Market Overview:
The global Musical Instrument Market size was valued at USD 19.82 billion in 2024. The market is projected to grow from USD 20.94 billion in 2025 to USD 31.97 billion by 2032, exhibiting a CAGR of 6.23% over the forecast period.
The market for musical instruments encompasses a diverse range of tools, such as keyboards, guitars, harps, and cellos, that are crafted to generate sound. These instruments are frequently utilized in concerts, bars, and various events for entertainment. Increasing consumer enthusiasm for music education and the incorporation of advanced technologies into musical equipment to fuel the expansion of the global market.
Fortune Business Insights™ displays this information in a report titled, “Musical Instruments Market, 2025-2032."
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- Yamaha Corporation (Japan)
- Roland Corporation (Japan)
- Fender Musical Instruments Corporation (U.S.)
- Kawai Musical Instruments Mfg. Co., Ltd. (Japan)
- Steinway & Sons (U.S.)
- Casio Computer Co., Ltd (Japan)
- F. Martin & Co. Inc. (U.S.)
- Cortek (Cort guitars) (South Korea)
- Eastman Music Company (U.S.)
- Yanagisawa Wind Instruments Co., Ltd. (Japan)
Segmentation:
String Instruments Category Led Supported by their Application Across Various Music Styles
Based on type, the global market is divided into string instruments, keyboards & DJ equipment, recording equipment, percussion instruments, and others. The string instruments category led the market in 2024, supported by their application across various music styles such as jazz, folk, and classical. Additionally, the rising popularity of these instruments in concerts and performances across different countries fuels the growth of this segment.
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Offline Stores Segment to Maintain Largest Share as they Help Customers make Informed Decisions
Based on distribution channels, the global market is bifurcated into online stores and offline stores. The offline stores segment is expected to maintain the largest musical instruments market share in the coming years. These stores usually employ experienced personnel who offer excellent customer service. They help customers make informed decisions, which contributes to segment’s growth.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading types, distributional channels, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Rapid Growth of Recorded Music Industry to Drive Market Expansion
The global recorded music industry is witnessing significant growth, which increases the demand for various musical instruments and contributes to the worldwide market expansion. In recent years, there has been a rise in consumer interest in music as an art form that alleviates stress, depression, and anxiety while promoting better mental health. Additionally, music can enhance a listener's mood and help with emotional well-being and quality of sleep. This rising interest in music is driving the expansion of the recorded music market and boosting product sales, which are crucial for music production.
However, variations in the costs of raw materials, influenced by economic and geographic factors, can affect product pricing and the profitability of manufacturers, thereby obstructing musical instruments market growth.
Regional Insights:
Governmental Support and Strong Footprint of Manufacturers to Support Asia Pacific Market Growth
The Asia Pacific region led the global market for musical instruments during the projected years, influenced by factors such as governmental support, the availability of raw materials, and the strong footprint of a variety of manufacturers, including Roland, Yamaha, and Yanagisawa. Additionally, government initiatives aimed at enhancing the quality of music equipment also play a role in regional expansion.
North America accounted for the second position in market share in 2024, driven by the rising interest in different music genres among young people. In the U.S., retailers are focusing on forming partnerships and collaborations to boost growth in this sector.
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Competitive Landscape:
Companies are Collaborating with Event Organizers and other Important Stakeholders to Engage Potential Customers Globally
The top companies are concentrating on innovative features and cutting-edge technology to draw in more clients and increase revenue. The players also collaborate with event organizers and other important stakeholders to engage potential customers on a global scale. Establishing brand stores and improving online visibility is anticipated to create profitable opportunities for growth.
Notable Industry Development:
September 2024: John Packer Musical Instruments, a Somerset, U.K.-based musical devices company, acquired Taylor Trumpets, a U.K.-based brass musical equipment manufacturer.
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