Newark, Sept. 04, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global musical instruments market is expected to grow from USD 11.80 billion in 2022 to USD 16.17 billion by 2032, at a CAGR of 3.2% during the forecast period 2023 to 2032. North America emerged as the most prominent global musical instruments market, with a 38% market revenue share in 2022. The regional market growth and development are attributed to the increase in music concerts and live performances in the current situation. Europe region is anticipated to have a stable growth over the years. Europe region possess a rich history of culture, music and heritage. The prosperous history of culture and the region's strong emphasis on music education are the primary factors for the regional market growth and development. Developed countries like Italy, UK and Germany are known for manufacturing high-quality musical instruments, for example, violins, pianos and others. Additionally, the passion for classical music boosts the demand for orchestral instruments, such as woodwinds and strings, within the region.
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Leading companies in the industry include Casio Computer Co. Ltd., C. F. Martin and Co. Inc., D Addario and Co. Inc., Gibson Brands Inc., Fender Musical Instruments Corp., HOSHINO GAKKI Co. Ltd., Kawai Musical Instruments Mfg. Co. Ltd., Karl Hofner GmbH and Co. KG, KHS Musical Instrument Co. Ltd., Paiste AG, KORG Inc., Paul Reed Smith Guitars, Roland Corp., and Rickenbacker International Corp. among others. These industry players are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The type segment is divided into stringed instruments, keyboard instruments, wind instruments and others. The stringed instruments segment dominated the market, with a market share around 49% in 2022. Guitar, violin, cello, and others fall into the stringed category of musical instruments. The rising electric guitar sales are anticipated to positively impact the segment's growth. Due to social preference, guitars are becoming increasingly popular among millennial, and as purchasing power has improved, so has the affordability of instruments. Due to the growing consumer preference for vintage instruments and the continued focus of major guitar manufacturers like Karl Hofner GmbH and Gibson Brands, Inc. on the introduction of innovative versions like electro-acoustic, touch, resonator, twelve-string, and others. The application segment is divided into personal use and commercial use. The commercial segment dominated the market, with a market share of around 68% in 2022. A wide range of uses, such as professional performances, music production studios, educational facilities, and entertainment venues, are included in the commercial usage sector. The quality of equipment purchased for business usage is frequently more outstanding and is built to endure regular and demanding use. This sector supports the whole music industry by giving educators, performers, and businesses in the entertainment sector the resources needed. The distribution channel segment is divided into online and offline. The offline segment dominated the market, with a market share of around 56% in 2022. The segment's growth is ascribed owing to the manufacturers of musical instruments strategy goal of attracting customers through retail development. This factor will probably increase demand for musical instruments at top merchants worldwide. According to a blog post published by Guitar.com, the iconic Guitar Centre store on Sunset Boulevard in Hollywood, California, saw a triple-digit increase in sales in August 2020 (compared to August 2019), which the company attributed to an increase in amateur musicians and podcasters increasing their interest in purchasing musical gear based on their preferences.
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A musician's relationship with their instrument is similar to a lifelong partnership. Musicians devote many hours to practising and mastering their instruments, understanding their subtleties and quirks. This attachment goes beyond the mechanical parts of playing; it develops as the musician learns new skills, experiments with other styles, and navigates the instrument's enormous aural palette. Playing a musical instrument is a life-changing experience promoting discipline, patience, and creativity. Musicians go through extensive training to hone their technical abilities and musicality. Formal education, individual instruction, and self-directed practice are all essential components of the learning process. Practising an instrument entails a series of drills and exercises that gradually establish muscle memory and refine movement abilities.
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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