significant share of the market. Moreover, karaoke is considered a popular entertainment activity among all age groups in Japan. There are private rooms with karaoke set-ups at bars and restaurants in the country. Moreover, several clubs, bars, and restaurants feature karaoke nights to attract a large customer base which is resulting in the increased sales of karaoke systems.
Europe is expected to hold a prominent share of the global karaoke market during the review period. In this region, karaoke is performed at dedicated venues such as karaoke bars, clubs, and restaurants. The increasing number of restaurants and clubs is positively affecting the growth of the karaoke market in this region.
The market in North America is also projected to register a modest CAGR during the forecast period. The latest trend in the karaoke market in North America is live band karaoke in which singers perform with a live band instead of a prerecorded backing track.
Growing expat communities in the Middle East are influencing the growth of the karaoke market. Moreover, a rise in the number of karaoke competitions across the world that provide a platform to non-professional singers to exhibit their talent, driving the growth of the karaoke market in the rest of the world.
The global karaoke market has also been segmented by type and application.
By type, the global karaoke market has been classified as 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 be the fastest-growing during the forecast period.
On the basis of application, the global karaoke market has been divided into household and commercial. The household segment accounted for the larger market share in 2018. However, the commercial segment is projected to register the higher CAGR during the forecast period.
Some of the key players in the global karaoke market are 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).