![]() In October 2020, Shure announced the launch of its new MV5C Home Office Microphone designed for working-from-home professionals and executives.With nearly everything now operating from home – TV productions, education, health and wellness, and everyday work, vendors are gauging the need for improved audio in these settings, and thus, are getting involved in introducing new products to the market.Microphones Expected to be The Fastest Growth Market Design and complexity provide challenges for the development of high-efficiency audio equipment as there is high interface integration issues with high complexity in designing mixing circuits especially for audio mixers and amplifiers, which restraints the growth of the market.With an increase in the production of automobiles, the demand will increase effectively. A small collection of amplifiers and sound processor replaces the factory amp in a premium system without losing any of the vehicle's features or functionality. Rise of audio equipment in automobiles is driving the market.For instance, according to Billboard magazine, 32 million people go to at least one music festival in the US every year. With increasing number of trade shows, motion production and films, exhibitions, music concerts, and sports events, it is expected to lead to rise in demand of various innovative audio amplifiers. The rising tendency of increasing expenditures on global festivals and music concerts is expected to propel the requirement for professional audio equipment.The increase adoption of cloud-based audio workstations and growing digitization of instruments will enhance new trend in the coming years. Technological advancements and development in the music industry have unleashed the application of Digital Audio Workstation (DAW) among artists for the tasks of composing, recording, mixing and mastering in music.The shutdown of college universities and educational institutions, museums, galleries, postponement of musical events and other gatherings, and several other restrictions are expected to create a negative impact on the growth of the market for commercial applications specifically. The COVID-19 pandemic has led to nationwide lockdown restrictions, which have limited the adoption of audio equipment for commercial applications. ![]() The Audio Equipment Market was valued USD 12.13 billion in 2020, and it is expected to reach USD 17.01 billion by 2026, registering a CAGR of 5.9% during the forecast period.
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