Musical instrument market size to grow by USD 1.55 million from 2021 to 2026: A descriptive analysis of customer landscape, vendor assessment, and market dynamics

NEW YORK, Jan. 16, 2023 /PRNewswire/ — The global musical instrument market size is estimated to increase by USD 1.55 million from 2021 to 2026. The market’s growth momentum will accelerate at a CAGR of 3.15% during the forecast period – Request a sample report

Global musical instrument market – Vendor analysis

Vendor offerings –

• C. F. Martin and Co. Inc. – The company offers musical instruments such as guitars, ukuleles, strings, gears, and accessories.

• Casio Computer Co. Ltd. – The company offers wide range of musical instruments such as Privia PX S1000, Casiotone CT S200, High Grade CT X5000, and CELVIANO Grand Hybrid GP 500BP.

• Fender Musical Instruments Corp. – The company offers musical instruments such as electric guitars, acoustic guitars, electric basses and accessories.

• Gibson Brands Inc. – The company offers musical instruments such as electric guitar, acoustic guitar, and accessories.

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Vendor landscape –

The global musical instrument market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer musical instruments in the market are B.C. Rich Guitars, C. F. Martin and Co. Inc., Casio Computer Co. Ltd., 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 America Inc., KORG Inc., Paul Reed Smith Guitars, QRS Music Technologies Inc., Rickenbacker International Corp., Roland Corp., Schecter Guitar Research Inc., Steinway Inc., Taylor Listug Inc., Yamaha Corp., and Yanagisawa Wind Instruments Co. Ltd. and others.

The global musical instrument market is at its growing stage. The major players compete based on product mix and the value proposition associated with each product. Major players in the market offer office stationery and supplies through multiple distribution channels, as well as at discounted prices, to combat competition. Vendors are leveraging their competitive advantages for value addition. Prominent vendors in this market offer customized stationery products and sell products in bulk through e-auctioning to increase their revenue share.

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Global musical instrument market – Customer Landscape
To help companies evaluate and develop growth strategies, the report outlines –

Global musical instrument market – Segmentation assessment

Segment overview

Technavio has segmented the market based on products (string instruments, pianos and keyboards, drums and percussion instruments, and others).

• The string instruments segment will grow at a significant rate during the forecast period. The market experiences intense competition because of the presence of numerous small and large guitar vendors that manufacture guitars of various quality and price ranges to suit different consumers’ requirements. The segment can be subdivided into acoustic string instruments and electric string instruments. The acoustic string instruments sub-segment contributes considerably to the string instruments segment’s growth, owing to the easy availability and affordability of these instruments.

Geography Overview

By geography, the global musical instrument market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global musical instrument market.

• North America will account for 42% of the market’s growth during the forecast period. The US is the key market for musical instruments in North America. Market growth in this region will be faster than the growth of the market in the South American, APAC, and MEA regions. The rising demand for live music and performances is leading to an increase in the number of dance clubs and pubs.

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Global musical instrument market – Market dynamics

Leading drivers – The increasing popularity of live musical performances and concerts is one of the significant factors fueling the musical instrument market growth. The willingness to attend live music events instead of listening solely to music releases and recorded music and watching broadcasts on television at home is increasing. A significant rise in the number of concerts and live performances has resulted in an increased demand for high-tech and high-priced musical instruments. Musicians and artists with high fan followings have also inspired their followers to purchase musical instruments. All these factors fuel the growth of the musical instrument market.

Key trends – The rising popularity of online stores is another factor supporting the musical instrument market share growth. Over the last few years, the popularity of online retail has increased significantly. Many brick-and-mortar sellers have adopted online platforms to tap the increasing demand for their products. Musical instrument vendors can target their customers through online retailing because of the advantages of convenience and cost-effectiveness. Hence, the rising popularity of online musical instrument stores is likely to provide immense growth opportunities for the global musical instrument market during the forecast period.

Major challenges – The high penetration of mobile devices will be a major challenge for the musical instrument market during the forecast period. Technological innovations and advancements in mobile technologies, along with the rising penetration of mobile phones, will impact the demand for musical instruments. The increasing acceptance of notepads and mobile phones, along with novel internet technologies, is reducing the consumption of conventional musical instruments. Music applications on smartphones allow consumers to play virtual musical instruments. Hence, the rising penetration of mobile devices and the increasing number of music applications are likely to impede the growth of the global musical instrument market.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this musical instrument market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the musical instrument market between 2022 and 2026

• Precise estimation of the musical instrument market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the musical instrument industry across North America, Europe, APAC, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of musical instrument market vendors

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Related Reports:

The smart musical instruments market share is expected to increase by USD 15.73 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.43%. Furthermore, this report extensively covers smart musical instruments market segmentation by technology (connected instruments and wearables), end-user (professionals and hobbyists), and geography (North America, APAC, Europe, South America, and MEA).

The electronic musical instruments market share is expected to increase by USD 505.09 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 3.09%. Furthermore, this report extensively covers market segmentation by end-user (electric pianos and keyboards, string instruments, drums and percussion instruments, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa).

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Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Product

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

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