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The musical instrument market market size is forecast to increase by USD 2.00 billion, at a CAGR of 3.9% between 2023 and 2028. Market growth hinges on various factors such as the burgeoning appeal of live musical events and concerts, the surge in technological advancements, and the uptick in consumer expenditure on music-related pursuits. The rising trend of attending live performances and concerts contributes significantly to market expansion. Moreover, continuous innovations in technology, spanning streaming platforms, virtual reality experiences, and audio enhancements, propel market growth by enhancing the accessibility and quality of musical content. Furthermore, the inclination towards allocating more resources to music-related activities underscores a promising avenue for market expansion, reflecting the growing importance of music in consumers' lives. These factors collectively stimulate demand, foster innovation, and drive the market forward, presenting opportunities for stakeholders to capitalize on the evolving landscape of the music industry. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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In the realm of the market, a diverse array of factors influences market segmentation and consumer choices. Musical education plays a pivotal role, shaping individual and community identities as enthusiasts explore various sounds and genres. The interplay between physical geographies and societal roles fosters unique musical traditions and rituals, often celebrated through ensemble performances that promote social solidarity. Technological advancements, reflected in built-in software and high-tech innovations, enhance sound quality and performance, albeit often at a higher cost. Independent musicians and bands navigate the complexities of time, money, and final costs, balancing their artistic aspirations with practical considerations in acquiring high-priced devices. In this dynamic market, recognition of these dynamics informs the evolution of musical instrument offerings and consumer preferences.
The market is experiencing growth, driven by the increasing popularity of online stores. In recent years, many traditional retailers have launched online platforms to meet the rising demand. This shift allows suppliers to reach customers conveniently and cost-effectively through online retail. The ease of access and a growing preference for purchasing online are expected to boost online sales. Stationary business models, like melodic instrument stores, are also expanding their presence in the market.
Online channels such as Musician Friend, Furtadosonline.com, BAJAOO.COM, Gear4music, Gibson Brands, Dawsons Music, GUITARGUITAR, S and T Audio, and Austin Bazaar Music are gaining traction. Notably, sales of musical instruments on platforms like Amazon.com and eBay.com have seen significant increases. The rising popularity of online musical instrument stores is poised to offer substantial growth opportunities in the forecast period.
The rising popularity of online retail and e-commerce is the primary trend shaping the market. Over the last few years, the popularity of online retail has increased significantly. Many bricks-and-mortar sellers have adopted online platforms to tap the increasing demand for their products. Musical instrument vendor players can target their customers through online retailing because of the advantages of convenience and cost-effectiveness. Easy accessibility and increasing preference of consumers to buy the instruments through online channels are likely to increase the online sales of musical instruments. The presence of brick and mortar business models, such as music stores, is also increasing in the market.
Moreover, online musical instrument channels, such as Musician Friend, Furtadosonline.com, BAJAOO.COM, Gear4music, Gibson Brands, Dawsons Music, GUITARGUITAR, S and T Audio, and Austin Bazaar Music are finding increased popularity in the market. There is also a significant increase in the sales of musical instruments through other online shopping sites such as Amazon.com and eBay.com. Hence, the rising popularity of online musical instrument stores is likely to provide immense growth opportunities for the market during the forecast period.
High penetration of mobile devices is the major challenge that affects the market growth. Mobile devices, such as smartphones and tablets, have become powerful tools for musicians to create and produce music on-the-go. With the help of music production apps, musicians can record, edit, and mix tracks without the need for expensive studio equipment. This has democratized music production and made it more accessible to a wider audience. Mobile devices have also had a significant impact on music education. With the rise of online music education platforms, mobile devices have become an essential tool for music learners. Many music education apps provide interactive tutorials, sheet music, and other educational resources, helping students to learn and practice music wherever they are
Overall, the high penetration of mobile devices in the market has had a significant impact on the industry, making music creation, education, and performance more accessible to a wider audience. As technology continues to advance, it is likely that we will see further developments in this area, leading to even more sophisticated and capable mobile music devices and apps. Hence, the rising penetration of mobile devices and the increasing number of music applications are likely to impede the growth of the market during the forecast period.
