LONDON--(BUSINESS WIRE)--The global percussion instruments market is set to reach almost USD 2 billion by 2020, and is expected to grow slowly at a CAGR of close to 1%, according to Technavio’s latest report.
In this report Technavio covers the market outlook and growth prospects of the global percussion instruments market for 2016-2020. The market is expecting slow growth because of the high cost involved in manufacturing percussion instruments and the instrument’s long replacement cycle.
Technavio’s research study segments the global percussion instruments market into the following regions:
Americas: Largest percussion instruments market
According to Technavio’s report, the Americas were the leaders in the global percussion instruments market in 2015 and accounted for a market share of close to 53%. This growth is attributed to the numerous live events and concerts taking place in the region. These events continue to help cultivate a strong passion for and interest in music among the people. However, the market share of the Americas is expected to decline during the forecast period as the market has reached saturation.
“The US is the chief revenue contributing country in the Americas but the growth of the percussion instruments market in this region is expected to decline in the next four years. The region already has a high penetration of music and percussion instruments because of its numerous music concerts, performances, and music enthusiasts,” says industry analyst Soumya Mutsuddi from Technavio’s consumer electronics research team.
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Technavio’s report highlights the top vendors in the market, which include Gretsch Drums, Ludwig Drums, Remo Drum Heads, Roland, and Yamaha. Gretsch Drums, Ludwig Drums, and Remo Drum Heads are headquartered in the US, whereas Roland and Yamaha are headquartered in Japan.
The other prominent vendors in the market include Alesis, Ashton Music, Corder Drum, Drum Workshop, Hoshino Gakki, Jupiter Band Instruments, Pearl Musical Instrument, Majestic Percussion, Meinl Percussion, and Walberg and Auge.
Growing popularity of musical concerts and live performances influencing APAC’s growth
The Americas was followed by the APAC region, contributing a market share of over 29% in 2015. This share is expected to increase during the forecast period owing to growing popularity of musical concerts and live performances. People in the developing countries of APAC are increasingly participating in leisure activities, including learning how to play different types of musical instruments.
“The percussion instruments market in APAC is expected to post the highest growth rate during the forecast period. This growth is attributed to the growing enthusiasm for music and popularity of music concerts and performances. China, Australia, and Japan are some of the key revenue-contributing countries in the region,” says Mutsuddi.
Percussions instruments market in EMEA projected to surpass USD 315 million by 2020.
The report states that the growth of the percussions instruments market in EMEA is going to be slow because the region, particularly Europe, is still recovering from the recent economic crisis. The leading vendors in the market are either American or Asian, with manufacturing bases in their respective regions, thereby increasing the cost of instruments in this region as it has to be imported.
Western Europe accounted for a significant revenue share in the region, whereas MEA accounted for the smallest share. Germany and the UK are some of the key revenue contributing countries in this region.
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