The global market for musical instruments is s estimated to be US$ 13,132.8 million in 2024. The overall market is predicted to evolve at a moderate CAGR of 4.5% during the forecast period. The musical instrument industry share is estimated to reach a value of nearly US$ 20,357.8 million by 2034.
Witnessing passive growth since the global financial crisis of 2006-07, is estimated to continue sluggish development during the forecast period 2016-2026. Key markets, including the U.S., Germany, France, Italy, India, and China have experienced superficial growth in the demand for musical instruments, owing to which the global market is expected to thrive at a single digit CAGR throughout the forecast period.
While North America and Western Europe will continue to hold leading market share, the Middle East, Latin America, and Africa are anticipated to account for sluggish volume-wise growth compared to major markets.
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U.S. will Dominate the Market; Keyboard Stringed Instruments Will Remain the Largest Segment
U.S. will continue to account for a leading share of the global musical instruments market. The prominence of keyboard stringed instruments will continue over the forecast period, creating consistent growth opportunity for keyboard manufacturers.
The trend of rising domestic demand and curtailed imported production observed in the recent past, is estimated to continue during the forecast period as well. Owing to the less-resource-hiring pattern in the overall musical instruments manufacturing industry, the competitive landscape seems to be fragmented and will continue to exhibit fragmentation.
However, total production revenues are predicted remain steady during the forecast period.
Musical Instruments Market: Key Drivers
Technological innovation has played an important role in moderate demand for musical instruments on a global level. The most sought-after instruments include digital keyboards, pianos, guitar, wind instruments, and PA equipment, which are available at local retailers, superstores, and chain stores.
The availability of strong and reliable online retailers is also expected to play a crucial role in generating new revenue channels. Growing popularity and influence of western music in developing regions will play a key role in sustaining the demand for musical instruments in the global market.
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Moreover, reestablished interest in classical music can also be considered to fuel the demand for musical instruments.
The demand for specific musical instruments is driven by the choice of a majority of population in specific regions. Moreover, cultural and socio-economic factors in respective geographies are expected to hold their influence on the sales of specific musical instruments.
As growing adoption of music as a hobby or full-fledged career choice persists in adolescents, it is anticipated to push the demand for a variety of instruments in market. A considerable middle class population from emerging economies is currently enjoying substantial disposable income, increasing the expenditure on leisure, including art and music.
The increasing number of music reality shows, live music bands, and concerts is projected to pose a positive impact on the increase in the demand for modern, high-tech, expensive instruments.
However, the emergence of app-based musical instruments may impede the sales of musical instruments in the near future.
Key Market Trends
- Electronic organs and pianos are expected to take over traditional instruments.
- Traditional pianos, which hold a substantial market share, are expected to face strong competition by self-playing pianos.
Key Players in Global Musical Instruments Market
The key participants in the global musical instruments market are Gibson Guitars and Basses, QRS Music, Fender Musical Corporation, Steinway Musical Instruments, Zildjian Cymbals, Paiste Cymbals, Cort, Casio, Yamaha, C F Martin, Korg, Roland, Kawai, Pearl, Tama, Mapex, Sonor, ESP, Ibanez, Pluto, Tristar, and Granada. However, Yamaha, QRS Music, and Steinway are witnessing higher sales opportunities compared to other companies.
Key Segments Profiled in the Musical Instruments Market
By Instrument Type:
- String Instruments
- Wind instruments
- Percussion Instruments
- Others
By Price Range:
- Premium
- Mid-range
- Budget
By Distribution Channel:
- Specialty Shops
- Online Markets
- Wholesalers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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