The Global Musical Instruments Market size is expected to reach $16.7 billion by 2030, rising at a market growth of 4.7% CAGR during the forecast period.
Major global participants focus on increasing product penetration in the United States in response to the high demand for premium digital instruments, driving this expanded market. Consequently, the North American region would acquire nearly 20% of the total market share by 2030. Due to the youthful population's tremendous interest, many music events and live performances occur in the United States. Accelerating the expansion of the audio industry has contributed to the expansion of the market. Some of the factors impacting the market are Increase in adoption of advanced technology, Rise in popularity of music concerts and live performances and High cost of electronic instruments.
The development of digital technology has led to the creation of digital pianos, electronic keyboards, and synthesizers. These instruments offer a broad range of sounds, effects, and features impossible with traditional analog instruments. Moreover, integrating smart technology into instruments has given rise to smart guitars, pianos, and other instruments connected to smartphones and tablets. Additionally, various apps are designed to aid musicians in learning, practicing, and creating music. Thus, integrating advanced technology is expected to expand market growth. Additionally, the demand for these instruments often increases in response to the popularity of live performances. Musicians, both amateurs and professionals, may invest in new instruments or upgrade their existing ones in preparation for live shows. As live performances inspire more people to take up music, there is often an increased demand for entry-level instruments. Beginners and aspiring musicians purchase instruments to start their musical journey. Therefore, the popularity of music concerts and live performances drives the growth of the market.
However, Electronic instruments, especially advanced synthesizers, digital keyboards, and electronic drum kits can be expensive. This high cost may deter beginners or casual musicians from entering the market, limiting the growth of the entry-level segment. Small recording studios and independent artists may face financial challenges acquiring high-end electronic instruments and recording gear. This limitation may impact the quality of productions and hinder the growth of certain segments within the music production industry. Due to the above factors, market growth will be hampered in the coming years.
Based on distribution channel, the market is fragmented into supermarkets/hypermarkets, speciality stores, and online sales channel. The online sales channel segment garnered a significant revenue share in the market in 2022 The increasing consumer inclination towards online channels and the convenience of accessing instruments are expected to contribute to a surge in online sales of these instruments. The burgeoning online marketplaces Reverb.com and KADENCE.in, among others, and the rising prominence of vintage instruments are anticipated to sustain guitar sales growth over the next few years. Furthermore, the ongoing commitment of the primary manufacturer to introducing innovations to its guitar variants via company-owned websites will generate fresh prospects for the online distribution channel.
On the basis of type, the market is segmented into stringed, brass & woodwind, percussion, and keyboard. The keyboard segment acquired a substantial revenue share in the market in 2022. As the number of musical performances and concerts has increased substantially, keyboard instruments, including the piano, accordion, and keyboard, have gained immense popularity. Keyboards are often recommended for beginners due to their relatively straightforward layout and the ability to produce a full range of musical notes with a single key press. This accessibility makes keyboards a popular choice for individuals starting their musical journey.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 11.6 Billion |
| Market size forecast in 2030 | USD 16.7 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 4.7% from 2023 to 2030 |
| Number of Pages | 174 |
| Number of Table | 270 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Distribution Channel, Region |
| Country scope |
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| Companies Included | Eastman Music Company, Fender Musical Instruments Corporation (Servco Pacific Inc.), Casio Computer Co., Ltd., Steinway, Inc. (Paulson & Co. Inc.), Kawai Musical Instruments Manufacturing Co., Ltd., Yamaha Corporation, Guangzhou Pearl River Piano Group Co., Ltd., Yanagisawa Wind Instruments Co., Ltd., C. F. Martin & Co., Inc. and Roland Corporation |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region registered the largest revenue share in the market. In developing nations like India and China, the expanding influence of Western music is anticipated to cause substantial transformations in the music industry at large, particularly in brand recognition and premium instruments. Furthermore, regional manufacturers of these instruments are placing greater emphasis on providing traditional instruments specific to their respective regions. This will contribute to the market's growth in the forthcoming years. As many manufacturers establish manufacturing skills in developing countries like China and India, the region is anticipated to retain its lead throughout the projection period.
Free Valuable Insights: Global Musical Instruments Market size to reach USD 16.7 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Eastman Music Company, Fender Musical Instruments Corporation (Servco Pacific Inc.), Casio Computer Co., Ltd., Steinway, Inc. (Paulson & Co. Inc.), Kawai Musical Instruments Manufacturing Co., Ltd., Yamaha Corporation, Guangzhou Pearl River Piano Group Co., Ltd., Yanagisawa Wind Instruments Co., Ltd., C. F. Martin & Co., Inc. and Roland Corporation
By Type
By Distribution Channel
By Geography
This Market size is expected to reach $16.7 billion by 2030.
Increase in adoption of advanced technology are driving the Market in coming years, however, High cost of electronic musical instruments restraints the growth of the Market.
Eastman Music Company, Fender Musical Instruments Corporation (Servco Pacific Inc.), Casio Computer Co., Ltd., Steinway, Inc. (Paulson & Co. Inc.), Kawai Musical Instruments Manufacturing Co., Ltd., Yamaha Corporation, Guangzhou Pearl River Piano Group Co., Ltd., Yanagisawa Wind Instruments Co., Ltd., C. F. Martin & Co., Inc. and Roland Corporation
The expected CAGR of this Market is 4.7% from 2023 to 2030.
The Asia Pacific region dominated the Market, by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7.5 Billion by 2030.
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