According to the latest report by IMARC Group, titled, “Musical Instrument Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global musical instrument market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the musical instrument market?
|Market Size in 2022||US$ 13.85 Billion|
|Market Forecast in 2028||US$ 16.88 Billion|
|Growth rate (2023 to 2028)||CAGR of 3.23%|
|Base Year of the Analysis||2022|
What is musical instrument?
A musical instrument encompasses a wide range of objects, including violin, guitar, cello, harp, veena, sitar, viola, mandolin, etc. It is usually categorized based on various sound production methods, such as percussion, string, keyboard, wind, electronic, etc. Engaging with musical instruments increases cognitive growth through the development of complex rhythmic, tonal, and practical skills. They even sharpen concentration, foster social skills, and promote self-expression among artists. Musical instruments are mostly used for entertainment purposes at concerts, accompanying dancers, and during work or rituals. They are also utilized in music therapy for children with autism, depression, and other disorders.
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What are the growth prospects and trends in the musical instrument industry?
The musical instrument market is primarily driven by the growing product requirement in educational institutions, such as schools, colleges, universities, etc., across the globe. Moreover, the elevating focus of leading manufacturers on employing advanced technologies to develop objects that enhance playability and offer improved volume control is acting as another significant growth-inducing factor. Apart from this, the rising availability of musical instruments through both online and offline distribution channels and the increasing consumer inclination towards customized electronic guitars and pianos, which can be tailored in terms of shape, size, design, the option of premium exotic and traditional hardwoods, etc., are also positively influencing the market growth. Additionally, the escalating prevalence of live musical performances and concerts is bolstering the market growth. Besides this, the inflating need for digital product variants that offer easier playability as compared to their traditional counterparts and the expanding community of music enthusiasts are expected to catalyze the musical instrument market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Instrument Type Insights:
- Stringed Instruments
- Percussion Instruments
- Drum Set
- Wind Instruments
- Keyboard Instruments
- Digital Instruments
Price Range Insights:
Distribution Channel Insights:
- Supermarkets and Hypermarkets
- Musical Stores
- Specialty Stores
- Online Stores
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- F. Martin & Co. Inc.
- Casio India Co. Pvt. Ltd.
- Cort Guitars
- D’addario & Company
- Eastman Music Company
- Fender Musical Instruments Corporation (Servco Pacific Inc.)
- Gibson Brands Inc.
- Kawai Musical Instruments Mfg. Co.
- Roland Corporation, Steinway & Sons (Paulson & Co. Inc.)
- Yamaha Corporation
- Yanagisawa Wind Instruments Co. Ltd., etc.
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