LONDON--(BUSINESS WIRE)--The global musical instruments market is expected to register a CAGR of approximately 3% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the market’s growth is the increasing popularity of live musical performances and concerts. The willingness to attend live music events instead of solely listening to music releases and recorded music and watching broadcasts on television at home is increasing. In 2016, the UK witnessed a 12% increase in the audiences in live music events when compared with 2015.
This market research report on the global musical instruments market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rising popularity of online stores as one of the key emerging trends in the global musical instruments market:
Global musical instruments market: Rising popularity of online stores
Over the last few years, the popularity of online retail has increased significantly. Many brick and mortar sellers have adopted online platforms to tap the increasing demand for their products. Musical instrument vendors can target their customers through online retailing because of the advantages of convenience and cost-effectiveness.
“Easy accessibility and the increasing preference of consumers to buy the instruments through online channels are likely to increase the online sales of musical instruments. There is an increasing presence of click and mortar business models in the musical instrument markets such as music stores. Online instrument channels are finding increased popularity in the market. There is also a significant increase in the sales of musical instruments from other online shopping sites,” says a senior analyst at Technavio for research on consumer electronics.
Global musical instruments market: Segmentation analysis
This market research report segments the global musical instruments market into the following products (public address instruments, string instruments, and keyboards) and key regions (the Americas, APAC, and EMEA).
The public address instruments segment held the largest market share in 2017, accounting for nearly 33% of the market. This product segment is expected to dominate the global market throughout the forecast period.
The Americas held the highest share of the global musical instruments market in 2017, accounting for a market share of approximately 51%. It was followed by APAC and EMEA. APAC is expected to post the fastest growth during the period 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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