LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global musical instruments market to grow at a CAGR of close to 3% during the forecast period, according to their latest market research report.
The growing popularity of online stores is one of the major trends being witnessed in the global musical instruments market 2018-2022. Musical instrument vendors are focusing on expanding online retailing, due to the convenience and cost-effectiveness of this channel. Thus, the sale of musical instruments through online distribution channel is expected to grow significantly over the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global musical instruments market is the increasing popularity of live musical performances and concerts:
Musical Instruments Market: Increasing Popularity of Live Musical Performances and Concerts
The demand for musical instruments is increasing at a significant rate, mainly due to the growing popularity of live music performances. The emergence of social media platforms such as YouTube and the advancements in audio technology are boosting the popularity of live musical performances and concerts, which is creating new growth avenues for musical instrument manufacturers.
According to a senior analyst at Technavio for research on consumer durables & apparel, “Consumers, particularly in emerging economies, are exhibiting increased interest in leisure activities, which include music and art, owing to factors such as substantial increase in disposable income and increase in stress and work pressure. This is encouraging consumer spending on music-related activities, which will fuel the growth of the musical instruments market during the forecast period.”
Global Musical Instruments Market: Segmentation Analysis
The global musical instruments market research report provides market segmentation by product (public address equipment, string instruments, keyboards, and others) and geography (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for about 51% share, followed by the APAC and EMEA respectively. Although the Americas region will continue to dominate the market with the largest share, the APAC region is expected to register the highest incremental growth during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- 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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