Press release
Musical Instrument Market Size to Reach US$ 16.88 Billion by 2028 | Industry CAGR of 3.23%
Musical Instrument Market Research and Forecast Report 2023-2028
Report Highlights:
How big is the musical instrument market?
The global musical instrument market size reached US$ 13.85 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.88 Billion by 2028, exhibiting a growth rate (CAGR) of 3.23% during 2023-2028.
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
Guitar
Violin
Cello
Others
Percussion Instruments
Drum Set
Tabla
Cajon
Others
Wind Instruments
Saxophone
Flute
Harmonica
Others
Keyboard Instruments
Piano
Accordion
Keyboards
Others
Digital Instruments
Others
Price Range Insights:
Premium
Mid-Range
Budget
Distribution Channel Insights:
Supermarkets and Hypermarkets
Musical Stores
Specialty Stores
Online Stores
Breakup by Region:
North America
Asia-Pacific
Europe
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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IMARC Group
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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