This report describes and explains the musical instruments market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
The global musical instruments market reached a value of nearly $13.6 billion in 2022, having grown at a compound annual growth rate (CAGR) of 1.7% since 2017. The market is expected to grow from $13.6 billion in 2022 to $16.7 billion in 2027 at a rate of 4.2%. The market is then expected to grow at a CAGR of 5.8% from 2027 and reach $22.2 billion in 2032.
Growth in the historic period resulted from strong economic growth in emerging markets, rise in disposable income, increase in popularity of live musical performances, and rise in number of self-employed musicians. Factors that negatively affected growth in the historic period was COVID-19 impact and regulatory challenges.
Going forward, growing e-commerce sales, rising urbanization and rising penetration of social media platforms will drive the growth. Factor that could hinder the growth of the musical instruments market in the future include high cost of musical instruments and Russia-Ukraine war.
The musical instruments market is segmented by type into stringed, brass and woodwind, percussion, and keyboard. The stringed market was the largest segment of the musical instruments market segmented by type, accounting for 44.2% of the total in 2022. Going forward, the percussion segment is expected to be the fastest growing segment in the musical instruments market segmented by type, at a CAGR of 4.48% during 2022-2027.
The musical instruments market is segmented by distribution channel into supermarkets/hypermarkets, specialty stores, and online sales channel. The specialty stores market was the largest segment of the musical instruments market segmented by distribution channel, accounting for 64.4% of the total in 2022. Going forward, the online sales channel segment is expected to be the fastest growing segment in the musical instruments market segmented by distribution channel, at a CAGR of 5.2% during 2022-2027.
The musical instruments market is segmented by application into commercial events, personal use, music production, and other applications. The commercial events market was the largest segment of the musical instruments market segmented by application, accounting for 46.9% of the total in 2022. Going forward, the commercial events segment is expected to be the fastest growing segment in the musical instruments market segmented by application, at a CAGR of 4.5% during 2022-2027.
Asia Pacific was the largest region in the musical instruments market, accounting for 40.3% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the musical instruments market will be Africa and Middle East where growth will be at CAGRs of 8.6% and 7.3% respectively. These will be followed by South America and Asia Pacific where the markets are expected to grow at CAGRs of 7.1% and 4.1% respectively.
The global musical instruments market is fairly concentrated, with a few large players operating in the market. The top ten competitors in the market made up to 34.67% of the total market in 2022. Yamaha Corporation was the largest competitor with 14.10% share of the market, followed by Fender Musical Instruments Corporation with 6.87%, Roland Corporation with 3.83%, Steinway Musical Instruments, Inc with 2.77%, Gibson Brands, Inc with 2.39%, Casio Computer Co., Ltd. with 1.44%, Guangzhou Pearl River Piano Group Co Ltd with 1.29%, HOSHINO GAKKI CO., LTD. with 1.06%, Eastman Music Company with 0.73%, and C.F. Martin & Co Inc with 0.21%.
The top opportunities in the musical instruments market segmented by type will arise in the stringed segment, which will gain $1.3 billion of global annual sales by 2027. The top opportunities in the musical instruments market segmented by distribution channel will arise in the specialty stores segment, which will gain $1.9 billion of global annual sales by 2027. The top opportunities in the musical instruments market segmented by application will arise in the commercial events segment, which will gain $1.6 billion of global annual sales by 2027. The musical instruments market size will gain the most in China at $682.6 million.
Market-trend-based strategies for the musical instruments market include focusing on sustainable and eco-friendly musical instruments, using sensors on instruments to develop advanced instruments, focusing on smart digital instruments, and strategic partnerships and collaborations.
Player-adopted strategies in the musical instruments market include focusing on expanding business capabilities through strategic acquisitions, enhancing operational capabilities and strengthening business operations through the launch of new products.
To take advantage of the opportunities, the recommends the musical instruments companies to focus on sustainable and eco-friendly musical instruments, focus on smart digital instruments, focus on fast-growing product types, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use b2b promotions, continue to target fast-growing applications and focus on urban population.
The global musical instruments market reached a value of nearly $13.6 billion in 2022, having grown at a compound annual growth rate (CAGR) of 1.7% since 2017. The market is expected to grow from $13.6 billion in 2022 to $16.7 billion in 2027 at a rate of 4.2%. The market is then expected to grow at a CAGR of 5.8% from 2027 and reach $22.2 billion in 2032.
