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Percussion Instruments Market Forecast 2024: Growth Drivers, Trends, and Key Players
Percussion Instruments Market Forecast
According to The Business Research Company's, The percussion instruments market size has grown steadily in recent years. It will grow from $1.40 billion in 2023 to $1.44 billion in 2024 at a compound annual growth rate (CAGR) of 3.0%. The growth in the historic period can be attributed to environmental concerns, economic factors, celebrity endorsements, education and training, globalization, music trends, and cultural influences.
The percussion instruments market size is expected to see steady growth in the next few years. It will grow to $1.64 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to demographic, cross-cultural exchange, cultural influences, sustainability concerns, social media, and influencer marketing. Major trends in the forecast period include the integration of smart features, expansion in world percussion instruments, focus on portability and convenience, the rise of hybrid percussion setups, and continued growth in electronic percussion.
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Market Drivers and Trends:
The growing number of live concerts is expected to propel the growth of the percussion instruments market going forward. Live concerts are musical performances presented in real-time before an audience, typically featuring one or more artists or bands performing songs from the repertoire. The growing popularity of live concerts is due to social interaction, artist engagement, visual elements, exclusivity, music discovery, and cultural relevance. Percussion instruments infuse live concerts with rhythmic energy, adding dynamic layers to musical performances through vibrant beats and captivating rhythms. For instance, in February 2024, according to Live Nation Entertainment Inc., a US-based entertainment company, the total number of live concert tickets increased by 13% to exceed 620 million, with fee-bearing tickets rising by 17% to 329 million compared to 2022. Therefore, the growing number of live concerts is driving the growth of the percussion instrument market.
Major companies operating in the percussion instruments market are focused on developing innovative products, such as the Overture tambourine, to boost their revenue in the market. The overture tambourine is a percussion instrument that enhances musical compositions, arrangements, and performances. For instance, in February 2023, Black Swamp Percussion, a US-based provider of professional-quality symphonic and concert percussion, launched the Overture Series, which includes a tambourine (TDOV), castanet machine (OV-CM), and woodblocks (OV-WB). The Overture Series Tambourine boasts textured brass jingles for a vibrant sound, paired with a Remo Renaissance Head that delivers a clear tone. The Castanet Machine introduces a novel model of castanets by Black Swamp, equipped with fiber castanets for outstanding projection within an ensemble, striking a balance without overpowering or reaching excessive pitch. Crafted from rubberwood, the woodblocks offer a cost-effective substitute for maple and come in three distinct sizes.
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Major Key Players of the Market:
Yamaha Corporation, Guitar Center Inc, Roland Corporation, D'Addario & Company Inc, The Ludwig Drum Company, Conn-Selmer Inc, Gear4music Ltd, InMusic Brands Inc, Remo Inc, Pearl Musical Instrument Co, Mapex Drums, Vic Firth Inc, Gretsch Drums, Sabian Ltd, Meinl Percussion GmbH & Co. KG, Gibraltar Hardware, Premier Percussion Limited, K.H.S. Musical Instrument Co Ltd, Majestic Holland BV, Hoshino Gakki Seizo, Ashton Music Limited, Paiste Cymbals, Long & Mcquade Ltd, Avedis Zildjian Company
Percussion Instruments Market 2024 Key Insights:
• The percussion instruments market size is expected to see steady growth in the next few years. It will grow to $1.64 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%.
• Live Concerts Fueling Surge In Percussion Instruments Market Growth
• Black Swamp Percussion's Overture Series Redefines Percussion Instruments Market
• North America was the largest region in the percussion instruments market in 2023
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