USD 15.25 billion
Musical Instrument Market Size, Share, Growth Analysis, By Type(Stringed instruments, percussion instruments, wind instruments and keyboard instruments), By Distribution Channel(Online and offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25J2032 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
61
|Figures:
77
Musical Instrument Market Insights
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Stringed instruments
Fastest Growth
Stringed instruments
Growth Rate
7.40% CAGR
Global Musical Instrument Market 2021-2030 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
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Musical Instrument Market Segmental Analysis
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.
Global Musical Instrument Market Size By Type 2021(%)
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Musical Instrument Market Regional Insights
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.
Global Musical Instrument Market Size By Geography, 2021-2030
- Largest
- Fastest
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Musical Instrument Market Dynamics
Musical Instrument Market Drivers
Increased access to musical education
- With the growing popularity of music education, there is an increase in the number of people interested in learning and playing musical instruments. This has led to a rise in demand for musical instruments, which is driving the market. Governments of various countries are also supporting initiatives to promote music education, which is expected to boost the demand for musical instruments.
Musical Instrument Market Restraints
High cost of musical instruments
- Many musical instruments are expensive, especially those of high quality or custom-made. This can make it difficult for some consumers to afford them, which can limit demand for musical instruments and restrain market growth.
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Musical Instrument Market Competitive Landscape
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
- Yamaha
- Fender
- Gibson
- Roland
- Korg
- Steinway & Sons
- Martin Guitar
- Taylor Guitars
- Shure
- Bose
- Harman International
- Sennheiser
- Marshall Amplification
- Casio
- Pioneer
- AKG
- Electro-Harmonix
- Zoom
- Behringer
- D'Addario
Musical Instrument Market Recent Developments
- In March 2023, Yamaha Corporation has launched a campaign focused on music education to commemorate International Women's Day. The campaign reflects Yamaha's commitment to supporting the vision of the Unstereotype Alliance, led by UN Women, and its aim of contributing to the achievement of Sustainable Development Goals (SDGs) through its business. Yamaha became a member of the Japan National Chapter of the Unstereotype Alliance in December 2020.
- In March 2023, Fender Musical Instruments Corporation (FMIC) and the Fender Custom Shop (FCS) have revealed the latest installment of their 'Stories Collection'. This collection showcases iconic Fender instruments that have been customized by renowned artists. The new addition pays tribute to the creativity of legendary session guitarist Michael Landau and his innovative modifications to the Stratocaster guitar. FMIC is proud to present the Stories Collection Michael Landau Coma Stratocaster guitar and the FCS Limited Edition Michael Landau “Coma” Stratocaster guitar as a fitting homage to Landau's ingenuity.
Musical Instrument Key Market Trends
- Customization is emerging as a significant trend in the musical instruments market, particularly for electronic guitars and pianos. Key players in the market are offering customized musical instruments that are visually attractive and of premium quality. This allows customers to personalize their instruments according to their preferences, including choosing the shape and size, design of inlays and guitar necks, and selecting from a range of premium traditional and exotic hardwood options. The trend toward customization and personalization has played a crucial role in driving the growth of the musical instruments market, particularly in the case of electronic guitars.
Musical Instrument Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 15.25 billion |
| Market size value in 2031 | USD 28.99 billion |
| Growth Rate | 7.40% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
Musical Instrument Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Musical Instrument Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Musical Instrument Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Musical Instrument Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Musical Instrument Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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