The global market for musical instruments is anticipated to grow at a moderate rate of about 2.6% for the forecast period. An estimated US$ 11.5 billion will be generated by the global market in 2022, and by the end of 2032, that amount is expected to have crossed US$ 14.8 billion.
Having observed passive growth since the global financial crisis of 2006-07, it is forecasted to remain slow development during the period between years 2016 and 24. The key markets such as the U.S., Germany, France, Italy India and China have witnessed superficial growth in terms of demand for musical instruments which results to a single digit CAGR over forecast period 2016-25.
Although North America and Western Europe will remain dominant in terms of market share, Middle East, Latin America and Africa are likely to contribute with slow volume-wise growth as 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.
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