Musical Instruments Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

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The Musical Instruments by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Musical Instruments, 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..

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.

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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

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 launched Casiotone CT-S1, a digital keyboard designed with the concept of making music anytime and anywhere. The main goal is to develop Casiotone digital keyboards that are 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 are used to blend with the user’s modes of living.

The musical instruments market report table of contents includes: