NEWARK, Del, July 24, 2024 (GLOBE NEWSWIRE) -- The global musical instrument market value is expected to be around USD 13,132.8 million in 2024, growing from USD 10,846.2 million in 2019. During these five years, from 2019 to 2023, the musical instrument retail industry witnessed a slower growth rate of 3.9% on average due to the pandemic.
As per the recent music instrument industry analysis, sales are likely to increase at a rate of 4.5% per year between 2024 and 2034. The value of the musical instrument industry is expected to reach USD 20,357.8 million by the end of this forecast period.
The growing interest of millennials in music education is expected to drive the market further in the coming days. Platforms for online learning and internet resources for studying music have created new opportunities for music instrument users as well as manufacturers.
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The market for musical instruments is being positively impacted by developing technology and rising interest in music
Musical instruments are seeing a rise in their sales, as more and more people are seeing music as a recreation or hobby. People are trying to learn at least some basics of any musical instrument so that they can show off some musical skills during get together with family or friends.
As technology is evolving day by day, many instruments are getting a ‘Digital’ form, making them famous among music enthusiasts. Many people like to have a digital musical instrument, just as a showpiece. Technological advancement is also playing an important role in increasing sales.
The musical reality shows, song break-down videos on social media, and the increasing popularity of acoustic and classical songs are also fuelling the market rise. As people are gaining more and more interest in music, expenditure on high-tech, updated, and fancy musical instruments are also soaring.
Key Takeaways from the Musical Instrument Market Study Report
- Through 2034, the United States market for musical instruments is predicted to expand at a 4.5% annual growth rate.
- Germany is the leading market for musical instrument manufacturing industries in Europe and is expected to grow at 6.5% through 2034.
- During the projection years, the annual sales of musical instruments in the United Kingdom are expected to increase at a 2.8% CAGR.
- China is expected to follow a 3.7% CAGR in manufacturing and shipment of musical instruments between 2024 and 2034.
- The Indian market for musical instruments is projected to grow at a remarkable 5.8% annual pace during the next ten years.
- The keyboard instrument segment leads the market in terms of instrument type, with an estimated 51.8% revenue share in 2024.
- Based on the consumer category, the market segment for professional or advanced musicians is anticipated to be 50.7% of the total revenue share in 2024.
“Musical instrument manufacturers and dealers can access a wider market due to the convenience of online sales and distribution channels. The growing awareness regarding therapeutic benefits of performing music is anticipated to create new opportunities for the market players,” says Sudip Saha Managing Director and Co-Founder at Future Market Insights.
Country Insights
Germany is among the biggest importers and exporters of musical Instruments.
Germany is the biggest market for Musical Instruments, where a number of musical instruments are sold along with accessories and spare parts. Germany is also the biggest importer of musical instruments, importing drums and percussion instruments from India and Mexico, string instruments such as guitar and violin from China, and digital Pianos from Japan and Indonesia. Germany also exports instrument parts to a number of countries and is among the top 5 musical instruments exporter worldwide.
Despite traditional influences, India is showing interest in Digital Instruments.
India is full of cultural differences in every state. India has the oldest and biggest musical heritage, and Indian classical music being the most complicated and vast musical background. India is among the top manufacturers of many musical instruments, and most of them are produced traditionally by craftsmen all around the country. Along with these traditional instruments, advances, digital instruments are also having high demand. Musical instruments are gaining more and more popularity, the reason being live concerts and many talented musicians and singers influencing people and increasing popularity on social media.
Competitive Landscape
There are many musical instrument manufacturers operating in the present market, which makes it extremely fragmented and competitive. Big players are spending more money on research and development to include innovative features and popularize their brands. New market players are employing business tactics like joint ventures with music production companies and training seminars for institutions or organizations for faster growth.
Key Players Profiled in the Musical Instrument Market Report
- Paiste Cymbals
- Cort
- Casio
- Yamaha
- C F Martin
- Korg
- Shure
- Gibson Guitars and Basses
- QRS Music
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Recent Developments in the Musical Instrument Industry Players
In September 2021, the Yamaha FX280 and Yamaha FSX80C are two new guitar models that the company launched to strengthen its inventory of Made in India guitars. The models are perfect for both amateurs and experienced musicians as their improved acoustic tone and resonance help in imitating the genuine tone and dynamics.
Gibson has started a virtual Guitar Tech service, which takes customers to one-on-one interaction with Gibson technicians, who assist in self-servicing the instruments. These conference calls with technicians include servicing advice for instruments from Gibson, Epiphone, Kramer, and Steinberger, including electric and acoustic guitars, ukuleles, banjo, and mandolins.
Report Scope:
| Attributes | Details | |
| Forecast Period | 2024-2034 | |
| Forecast CAGR | 4.5 | % |
| 2034 Value Projection | USD 20,357.8 million | |
| Market Size in 2024 | USD 13,132.8 million | |
| Historical Data | 2019-2023 | |
| No. of Pages | 309 | |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends | |
| Segments Covered |
| |
| Regions Covered |
| |
| Musical Instrument Market Growth Drivers | Growing Popularity of Live Performances and Concerts to Augment Market Growth | |
| Increasing Technological Advancements in Musical Instruments to Drive Market Growth | ||
About the Consumer Product Division at Future Market Insights
The consumer product team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analysing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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