The global and regional magnetic cartridges market size was USD 11,650.92 million in 2020. The COVID-19 pandemic has negatively affected several markets globally. This market is expected to grow slowly during the COVID-19 pandemic. As per our research, the market is exhibiting a CAGR of 8.09% during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
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COVID-19 IMPACT: HALT ON PRODUCTION AND SUPPLY CHAIN DISRUPTION TO IMPEDE SALES.
The COVID-19 pandemic has wreaked havoc on countries' economies all around the globe. The pandemic impacted the production of magnetic cartridges, subsystems, and components. Although the supply chain issues have temporarily stopped production. The level of COVID-19 exposure at which manufacturing operations are functioning and import-export rules have a role in resuming manufacturing activity. The COVID-19 outbreak had a minor influence on the magnetic cartridges industry on the supply side.
A sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the temporary shutdown of numerous manufacturing units of records, thereby hampering the magnetic cartridges market growth.
SEGMENTATION
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By Type Analysis
By type, the market is segmented into moving magnets (MM) and moving coil (MC).
The moving magnet segment is predicted to increase its dominance in the magnetic cartridge market. It is compatible with most turntables, making this product more engaging to the customers. Furthermore, the MM cartridge works remarkably well in higher ranges of volume. These factors are likely to boost the magnetic cartridge market progress.
By Application Analysis
Based on applications, the market is classified into home entertainment, bar and music club, and music production.
The music production segment is expected to hold the largest market share because of the increasing adoption of turntables for a residential setting. The major factors driving the market are the rising number of music clubs, increasing interest, and EDM in bars.
KEY INDUSTRY PLAYERS
"Companies Adopt Strategic Acquisitions to Improve Market Position"
The global market is fragmented by major companies concentrating on partnering with other companies to grow their product portfolio in magnetic cartridges. Moreover, the implementation of strategies such as merger and acquisition, the innovation of new products, and facility growth by other key players are expected to boost the market growth.
LIST OF MARKET PLAYERS PROFILED
Audio-Technica (Japan)
Goldring (U.K.)
Nagaoka (Japan)
Grado Labs (U.S.)
Ortofon (Denmark)
Gemini Sound (U.S.)
Denon (Japan)
Dynavector (U.K.)
INDUSTRY DEVELOPMENT
November 2021: Victrola launched the Revolution GO, the world's first portable, rechargeable Bluetooth record player that allows users to produce musical recollections wherever they call "home." Vinyl lovers can now experience their desired albums cord-free due to Revolution GO's built-in rechargeable battery.
REPORT COVERAGE
The report covers insights concerning growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects linked to the market. The report covers company profiles of the top companies working in the market, their respective profits and operating segments, geographical reach, market footmark, headquarters, growth rates, recent developments, products, growth strategies, and investments in expansion.