The Musical Instrument Market Size to grow by USD 807.99 million | Market Insights highlights the increasing popularity of live musical performances and concerts as key driver | Technavio
NEW YORK, Jan. 11, 2022 /PRNewswire/ -- According to the research report "Musical Instrument Market by Product and Geography - Forecast and Analysis 2021-2025", the market will witness a YOY growth of 2.11% in 2021 at a CAGR of almost 2% during the forecast period. Furthermore, this report extensively covers market segmentation by product (string instruments, pianos and keyboards, drums and percussion instruments, and others) and geography (North America, Europe, APAC, South America, and MEA).
For Additional Insights on YOY and market Size, Read our FREE Sample Report
The musical instrument market is fragmented and the vendors are deploying growth strategies such as product portfolio expansions 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, prominent industry players offer cheap office stationery and supplies through various distribution channels. Leading vendors in this market offer customized stationery products and sell in bulk via e-auctioning to increase their revenue share. Vendors create value by taking advantage of their competitive advantages. Market participants are focusing on improving their key competencies as well as implementing various methods.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
- C. F. 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.
- Yamaha Corp.
Find additional highlights on the growth strategies adopted by vendors and their product offerings, Download Free Sample Report.
Geographical Market Analysis
North America will provide maximum growth opportunities in the musical instrument market during the forecast period. According to our research report, the region will contribute 40% of the global market growth and is expected to dominate the market through 2025.
In terms of instrument demand and revenue, the United States is the region's largest market. The growing popularity of live music and performances has resulted in a growth in the number of dance clubs and pubs, increasing demand for DJ equipment. Several music festivals and live performances are held in the area. Furthermore, because North America has the highest per capita disposable income, musical instruments are more affordable here than in other parts of the world. The growing interest in live music concerts is expected to drive the musical instrument market in the region.
Furthermore, countries such as North America, Europe, APAC, South America, and MEA are expected to emerge as prominent markets for the musical instrument market during the forecast period.
Know more about market's geographical distribution along with the detailed analysis of the top regions. Download Free Sample Report.
Key Segment Analysis
The musical instrument market share growth 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 vegetable fiber, animal gut, silk, metal, and synthetic materials (nylon or plastic). The segment is expected to grow significantly during the forecast period because of the rising number of vendors that offer guitars in the market. 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. Furthermore, the rising number of music bands and crews touring globally, and the expanding audience base are likely to enhance the growth of the string instruments segment during the forecast period.
View FREE Sample: to know additional highlights and key points on various market segments and their impact in coming years.
Key Market Drivers & Trends:
The increasing popularity of live musical performances and concerts is one of the significant factors fueling musical instrument market growth. The propensity to attend live music events rather than listening to only new releases and recorded music or watching television broadcasts at home is growing. Increased demand for high-tech and high-priced musical instruments has resulted from a growth in the number of concerts and live performances. Musicians and artists with a large fan base have also influenced their fans to buy musical instruments. All of these elements contribute to the market's expansion.
Major participants in the musical instrument industry are increasingly focusing on bringing innovative technologies and product ideas to market. The simplicity of playing, rich and pure sound, and increased volume regulation are all major advantages of using these technologically advanced instruments. Major players are designing and developing several improved versions of musical instruments as a result of the expanding use of advanced technologies. Another noteworthy advancement is the introduction of built-in software in musical instruments, which serves to improve sound quality and ease of performance.
Download a free sample for highlights on market Drivers & Trends affecting the musical instrument market.
Customize Your Report
Don't miss out on the opportunity to speak to our analyst and know more insights about this market report. Our analysts can also help you customize this report according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time.
We offer USD 1,000 worth of FREE customization at the time of purchase. Speak to our Analyst now!
Music and Video Market by Type, Platform, and Geography - Forecast and Analysis 2021-2025
Smart Sports Equipment Market by Product and Geography - Forecast and Analysis 2021-2025
Musical Instrument Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 2%
Market growth 2021-2025
$ 807.99 million
YoY growth (%)
North America, Europe, APAC, South America, and MEA
Performing market contribution
North America at 40%
Key consumer countries
US, Japan, China, UK, and Germany
Leading companies, competitive strategies, consumer engagement scope
C. F. 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.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period,
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
View original content to download multimedia:https://www.prnewswire.com/news-releases/the-musical-instrument-market-size-to-grow-by-usd-807-99-million--market-insights-highlights-the-increasing-popularity-of-live-musical-performances-and-concerts-as-key-driver--technavio-301457186.html
[ Back To Conferencing Zone's Homepage ]