Portland, OR, Sept. 21, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global musical instruments market generated $9.82 billion in 2020, and is projected to garner $11.58 billion by 2030, witnessing a CAGR of 2.1% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Increase in demand for electronic or self-playing musical instruments, rise in popularity of music concerts and live performance, and surge in purchasing power of people drive the growth of the global musical instruments market. However, high cost of electronic musical instruments hinders the market growth. On the other hand, rise in e-commerce sales and surge in adoption of advanced technologies provide new opportunities in the coming years.
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Covid-19 Scenario:
- Owing to lockdown measures implemented during the Covid-19 pandemic, production activities of musical instruments have been hampered. Closure of manufacturing plants, lack of availability of laborers, and insufficient number of raw materials led to halt in production with full capacities.
- Moreover, the supply chain has been disrupted and distribution channels such as supermarket and specialty stores were closed during the lockdown. This led to reduced sales of musical instruments, impacting the overall revenue generation.
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The report offers detailed segmentation of the global musical instruments market based on type, distribution channel, and region.
Based on type, the stringed segment accounted for the highest share in 2020, contributing to more than two-fifths of the total share, and is projected to continue its dominance in terms of revenue during the forecast period. However, the percussion segment is projected to manifest the highest CAGR of 2.8% from 2021 to 2030.
Based on distribution channel, the specialty stores segment held the largest share in 2020, accounting for nearly three-fourths of the global musical instruments market, and is expected to continue its leadership status during the forecast period. However, the online sales channel segment is projected to witness the largest CAGR of 2.8% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in 2020, holding for more than half of the total share, and is expected to maintain its lead position by 2030. However, the LAMEA is projected to portray the fastest CAGR of 2.8% during the forecast period. The research also analyzes regions including North America and Europe.
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Leading players of the global musical instruments market analyzed in the research include Yamaha Corporation, Guangzhou Pearl River Piano Group Ltd., Kawai Musical Instruments Mfg. Co. Ltd., C.F. Martin & Co. Inc., Casio Computer Co. Ltd., Steinway & Sons, Eastman Music Company, D’addario & Company Inc., Roland Corporation, Fender Musical Instruments Corporation, and Yanagisawa Wind Instruments Co. Ltd.
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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. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. 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.