Growth in the historic period resulted from strong economic growth in emerging markets, rise in disposable income, increase in popularity of live musical performances, and rise in number of self-employed musicians. Factors that negatively affected growth in the historic period was COVID-19 impact and regulatory challenges.
Going forward, growing e-commerce sales, rising urbanization and rising penetration of social media platforms will drive the growth. Factor that could hinder the growth of the musical instruments market in the future include high cost of musical instruments and Russia-Ukraine war.
The musical instruments market is segmented by type into stringed, brass and woodwind, percussion, and keyboard. The stringed market was the largest segment of the musical instruments market segmented by type, accounting for 44.2% of the total in 2022. Going forward, the percussion segment is expected to be the fastest growing segment in the musical instruments market segmented by type, at a CAGR of 4.48% during 2022-2027.
The musical instruments market is segmented by distribution channel into supermarkets/hypermarkets, specialty stores, and online sales channel. The specialty stores market was the largest segment of the musical instruments market segmented by distribution channel, accounting for 64.4% of the total in 2022. Going forward, the online sales channel segment is expected to be the fastest growing segment in the musical instruments market segmented by distribution channel, at a CAGR of 5.2% during 2022-2027.
The musical instruments market is segmented by application into commercial events, personal use, music production, and other applications. The commercial events market was the largest segment of the musical instruments market segmented by application, accounting for 46.9% of the total in 2022. Going forward, the commercial events segment is expected to be the fastest growing segment in the musical instruments market segmented by application, at a CAGR of 4.5% during 2022-2027.
Asia Pacific was the largest region in the musical instruments market, accounting for 40.3% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the musical instruments market will be Africa and Middle East where growth will be at CAGRs of 8.6% and 7.3% respectively. These will be followed by South America and Asia Pacific where the markets are expected to grow at CAGRs of 7.1% and 4.1% respectively.
The global musical instruments market is fairly concentrated, with a few large players operating in the market. The top ten competitors in the market made up to 34.67% of the total market in 2022. Yamaha Corporation was the largest competitor with 14.10% share of the market, followed by Fender Musical Instruments Corporation with 6.87%, Roland Corporation with 3.83%, Steinway Musical Instruments, Inc with 2.77%, Gibson Brands, Inc with 2.39%, Casio Computer Co., Ltd. with 1.44%, Guangzhou Pearl River Piano Group Co Ltd with 1.29%, HOSHINO GAKKI CO., LTD. with 1.06%, Eastman Music Company with 0.73%, and C.F. Martin & Co Inc with 0.21%.
The top opportunities in the musical instruments market segmented by type will arise in the stringed segment, which will gain $1.3 billion of global annual sales by 2027. The top opportunities in the musical instruments market segmented by distribution channel will arise in the specialty stores segment, which will gain $1.9 billion of global annual sales by 2027. The top opportunities in the musical instruments market segmented by application will arise in the commercial events segment, which will gain $1.6 billion of global annual sales by 2027. The musical instruments market size will gain the most in China at $682.6 million.
Market-trend-based strategies for the musical instruments market include focusing on sustainable and eco-friendly musical instruments, using sensors on instruments to develop advanced instruments, focusing on smart digital instruments, and strategic partnerships and collaborations.
Player-adopted strategies in the musical instruments market include focusing on expanding business capabilities through strategic acquisitions, enhancing operational capabilities and strengthening business operations through the launch of new products.
To take advantage of the opportunities, the recommends the musical instruments companies to focus on sustainable and eco-friendly musical instruments, focus on smart digital instruments, focus on fast-growing product types, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use b2b promotions, continue to target fast-growing applications and focus on urban population.
Table of Contents
1. Executive Summary2. Table Of Contents3. List Of Figures4. List Of Tables5. Report Structure19. Competitive Landscape And Company Profiles
6. Introduction And Market Characteristics
7. Major Market Trends
8. Musical Instruments Market - Macro Economic Scenario
9. Global Market Size and Growth
10. Global Musical Instruments Market Segmentation
11. Musical Instruments Market, Regional and Country Analysis
12. Asia-Pacific Market
13. Western Europe Market
14. Eastern Europe Market
15. North America Market
16. South America Market
17. Middle East Market
18. Africa Market
20. Company Profiles
21. Key Mergers And Acquisitions
22. Opportunities And Strategies
23. Musical Instruments Market, Conclusions And Recommendations
24. Appendix
Executive Summary
Musical Instruments Global Market Opportunities And Strategies To 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global musical instruments market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
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- Benchmark performance against key competitors.
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Description:
Where is the largest and fastest-growing market for musical instruments? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider musical instruments market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics-Brief introduction to the segmentations covered in the market, definitions and explanations about the musical instruments market.
- Key Trends-Highlights the major trends shaping the global musical instruments market. This section also highlights likely future developments in the market.
- Macro Economic Scenario-The report provides an analysis of geopolitical tensions between Russia and Ukraine, impact of the COVID-19 pandemic and impact of rising inflation and interest rates on global and regional markets, providing strategic insights for businesses in the musical instruments market.
- Global Market Size and Growth-Global historic (2017-2022) forecast (2022 - 2027, 2032F) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis-Historic (2017-2022) and forecast (2022 - 2027, 2032F) market values and growth and market share comparison by region.
- Market Segmentation-Contains the market values (2017-2032) (2022 - 2027, 2032F) and analysis for each segment by type, by distribution channel, and by application in the market.
- Regional Market Size and Growth-Regional market size (2022), historic (2017-2022) and forecast (2022-2027, 2032F) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape-Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions-Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies-Describes market opportunities and strategies based on findings of the research, with information on growth
- opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations-Includes recommendations for musical instruments providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix-This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
- 1) By Type: Stringed; Brass And Woodwind; Percussion; Keyboard
- 2) By Distribution Channel: Supermarkets Or Hypermarkets; Specialty Stores; Online Sales Channel
- 3) By Application: Commercial Events; Personal Use; Music Production; Other Applications
Companies Mentioned:
Yamaha Corporation; Fender Musical Instruments Corporation; Roland Corporation; Steinway Musical Instruments Inc; Gibson Brands IncCountries:
China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; RussiaRegions:
Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; AfricaTime-series:
Five years historic and ten years forecast.Data:
Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; musical instruments indicators comparison.Data segmentations:
country and regional historic and forecast data; market share of competitors; market segments.Sourcing and Referencing:
Data and analysis throughout the report is sourced using end notes.Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Yamaha Corporation
- Fender Musical Instruments Corporation
- Roland Corporation
- Steinway Musical Instruments Inc
- Gibson Brands Inc.
- Casio Computer Co Ltd.
- Guangzhou Pearl River Piano Group Co Ltd
- HOSHINO GAKKI CO LTD.
- Eastman Music Company
- C.F. Martin & Co Inc
- Aria Guitars Co
- Ishibashi Music Corporation
- Shimokura Musical Instruments
- GT Mfg. Inc.
- Bhatia Musicals
- National Musical Instruments Factory Ltd.
- Zhangqiu Tongxiang Musical Instrument Factory
- Tianjin Leo Musical Instruments Co., Ltd.
- Jiyi Musical Instruments Co Ltd
- Shenzhen Gmax Musical Instrument Ltd
- Medeli Electronics (Shanghai) Co Ltd.
- Wuhan Eleca Electronics Co Ltd.
- Ridenour Clarinet Products U.K. Ltd
- Clarinet Company, Andertons Music Co
- Ackerman Music Ltd
- John Packer Ltd
- London Musical Instruments Ltd
- Normans Musical Instruments
- Presentation Rentals Ltd
- Tony Bingham
- Wharfedale
- Centrum Muzyczne LEMAŃSKI
- da capo - galeria instrumentów
- Gitary Mayones s.c
- Strunal Schönbach s.r.o.
- K&W MEYER Sp. z o.o
- ŠIBA s.r.o.
- Portland Music Company
- Strait Music Company
- Harman International Industries
- Shure Incorporated
- Gemini Machines Export
- Fabiollo Peselimaare
- Central do
- Borb Oliver Importacao e Comercio de Instrumentos Musicais Ltda
- Drum Lugs International
- Gope Instrumentos Musicais Ltda
- POWER MUSIC
- MusicMajlis
- Ethnic Musical Instruments
- Aiwa
- X8 Drums
- Avedis Zildjian Company
- Agean Cymbals
- Ase Müzik - Aydın Saz Evi
- Show Gear Network
- Am Discovery Musical Instruments
- Musiekwêreld
- Polliacks Music Instruments
- Saramonic Music Instruments
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 287 |
Published | November 2023 |
Forecast Period | 2022 - 2032 |
Estimated Market Value ( USD | $ 13.6 Billion |
Forecasted Market Value ( USD | $ 22.2 Billion |
Compound Annual Growth Rate | 5.0% |
Regions Covered | Global |