The market is driven by the enduring significance of musical education, fostering individual and community identities through diverse sounds and genres. Evolving societal roles elevate musical instruments from mere tools to integral components of cultural rituals and social ensembles, amplifying social solidarity. However, high-tech innovations and high-priced instruments pose challenges, demanding significant investments of time and money. Despite the allure of recognition and the pursuit of performance excellence, musicians grapple with the final cost, highlighting the delicate balance between passion and practicality in this dynamic market.
The market share growth by the string instruments segment will be significant during the forecast period. Guitars, violins, violas, cellos, and banjos belong to the stringed instruments segment. Stringed strings made of materials such as plant fibers, animal intestines, silk, metal, or synthetic materials vibrate to produce sound (nylon or plastic). The market is highly competitive as there are many small and large guitar manufacturers producing guitars of different quality and price ranges to meet different consumer demands.
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The string instruments segment was valued at USD 3.62 billion in 2018. It comprises electric and acoustic stringed instruments. The acoustic sub-segment has driven growth due to its availability and affordability, thriving in emerging markets like Brazil, India, China, and Taiwan. Developed countries like the US and UK see stagnation in the acoustic market but growth in the electric guitar sub-segment, fueled by consumer interest, particularly from rock bands and music enthusiasts. Acoustic instruments are preferred by beginners, while the ease of learning acoustic instruments makes transitioning to electronic instruments smoother for proficient players. The electric guitar sub-segment is anticipated to witness significant growth, driven by increasing consumer interest and the rise of music bands and crews touring globally, fueled by the growing audience base and accessibility through the Internet and smartphones.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America leads the market, driven by the rising popularity of music concerts and the presence of numerous renowned musicians. The region significantly contributes to the entertainment industry's growth, particularly in music, offering ample opportunities for musicians. The United States, with the highest demand and revenue, dominates the market. The increasing demand for live music has spurred the growth of dance clubs and pubs, boosting the need for disc jockey (DJ) equipment. North America hosts numerous music festivals and live concerts, further fueling market demand. With the region's high disposable income per capita, musical instruments are more affordable, contributing to increased consumer spending on music and driving market growth. The rising interest in live concerts is expected to continue propelling the market in the region.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is a vibrant landscape shaped by various factors and preferences. From the unique sounds they produce to the individual identities they represent, musical instruments play a significant role in society and cultural rituals. Consumers seek instruments that deliver full and clean sound, often favoring those with volume regulation and visually appealing designs like electronic guitars. Live performances, whether in person or on television and social media, drive interest and attention, influencing trends and sales. Both professionals and non-professionals contribute to the market's diversity, exploring options from brass and woodwind instruments to digital keyboards.
Further, With online shopping offering a wide range of goods and services, the market thrives through outlets ranging from local retailers to chain stores and superstores. Live performances and recorded music, along with new releases and concerts, are the driving force behind the industry's growth. With the advent of social media platforms, musical bands can garner international attention, creating opportunities for artists and instrument manufacturers alike. While high-priced instruments cater to discerning musicians, e-commerce platforms offer a wide selection of goods and services, including wind instruments, brass, woodwind, and keyboards. This dynamic market continues to evolve, catering to musicians of all levels and preferences, from professional performers to hobbyists exploring their musical passions.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.9% |
Market growth 2024-2028 |
USD 2.00 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.59 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 39% |
Key countries |
US, Japan, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
B.C. Rich LLC, CASIO Computer Co. Ltd., C. F. Martin and Co. Inc., D Addario and Co. Inc., Fender Musical Instruments Corp., Gibson Brands Inc., HOSHINO GAKKI Co. Ltd., Karl Hofner GmbH and Co. KG, Kawai Musical Instruments Mfg. Co. Ltd., KHS Musical Instrument Co. Ltd., KORG Inc., Paiste AG, Paul Reed Smith Guitars, QRS Music Technologies Inc., Rickenbacker International Corp., Roland Corp., Schecter Guitar Research Inc., Steinway Inc., Taylor Listug Inc., and Yamaha Corp. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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