The global musical instrument market size was valued at USD 18.63 billion in 2022 and is expected to be worth USD 19.25 billion in 2023. The market is projected to reach USD 24.53 billion by 2030, recording a CAGR of 3.52% during the forecast period.
Music has long been a major source of entertainment for people globally and musical instruments have helped musicians compose and record a variety of music pieces across several genres. The very feature of these instruments, which is the ability to create different styles of music, has encouraged many people to join music classes to learn to play them. This factor has boosted the demand for musical equipment, which will further enhance market growth.
Fortune Business Insights™ displays this information in a report titled, “Musical Instrument Market, 2023-2030.”
Information Source:
https://www.fortunebusinessinsights.com/musical-instrument-market-108706
List of Key Players in the Musical Instrument Market:
- Casio Computer Co. Ltd. (Japan)
- F. Martin & Co., Inc. (U.S.)
- D’addario & Company, Inc. (U.S.)
- Eastman Music Company (U.S.)
- Fender Musical Instruments Corporation (U.S.)
- Kawai Musical Instruments Mfg. Co., Ltd. (Japan)
- Roland Corporation (Japan)
- Steinway & Sons (U.S.)
- Yamaha Corporation (Japan)
- Yanagisawa Wind Instruments Co., Ltd. (Japan)
Segmentation:
Flexibility and Expressiveness Features Offered by Strings Instruments to Boost Their Sales
Based on type, the market is divided into string instruments, keyboards & DJ equipment, recording equipment, percussion instruments, and others. The string instrument segment is expected to capture a dominant musical instruments market share as they offer flexibility and expressiveness. These instruments can be used to make music for many genres.
Vast Collection and High-Quality Assurance to Improve Customer Footfall in Offline Stores
Based on the distribution channel, the market is segregated into offline and online stores. The offline store segment is estimated to hold the highest market share in the future as these shops have a strong collection of regular and unique instruments and give high-quality assurance to their customers.
Concerning region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The market report has carried out an in-depth analysis of the market and highlighted many critical aspects, such as top applications, distribution channels, product types, and prominent market players. It also covers the latest recent industry developments and leading market trends. Besides the aforementioned factors, the market report encompasses several factors that have contributed to the market’s development in recent years.
Drivers and Restraints:
Introduction of Innovative Technologies in Musical Equipment to Amplify Market Growth
The music industry is witnessing a notable rise in the adoption of advanced technologies to offer a more immersive experience to listeners. These technologies are also being integrated into musical instruments to replicate and create a vast range of sounds and tones. Musicians can also enhance the quality and sound of their musical equipment with the help of these technologies, which will further improve market development.
However, extreme volatility in the prices of raw materials can also hike the price of the end product, which might hinder the market outlook.
Regional Insights:
Asia Pacific Leads Due to Rising Number of Children Opting for Music Education
Asia Pacific is expected to dominate the global musical instrument market share as the importance of music education is recognized in many countries across the region. Many parents are also encouraging their children to take up music education to help them pursue their artistic interests. Moreover, the rising disposable incomes of families has also enabled them to purchase expensive musical equipment and accessories.
Europe is also growing at a strong pace as there is a deep cultural significance associated with music in countries across the region, such as Spain, Italy, and the U.K.
Competitive Landscape:
Key Market Players to Increase Presence on Social Media Platforms to Help Them Dominate Market
Social media platforms are being increasingly used by leading companies operating in this market as more people are opting to learn a new musical instrument as a hobby or to make a living as a musician. Many music equipment manufacturers are viewing social media presence as a long-term business strategy that is vital to their survival. Social media platforms can offer them various ways to explore uncharted markets and increase their geographic presence. Since more people are diversifying their career portfolio by becoming professional musicians, many leading market players are increasing their presence on social media to cater to their artistic needs.
Notable Industry Development:
- January 2022: American music instrument manufacturer C.F. Martin & Co. Inc. introduced three new and innovative ‘SC’ model guitars – SC-10E, SC-13E Special, and SC-13E Special Burst. These guitars are equipped with new electric features and cutting-edge upgrades.
About Author
