USD 14.2 billion
Report ID: SQMIG25J2032 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 61 | Figures: 75
Musical Instrument Market size was valued at USD 14.2 billion in 2021 and is poised to grow from USD 15.25 billion in 2022 to USD 27 billion by 2030, growing at a CAGR of 7.4% in the forecast period (2023-2030).
The market for musical instruments is expanding due to the rising popularity of live performances and concerts. Live musical performances and concerts are musical activities that enhance mood, stimulate emotions, maintain health, and foster social interaction. Live performances and concerts assemble a group of individuals with comparable musical preferences and experiences, allowing them to connect with artists. For instance, according to Bandsintown, an app for finding live music and buying tickets, the number of tickets sold in January 2022 more than doubled that of 2019. Compared to January 2019, the gross is almost 100% more in 2022. Consequently, the demand for musical instruments has increased as the frequency of live music performances has increased. The primary trend gaining traction in musical instrument design is technological improvement. The musical instrument market is expected to expand during the forecast period due to increased access to musical education, supported by various governments globally. However, the COVID-19 pandemic had a negative impact on the industry as the lockdown disrupted the supply and distribution of musical instruments, and the cancellation of musical events resulted in a significant loss of the market. Nevertheless, as people return to normal life, the market is expected to gradually return to pre-pandemic levels, driven by the rising popularity of live concerts and performances. The growing number of music enthusiasts, including hobbyists and students, is also expected to boost demand for musical instruments in the coming years. One important market trend is customizing musical instruments such as pianos and electronic guitars, with leading players offering visually appealing and high-quality products. Personalization and customization of instruments are expected to drive product demand during the projected timeframe. Additionally, professional musicians working in the industry for a while may choose to learn different instruments as a hobby, resulting in a higher demand for high-quality products that require regular maintenance.
US Musical Instrument Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 14.2 billion
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Global Musical Instrument Market is segmented on the basis of type, distribution channel, and region. By type, the Musical Instrument Market is segmented into stringed instruments, percussion instruments, wind instruments and keyboard instruments. By distribution channel, Musical Instrument Market is segmented into online and offline. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Musical Instrument Market Analysis by Type
The stringed instruments category dominated the global market in 2022. This category includes instruments such as guitars, violins, cellos, and others. The growth of this segment can be attributed to the increased sales of electric guitars. Guitars have become increasingly popular among millennials due to social desirability bias, and the affordability of instruments has increased as purchasing power has risen. The guitar segment is expected to experience the fastest growth due to the rising popularity of vintage instruments among consumers and the continued focus of major guitar manufacturers such as Fender Musical Instruments, Karl Hofner GmbH & Co. KG, and Gibson Brands, Inc. on launching innovative variants such as electro-acoustic, touch, resonator, twelve-string, and others. Additionally, the increasing popularity of acoustic and electric guitars has boosted guitar sales volume. According to the Music Trades Association, global guitar sales reached $17.2 billion in 2020, up 9.5% from 2019.
The keyboard instrument segment is projected to exhibit the highest growth rate. The keyboard instruments type category is further segmented into piano, accordion, keyboard, and others. Within the segment, the piano instruments are expected to register the fastest growth rate, with a CAGR of 7.8%. The surge in the popularity of musical performances and concerts has resulted in an increased demand for keyboard instruments like the piano, accordion, keyboard, and others. The piano industry in China has been a major contributor to the growth of the musical instrument market. According to the Global Times Daily, a Chinese daily newspaper, the total output value of the piano industry surpassed USD 82.62 million in 2021. Additionally, the newspaper reported that there were approximately 3,000 permanent residents out of 24,000 working in piano-related industries. Young children also show a fondness for the piano and have included piano learning sessions in their co-curricular activities, thereby leading to a surge in the production of pianos worldwide. Furthermore, the emerging consumer class in China is providing their children with piano lessons, even if they themselves never had the opportunity to learn.
Musical Instrument Market Analysis by Distribution Channel
The offline distribution channels are expected to hold the majority of the segmental shares during the forecast period, as musical instrument manufacturers strategically focus on expanding their retail presence to attract customer purchases. This is likely to fuel the sales of musical instruments through major retailers globally. As per a Guitar.com blog, the Guitar Center store situated on Sunset Boulevard in Hollywood, California witnessed a triple-digit increase in sales in August 2020 (as compared to August 2019), which the company attributed to an increase in the interests of amateur musicians and podcasters in purchasing musical equipment according to their preferences.
The convenience of online channels and the increasing preference of consumers to purchase musical instruments online are expected to boost online sales in the industry. The popularity of vintage instruments and the emergence of online marketplaces like Reverb.com and KADENCE.IN are anticipated to drive continued growth in guitar sales. Manufacturers of musical instruments are also expected to create new opportunities for the online channel by continuously introducing innovative guitar variants through their company-owned websites. For instance, Fender achieved a high of USD 700 million in 2021, almost 17% more than the previous year, despite factory closures during the initial stages of the pandemic in 2020, as reported by Music Strive. This trend is expected to continue during the forecast period.
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In 2022, Asia Pacific dominated the global market. The increasing influence of western music in developing countries like India and China is expected to bring significant changes to the music industry in the region, leading to greater brand awareness and demand for high-quality musical instruments. Additionally, local manufacturers of musical instruments are focusing on producing more regionally specific and traditional instruments, which is expected to contribute to market growth in the future. Moreover, the region is likely to maintain its lead over the forecast period as many manufacturers are establishing production facilities in developing economies like China and India. The cost of labor and raw materials, such as metals, wood, and land, is relatively low and readily available in the region, prompting producers to expand their operations and increase brand and product awareness. This expansion strategy is expected to stimulate overall market growth.
North America is expected to hold a significant share of the musical instrument market during the forecast period. This growth can be attributed to the high demand for premium digital musical instruments, prompting major global players to focus on increasing their product penetration in the United States. The popularity of these instruments among young people in the region is due to their ease of use and learnability, leading to higher spending on them. Moreover, the region's high demand for music events and live performances, particularly among the younger population, has contributed to the growth of the music industry.
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Musical Instrument Market Drivers
Increased access to musical education
Musical Instrument Market Restraints
High cost of musical instruments
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The Global Musical Instrument Market is highly competitive, with several established players vying for market share. The major companies offer a wide range of musical instruments, including guitars, pianos, keyboards, drums, and synthesizers. The competition in the market is intensifying due to factors such as changing consumer preferences, technological advancements, and increasing demand for affordable and user-friendly instruments. The companies are adopting various strategies such as product launches, partnerships, acquisitions, and collaborations to stay ahead in the market. They are also investing in research and development to introduce innovative products and improve the performance of existing products.
Musical Instrument Market Top Player’s Company Profiles
Musical Instrument Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Musical Instrument Market analysis, The market is expected to grow significantly over the forecast period. The Asia Pacific region dominated the global market in 2022. This growth is due to the increasing brand awareness and demand for high-quality musical instruments in developing countries such as India and China, influenced by the rising popularity of western music in the region. The expansion of regionally specific, traditional musical instruments is expected to drive market growth. North America is anticipated to have a significant share during the forecast period driven by the high demand for premium digital musical instruments.
|Market size value in 2021||USD 14.2 billion|
|Market size value in 2030||USD 15.25 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Musical Instrument Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Musical Instrument Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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