DUBLIN–(BUSINESS WIRE)–The “Musical Instrument Insurance Market By Application, By Distribution Channel, By End User: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
According to this report the musical instrument insurance market size was valued at $1,650.00 thousand in 2021, and is estimated to reach $2,475.33 thousand by 2031, growing at a CAGR of 4.3% from 2022 to 2031.
Musical instrument insurance protects against any loss or damage to musical instrument in an actual or attempted robbery or burglary at insured premises. Insuring a musical instrument is a good idea if the instrument is cost-prohibitive to replace it, or if the instrument is needed regularly for performances or teaching. Musical instrument insurance often covers more than just the actual instrument, it might also cover the case, accessories and even sheet music.
Surge in demand for music instruments among consumers is a major driving factor for the musical instrument insurance. As the consumers are attracted towards playing instruments such as guitar, piano, drums and others. The need for insuring these instruments becomes a necessity. In addition, the cost of musical instruments are generally higher, and thus any damage caused to these instruments might cost huge amount of money to the owner for repairing it.
Thus, to safeguard their instruments for any repair cost, consumers prefer to purchase musical instrument insurance. Therefore, this is a propelling factor for the market growth. Moreover, there is a rising awareness among musicians about the musical instrument insurance, thus these factors are driving the musical instrument insurance market growth. However, the cost of purchasing musical instrument insurance is generally higher since the risk factor of damage and theft is high which restricts consumers from purchasing musical instruments insurance.
Hence, this is a major factor limiting the growth of musical instrument insurance market. On the contrary, the younger generation is interested towards taking up music as their profession. Moreover, the demand for professional music course have grown in the recent years. Therefore, as people take up music as their profession, the demand for musical instruments will grow which will eventually lead to the rise in demand for musical instrument insurance. Thus, this factor is expected to provide lucrative growth opportunities for the market in coming years.
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the musical instrument insurance by market analysis from 2021 to 2031 to identify the prevailing musical instrument insurance by market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the musical instrument insurance by market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global musical instrument insurance by market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
- Music Production/Direction
- Personal Use
By Distribution Channel
- Direct Response
- Musical Stores
- Online Channels
By End User
- North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- Aon plc
- AXA Insurance Ltd.
- Aston Lark.
- Anderson Musical Instrument Insurance Solutions, LLC
- Allianz Insurance plc
- Bajaj Finance Limited
- Erie Indemnity Co.
- Front Row Insurance
- Insurance Zebra
- MusicPro Insurance Agency LLC
- Progressive Casualty Insurance Company
For more information about this report visit https://www.researchandmarkets.com/r/9eu5lo