Musical Instruments Market Size Expected to Grow by USD 807.99 Million | Market Insights Highlights Rising Popularity of Live Music Performances and Concerts as Key Driver | Technavio | State

NEW YORK, January 11, 2022 /PRNewswire/ — According to the research report “Musical Instrument Market by Product and Geography – Forecast and Analysis 2021-2025”, the market will grow 2.11% CAGR in 2021 at a CAGR of nearly 2%. during the forecast period. Further, this report covers in detail market segmentation by Product (Stringed Instruments, Pianos & Keyboards, Drums & Percussion Instruments, etc.) and Geographical (North America, EuropeACPA, South Americaand MEA).

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Supplier Information

The musical instruments market is fragmented and vendors are deploying growth strategies such as product portfolio expansion and product innovations to compete in the market. The market has international and domestic marketers spread across different regions.

To stay ahead of the competition, major industry players offer cheap stationery and office supplies through various distribution channels. Major vendors in this market offer personalized stationery and wholesale through online auctions to increase their revenue share. Sellers create value by taking advantage of their competitive advantages. Market players are focusing on improving their key skills as well as implementing various methods.

The report analyzes the competitive landscape of the market and offers information about several vendors in the market including:

  • CF Martin & Cie Inc.
  • Casio Computer Co.Ltd.
  • Fender Musical Instruments Corp.
  • Gibson Brands Inc.
  • HOSHINO GAKKI Co. Ltd.
  • Kawai Musical Instruments Mfg. Co.Ltd.
  • KORG Inc.
  • Roland Corp.
  • Steinway Inc.
  • Yamaha Corp.

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Geographic Market Analysis

North America will provide maximum growth opportunities in the musical instruments market over the forecast period. According to our research report, the region will contribute 40% of the global market growth and is expected to lead the market till 2025.

In terms of instrument demand and revenue, United States is the largest market in the region. The growing popularity of live music and performances has led to an increase in the number of dance clubs and pubs, thereby increasing the demand for DJ equipment. Several music festivals and live performances are held in the area. Moreover, because North America has the highest per capita disposable income, musical instruments are more affordable here than in other parts of the world. Growing interest in live music concerts is expected to boost the musical instruments market in the region.

In addition, countries such as North America, EuropeACPA, South Americaand MEA are expected to become top markets for the musical instruments market during the forecast period.

Learn more about the geographical distribution of the market along with the detailed analysis of major regions. Download a free sample report.

Analysis of key segments

The growth in the musical instruments market share by product segment will be significant during the forecast period. Stringed instruments such as guitars, violins, violas, cellos, and banjos make music by vibrating stretched strings made of materials such as plant fiber, animal gut, silk, metal, and synthetic materials (nylon or plastic). The segment is expected to grow significantly over the forecast period owing to the increasing number of vendors offering guitars in the market. The market is witnessing intense competition due to the presence of numerous small and large guitar vendors who manufacture guitars in different qualities and price ranges to meet different consumer demands. In addition, increasing number of musical groups and crews touring the world and expanding audience base is expected to drive the growth of the stringed instruments segment over the forecast period.

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Key Market Drivers and Trends:

Rising popularity of live musical performances and concerts is one of the significant factors fueling the growth of the musical instruments market. The propensity to attend live music events rather than just listening to new releases and recorded music or watching TV shows at home is increasing. The increased demand for high-tech and high-priced musical instruments has resulted from an increase in the number of concerts and live performances. Musicians and artists with a large fanbase also enticed their fans to purchase musical instruments. All of these contribute to the expansion of the market.

Major players in the musical instrument industry are increasingly focused on bringing innovative technologies and product ideas to market. Ease of play, rich, pure sound, and increased volume regulation are all major benefits of using these technologically advanced instruments. Major players are designing and developing several upgraded versions of musical instruments owing to the increasing use of advanced technologies. Another notable advancement is the introduction of software embedded in musical instruments, which serve to improve sound quality and ease of performance.

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Scope of the musical instruments market

Report cover

Details

Page number

120

base year

2020

Forecast period

2021-2025

Growth momentum and CAGR

Accelerate at a CAGR of 2%

Market Growth 2021-2025

$807.99 million

Market structure

Fragmented

Annual growth (%)

2.11

Regional analysis

North America, Europe, APAC, South America and MEA

Successful market contribution

North America at 40%

Main consumer countries

United States, Japan, China, United Kingdom and Germany

Competitive landscape

Leading companies, competitive strategies, scope of consumer engagement

Profiled companies

CF Martin & Co. Inc., Casio Computer Co. Ltd., Fender Musical Instruments Corp., Gibson Brands Inc., HOSHINO GAKKI Co. Ltd., Kawai Musical Instruments Mfg. Co. Ltd., KORG Inc., Roland Corp. , Steinway Inc. and Yamaha Corp.

Market dynamics

Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, COVID 19 Impact and Future Consumer Dynamics, Market Condition Analysis for the Forecast Period,

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

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Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, spanning 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

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