Musical Instrument Retailers in the UK - Industry Market Research Report

Out of tune: Stores struggle in the face of rising competition from online-only retailers

The musical education of children across the country is key to driving demand for musical instruments, both through household purchases and educational funding for schools. State funding for Music Education Hubs since 2012 has helped to drive sales. COVID-19 had a mixed effect on musical instrument retailers - on the one hand, it expanded their potential market as more hobbyists took up a musical instrument to fill their time; however, forced store closures meant musical instrument retailers couldn't fully capitalise on the spike in demand, seeing their revenue fall in 2020-21 instead. Over the five years through 2023-24, revenue is expected to decline at a compound annual rate of 3.8% to £407.7 million.

Companies in this industry sell musical instruments, including guitars, amplifiers, keyboards and associated accessories. The industry includes the sale of musical instruments via the internet if the seller also operates a bricks-and-mortar store. It also includes instrument repair and modification services.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.