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Piano Sales Market Size, Share Analysis And Trends By 2033
Piano Sales Market Size
According to The Business Research Company's, The piano sales market size has grown steadily in recent years. It will grow from $2.26 billion in 2023 to $2.32 billion in 2024 at a compound annual growth rate (CAGR) of 2.7%. The growth in the historic period can be attributed to economic conditions, demographic changes, education policies, lifestyle changes, and marketing and branding.
The piano sales market size is expected to see steady growth in the next few years. It will grow to $2.62 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The growth in the forecast period can be attributed to psychological benefits, real estate trends, events and cultural celebrations, consumer preferences, and consumer preferences. Major trends in the forecast period include smart integration, compact designs, customization options, subscription models, and personalization.
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Market Drivers and Trends:
The growing popularity of live performances is expected to propel the growth of the piano sales market going forward. Live performances refer to a demonstration, show, or entertainment event when musicians, artists, actors, or other performers interact live with the audience. The popularity of live performances is rising due to the increasing demand for authentic and immersive entertainment experiences in a digitally saturated world. Piano sales contribute to the quality and diversity of live performances by providing musicians with high-quality instruments tailored to their specific needs and preferences, enhancing the overall musical experience for both performers and audiences. For instance, in February 2024, according to Live Nation, a US-based live entertainment company, the company's concert business generated revenues of $18.7 billion, up 39% year on year at constant currency, with attendance to concerts rising 20% and over 145 million fans attending over 50,000 events in 2023. Therefore, the growing popularity of live performances is driving the growth of the piano sales market.
Major companies operating in the piano sales market are focused on developing innovative products, such as digital pianos, to boost their revenue in the market. A digital piano is an electronic musical instrument designed to replicate an acoustic piano's sound and feel while offering additional features and capabilities. For instance, in January 2024, Casio Computer Co. Ltd., a Japan-based electronics company, launched the CELVIANO digital piano AP-750. This piano is designed to deliver the rich resonance, playability, and sophisticated, expressive power of a grand piano while at the same time offering new ways to enjoy playing, with new functions created with original Casio innovation. The piano employs the newly developed Grandphonic Sound System, which delivers an unprecedented level of natural authenticity, recreating the way a grand piano resonates and immersing performers in the experiential world of classical music.
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Major Key Players of the Market:
Kawai Musical Instruments Manufacturing Co Ltd., Yamaha Corporation, Casio Computer Co Ltd, Sweetwater Sound Inc., Roland Corporation, Steinway Musical Instruments, Thomann GmbH, Samick Musical Instruments Co Ltd, Petrof Piano a.s., Guangzhou Pearl River Piano, Hailun Piano Co Ltd, Andertons Music Co, Long & McQuade Limited, C. Bechstein Pianoforte AG, Kraft Music Ltd, Baldwin Piano Inc, Mason And Hamlin Company, Nord Keyboards AB, Normans Musical Instruments Ltd, Allegro Music Ltd, Schimmel Pianos GmbH, Mendelssohn Piano (Shanghai) Co., Ltd, Korg Inc, Kurzweil Music Systems, Hyundai Development Company Young Chang
Piano Sales Market 2024 Key Insights:
• The piano sales market size is expected to see steady growth in the next few years. It will grow to $2.62 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%.
• Live Performances Fueling Demand In The Piano Sales Market
• Digital Pianos Transforming The Piano Sales Market
• Asia-Pacific was the largest region in the piano sale market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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