Musical Instrument Market Revenue Is To Reach A Value Of CAGR Forecast Till 2027, Says Allied Market Research
Musical instruments are the devices used for producing musical sounds. There is a wide range of musical instruments, which include pianos, guitar, wind instruments, digital keyboard, and others.
An increase in the adoption of music as a hobby or career choice surge the demand for musical instruments. Children who start learning the musical instruments from a young age develop empathy toward music and are expected to have a high chance of choosing music as their career option.
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Most of the consumers play musical instruments because it is a part of their hobby. And many other musicians prefer to learn a different musical instrument in their free time.
Professionals like to keep many musical instruments with them, for their personal use as well as professional use. High-quality sound, low maintenance, and operating costs influence the consumer buying decision.
Regional Analysis – North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil, and Rest of LAMEA)
Key Market Players Profiled In The Report: Gibson Guitars and Basses, QRS Music, Fender Musical Corporation, Steinway Musical Instruments, Zildjian Cymbals, Paiste Cymbals, Cort, Casio, Yamaha, C F Martin, Korg, Roland, Kawai, Pearl, Tama, Mapex, Sonor, ESP, Ibanez, Pluto, Tristar, and Granada
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:
Developments in technology, increase in population, rise in disposable income, and surge in expenditure on leisure time, play a significant role in positively influencing the demand for the musical instrument. An increase in number of concerts and music live shows pose a good impact on this industry and increases the requirement for expensive and modern musical instruments.
The education sector also plays a vital role in driving the growth of the global musical instrument market as many schools and colleges are offering music courses in their curriculum to encourage the students to choose music as their profession. Even parents encourage their children to learn musical instrument as a part of their extracurricular activity, leading to a rise in the demand for musical instruments.
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COVID-19 Scenario Analysis:
The COVID-19 pandemic has severely affected the overall growth of the music instrument industry.
There is a decline in the production and supply of the musical instruments because of the disruption in the supply chain.
There is a non-availability of products on various online and offline channels due to lockdown.
Also, the consumer demand has shifted toward essential food items and safety items, rather than demanding for the musical instruments.
The percussion & stringed musical instruments cover the largest market share. These instruments include violins, pianos, and guitars.
Many youngsters play guitar to get relief from their hectic schedules. The prices of the musical instruments are affordable with a low maintenance cost, and middle class people can easily buy these instruments, which drives the growth of the market.
While, the demand for wind instruments like shehnai, harmonium, and folk is more in India because the senior citizens are more passionate about traditional music. After their retirement, senior citizens enjoy playing such instruments in their leisure time, which increases the sale of musical instruments.
The musical instruments are in demand for personal use, music production/direction, and also for commercial events. The increase in trend of western music among youngsters is another reason that surges the demand for musical instruments.
However, increased usage of app-based musical instruments might hinder the growth of the global musical instruments market. Manufacturers are investing more in R&D to increase the production and sale of the musical instrument, creating growth opportunities for this market globally.
The Asia-Pacific region holds the highest share in the musical instruments market owing to the increase of western music among the young generation and traditional music among senior citizens. These instruments are low in cost because manufacturers have set up their production plants in the developing countries, where the cost of raw material and labor is cheap and extensively available.
Manufacturers are focusing on innovation, working on expanding their strategies to make the customers aware of the product they offer. North America is also showing significant growth in the music industry.
In addition, increase in concerts and musical shows coupled with immense participation, especially from the young generation, increases the demand for musical instruments.
Key Segments Covered:
• Stringed & Percussion
• Digital Musical
• Wind Instrument
• Personal Use
• Commercial Events
• Music Production/ Direction
• Hypermarket/ Supermarket
• Specialized Store
• Musical Store
• Online Channels
Key Benefits of the Report:
○ This study presents the analytical depiction of the global musical instrument industry along with the current trends and future estimations to determine the imminent investment pockets.
○ The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global musical instrument market share.
○ The current market is quantitatively analyzed from 2020 to 2027 to highlight the global musical instrument market growth scenario.
○ Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
○ The report provides a detailed global musical instrument market analysis based on competitive intensity and how the competition will take shape in coming years.
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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