Musical Instrument Market Outlook
According to the report by Expert Market Research (EMR), the global musical instrument market price reached a value of USD 11.1 billion in 2022. Aided by the increasing interest in music education and the growing use of musical instruments across different entertainment mediums, the market is projected to further grow at a CAGR of 3.30% between 2023 and 2028 to reach a value of USD 11.47 billion by 2028.
Musical instruments, whether stringed, percussion, wind, or electronic, hold a prominent place in global cultures and societies. They are integral to the creation of music, offering a means of self-expression, communication, and celebration. From classical symphonies to contemporary pop, musical instruments play a critical role in producing diverse soundscapes that resonate with audiences worldwide.
A significant factor driving the global musical instrument market growth is the rising interest in music education. As the benefits of musical learning, such as enhanced cognitive development, creativity, and emotional intelligence, gain recognition, more individuals are seeking music instruction. This surge in interest is leading to a higher demand for musical instruments, bolstering market growth.
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Additionally, the expanding use of musical instruments in various entertainment sectors contributes significantly to the musical instrument market expansion. The film and television industry often incorporates musical scores and performances in its content, thereby necessitating the use of musical instruments. Similarly, the live events and concerts sector, which has witnessed a resurgence following easing COVID-19 restrictions, extensively utilises musical instruments, further fuelling market growth.
The advent and rising popularity of digital musical instruments also play a vital role in the musical instrument market development. As technology continues to permeate the music industry, digital and electronic musical instruments such as synthesisers, electronic drums, and digital pianos are gaining traction. These instruments offer a blend of traditional musicality and modern convenience, appealing to both professional musicians and amateur enthusiasts, and thus boosting the musical instrument market’s expansion.
Moreover, the growing trend of Do-It-Yourself (DIY) music production, facilitated by the availability of home recording equipment and software, is fostering the musical instrument market growth. As more individuals engage in creating and producing their own music, the demand for musical instruments, particularly those suitable for home studios, is increasing.
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Musical Instrument Market Segmentation
The market can be divided based on type, distribution channel, end use, and region.
Market Breakup by Type
- Stringed Instruments
- Guitar
- Violin
- Cello
- Others
- Percussion Instruments
- Drum Set
- Tabla
- Cajon
- Others
- Wind Instruments
- Saxophone
- Flute
- Harmonica
- Others
- Keyboard Instruments
- Piano
- Accordion
- Keyboard
- Others
- Others
Market Breakup by Distribution Channel
- Supermarkets/Hypermarkets
- Speciality Stores
- Online
Market Breakup by End Use
- Commercial Events
- Personal Use
- Music Production/ Direction
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global musical instrument companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Gibson Brands, Inc.
- Shure Incorporated
- Yamaha Corporation
- Fender Musical Instruments Corporation
- Steinway Musical Instruments, Inc.
- Roland Corporation
- Kawai Musical Instruments Manufacturing Co., Ltd.
- C.F. Martin & Co., Inc.
- Rickenbacker International Corporation
- KORG Inc.
- Others
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