Musical Instruments Market 2023 – Market Size, Key Drivers

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The Musical Instruments Global Market Report 2023 by The Business Research Company, provides musical instruments market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Musical Instruments Global Market Report 2023, the market size is expected to grow from $13.25 billion in 2022 to $13.57 billion in 2023 at a compound annual growth rate (CAGR) of 2.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global musical instruments is expected to grow to $14.92 billion in 2027 at a CAGR of 2.4%.

The increase in popularity of live musical performances and concerts is driving the growth of the musical instruments market. Live musical performances and concerts are musical engagement that helps improve mood, boosts emotions, stay healthy, and socialize. Live performances and concerts bring people together and unite a group with similar music tastes and experiences to connect with artists. For instance, according to live music discovery and ticket purchasing app, Bandsintown, the number of tickets sold in January 2022 was twice as many as 2019. It’s about 100% gross in 2022 compared to January 2019. Thus, the increase in the number of live music performances has raised the demand for the growth of the musical instruments market.

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The musical instruments market is segmented:

1) By Type: Stringed, Brass And Woodwind, Percussion, Keyboard

2) By Distribution Channel: Supermarkets/Hypermarkets, Specialty Stores, Online Sales Channel

3) By Application: Commercial Events, Personal Use, Music Production, Other Applications

Technological advancements are the key trend gaining popularity in the musical instruments market. For instance, in April 2021, Casio computer company ltd a Japanese multinational electronics manufacturing corporation has launched Casiotone CT-S1, a digital keyboard designed with the concept of making music anytime and anywhere. The main goal is to develop the Casiotone digital keyboards that is suited for various needs and situations. This keyboard is specially designed for adult users interested in music-making in their daily lives. It is made up of a row of keys, built-in speakers, and a limited section of buttons that is used to blend with the user’s modes of living.

The musical instruments market report table of contents includes: