Musical Instruments Market Size Growth Factors, Opportunities, Ongoing Trends and Key Players 2033
The global musical instruments market size is anticipated to keep the global market growing at a moderate 2.6% CAGR throughout the forecast period. The global market is expected to generate $11.5 billion in sales in 2022 and $14.8 billion by the end of 2032.
Since the global financial crisis of 2006–2007, it has had passive expansion, and it is predicted that this trend would continue during the forecast period of 2016–2026. Due to the shallow development in demand for musical instruments in key markets including the U.S., Germany, France, Italy, India, and China, the global market is anticipated to grow at a single digit CAGR over the course of the projected period.
While North America and Western Europe will still dominate the industry, the Middle East, Latin America, and Africa are expected to develop more slowly than other key regions in terms of volume.
U.S. will Dominate the Market; Keyboard Stringed Instruments Will Remain the Largest Segment
The United States will continue to hold a significant market share for musical instruments worldwide. Over the forecast period, keyboard makers will continue to have a strong development opportunity due to the popularity of keyboard stringed instruments.
It is anticipated that the pattern of increased domestic demand and reduced import production seen in previous years will persist during the projection period. The hiring of fewer resources across the board in the manufacturing of musical instruments has led to a fragmented competitive environment that is likely to persist.
However, it is anticipated that overall production revenues will stay constant over the forecast period.
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Musical Instruments Market: Key Drivers
Technological innovation has played an important role in moderate demand for musical instruments on a global level. The most sought-after instruments include digital keyboards, pianos, guitar, wind instruments, and PA equipment, which are available at local retailers, superstores, and chain stores.
The availability of strong and reliable online retailers is also expected to play a crucial role in generating new revenue channels. Growing popularity and influence of western music in developing regions will play a key role in sustaining the demand for musical instruments in the global market.
Moreover, reestablished interest in classical music can also be considered to fuel the demand for musical instruments.
The demand for specific musical instruments is driven by the choice of a majority of population in specific regions. Moreover, cultural and socio-economic factors in respective geographies are expected to hold their influence on the sales of specific musical instruments.
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As growing adoption of music as a hobby or full-fledged career choice persists in adolescents, it is anticipated to push the demand for a variety of instruments in market. A considerable middle class population from emerging economies is currently enjoying substantial disposable income, increasing the expenditure on leisure, including art and music.
The increasing number of music reality shows, live music bands, and concerts is projected to pose a positive impact on the increase in the demand for modern, high-tech, expensive instruments.