Overview and Scope
A musical instrument refers to a device for producing a musical sound. Objects such as piano, guitar or drum that we use for playing music are known as musical instruments. Musical instruments create sounds through vibrations and most of the instruments are tuned to make a range of sounds of particular frequencies called notes.
Sizing and Forecast
The musical instruments market size has grown steadily in recent years. It will grow from $14.18 billion in 2023 to $14.81 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rise in disposable income, increase in popularity of live musical performances, and rise in number of self-employed musicians..
The musical instruments market size is expected to see steady growth in the next few years. It will grow to $17.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to growing e-commerce sales, rising urbanization and rising penetration of social media platforms. Major trends in the forecast period include focusing on sustainable and eco-friendly musical instruments, using sensors on instruments to develop advanced instruments, focusing on smart digital instruments, and strategic partnerships and collaborations..
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Segmentation & Regional Insights
The musical instruments market covered in this report 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
Asia-Pacific was the largest region in the musical instruments market in 2023. The regions covered in the musical instruments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising penetration of social media platforms is expected to drive the musical instruments market during the forecast period. Social media platforms provide an extensive network for musicians to showcase their talents, connect with a global audience, and build a dedicated fan base, thus driving demand for musical instruments among aspiring artists. Additionally, influencers, content creators, and music communities on social media amplify the visibility of various instruments, leading to increased interest and sales. Moreover, social media platforms serve as effective marketing channels for musical instrument manufacturers and retailers, allowing them to reach targeted audiences with product demonstrations, promotions, and customer reviews. For example, according to Smart Insights, a UK-based company that helps individuals improve their digital marketing skills and businesses of all sizes, globally, there were 4.62 billion users of social media in January 2022 and 4.72 billion in January 2023. Therefore, the rising penetration of social media platforms will drive the growth of the musical instruments market.
Key Industry Players
Major companies operating in the musical instruments market report are Yamaha Corporation, Fender Musical Instruments Corporation, Roland Corporation, Steinway Musical Instruments Inc, Gibson Brands Inc, Casio Computer Co Ltd, Guangzhou Pearl River Piano Group Co Ltd, HOSHINO GAKKI CO LTD, Eastman Music Company, C.F. Martin & Co Inc, Aria Guitars Co, Ishibashi Music Corporation, Shimokura Musical Instruments, GT Mfg. Inc, Bhatia Musicals, National Musical Instruments Factory Ltd, Zhangqiu Tongxiang Musical Instrument Factory, Tianjin Leo Musical Instruments Co., Ltd, Jiyi Musical Instruments Co Ltd, Shenzhen Gmax Musical Instrument Ltd, Medeli Electronics (Shanghai) Co Ltd, Wuhan Eleca Electronics Co Ltd, Ridenour Clarinet Products U.K. Ltd, Clarinet Company, Andertons Music Co, Ackerman Music Ltd, John Packer Ltd, London Musical Instruments Ltd, Normans Musical Instruments, Presentation Rentals Ltd, Tony Bingham, Wharfedale, Centrum Muzyczne LEMAŃSKI, da capo – galeria instrumentów, Gitary Mayones s.c, Strunal Schönbach s.r.o, K&W MEYER Sp. z o.o, ŠIBA s.r.o, Portland Music Company, Strait Music Company, Harman International Industries, Shure Incorporated, Gemini Machines Export, Fabiollo Peselimaare, Central do, Borb Oliver Importacao e Comercio de Instrumentos Musicais Ltda, Drum Lugs International, Gope Instrumentos Musicais Ltda, POWER MUSIC, MusicMajlis, Ethnic Musical Instruments, Aiwa, X8 Drums, Avedis Zildjian Company, Agean Cymbals, Ase Müzik – Aydın Saz Evi, Show Gear Network, Am Discovery Musical Instruments, Musiekwêreld, Polliacks Music Instruments, Saramonic Music Instruments.
The musical instruments market report table of contents includes:
1. Executive Summary
2. Musical Instruments Market Characteristics
3. Musical Instruments Market Trends And Strategies
4. Musical Instruments Market – Macro Economic Scenario
5. Global Musical Instruments Market Size and Growth
..
32. Global Musical Instruments Market Competitive Benchmarking
33. Global Musical Instruments Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Musical Instruments Market
35.Musical Instruments Market Future Outlook and Potential Analysis
36. Appendix
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