Magnetic Cartridges Market Size, Share, Growth, and Industry Growth By Type (Moving Management (MM), and Moving Coil (MC)) By Application (Home Entertainment, Bar and Music Club, and Music Production) Regional Forecast to 2028

Updated On: 06 March 2023

REPORT OVERVIEW

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The global Magnetic Cartridges Market Size was estimated at USD 93.10 million in 2021 and is projected to reach USD 124.02 million by 2028, exhibiting a CAGR of 4.18% 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.

Magnetic cartridges are also known as phonograph cartridges or phono cartridges. They are electromechanical transducers used to play records on a turntable. They are tiny electromagnetic generators, converting the mechanical movement into an electrical signal amplified and processed by a sound system. The function of the magnetic cartridges is to transform the folds in the record channel to electrical oscillations augmented in a speaker to drive the loudspeakers. Common to all cartridges is a diamond stylus that mechanically follows the record channel, transferring its modulations by a cantilever to a small generator, which transduces the mechanical movements into electrical signals.

The magnetic cartridges industry is primarily driven by rapid urbanization and the adoption of multichannel retailing practices by retailers to increase their consumer base. They are increasingly using them for concerts, shows, and music recordings. Furthermore, these records also represent a significant part of pop music history and heritage, increasing their demand significantly in the modern music setup.

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.

LATEST TRENDS

"Increasing Adoption of Vinyl Records to Foster Market Growth"

The aesthetic appeal of vinyl records will fuel the growth of the magnetic cartridge market size during the forecast period. For a music lover, vinyl records are still considered an auratic product. The proficiency of listening to music is one of the significant factors for the demand for vinyl records. Additionally, the new vinyl records, re-releases of classics, music albums, and vinyl records remain a vital artifact in second-hand markets. One of the most influential aspects of vinyl records is their ability to represent significant events in pop music history while still holding a sense of the cultural background, which is modern and stylish at the same time. The consistent factor of concern among all these products is the kind of aesthetic experience. These factors are likely to bolster magnetic cartridges market development during the coming years. 

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.

DRIVING FACTORS

"Increasing Popularity in Music Industry to Foster Market Growth"

With the rapidly increasing internet overload across the globe, the music industry has graciously executed the digital inclination. The companies in the music productions are broadly making strategic collaboration with the music recording players and advanced online music streaming facilities. For instance, music-focused online service provider Napster announced a partnership with Sony Music to launch its new 360 Reality Audio streaming format to consumer companies. The powered streaming platform will offer the companies a suite of music and media streaming solutions, download infrastructure, applications, rights management, customer billing, royalty administration, and business intelligence. These factors can influence the growth of the magnetic cartridges market during the upcoming years. 

"Technological Advancements to Boost Market Growth"

The growing trend of modernization and electrification to improve efficiencies and reduce the cost of products enhances the use of magnetic cartridges in various industries. The building technologies offer advanced solutions that ensure the highest sustainability, energy efficiency, and safety. These provide industry-specific solutions for data centers, hospitals, life science companies, airports, hotels, and utility companies and offer solutions for commercial buildings of international companies and cities and their infrastructures. 

Manufacturers are incorporating various technological advancements in the records to enhance disc capability, maintain high-definition audio quality, and reduce the overall costs of production. Other factors, such as promotional activities by celebrities and music personalities, along with increasing spending capabilities of consumers, are projected to drive the market further. These factors are likely to drive the magnetic cartridges market.

RESTRAINING FACTORS

"High Installation Costs and Lifespan of Cartridge to Impede Market Growth "

Magnetic cartridges are commonly used to record and store data and are widely used by consumers. It is mainly used by large companies and organizations that require ample data storage. Additional equipment must be obtained to set up recording and storing data. The tape can be damaged if the data is stored near a strong magnetic field or a prominent speaker. Data quality slowly corrodes over time as it spans 15 years. It is necessary to retain older tape tools to access the stored data.

REGIONAL INSIGHTS

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"Rising Popularity of DJ Music to Propel Market Progress in North America"

Regionally, the market is clubbed into North America, East Asia, Europe, South Asia, Southeast Asia, Middle East, Africa, Oceania, South America.

North America is projected to dominate the magnetic cartridges market share. The increasing number of music clubs, the popularity of DJ music, and the rising number of music concerts in countries such as the U.S. and Canada are expected to boost the market in the region. Increasing usage of the compatible cartridge and low cost has aided the expansion of the market across the region. Major manufacturers are converting to high-capacity because they have a less environmental impact and provide significant cost savings.

Asia-Pacific is the second-largest market shareholder for the magnetic cartridges market. The rising usage of turntables for the production of hip-hop music, the increasing number of rap music and rap battles, and the increasing number of music schools are the major contributing factors in the region. Leading manufacturers of cartridges have broad supply networks and a product portfolio. Various manufacturers are focusing on innovation in product portfolios to increase sales and expand their customer base. These factors are boosting the cartridge market in the region.

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.