Musical Instrument Market Size, Share, Growth Analysis, By Type(Stringed instruments, percussion instruments), By Distribution Channel(Online and offline) - Industry Forecast 2024-2031

Global Musical Instrument Market size was valued at USD 15.25 billion in 2022 and is poised to grow from USD 16.38 billion in 2023 to USD 28.99 billion by 2031, growing at a CAGR of 7.40% during the forecast period (2024-2031).

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.