LONDON--(BUSINESS WIRE)--The global musical instruments market is expected to post a CAGR of close to 3% during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report
The increasing popularity of live musical performances and concerts will be one of the major drivers in the global musical instruments market. Nowadays, audiences are not restricting themselves to watching recorded music or new releases only on television. More and more people are opting to attend live music concerts. Moreover, the emergence of social media platforms such as YouTube and the advancements in audio technology are other factors encouraging the popularity of live musical performances and concerts. This is creating new avenues for musical instrument manufacturers, which in turn, will boost the market growth.
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As per Technavio, the rising popularity of online stores, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Global Musical Instruments Market: Rising Popularity of Online Stores
The rising popularity of online stores will be one of the critical trends in the global musical instruments market. Currently, the expansion of online retailing is one of the primary focus of musical instruments vendors. The convenience and cost-effectiveness of online retail is encouraging investments from musical instrument vendors. Thus, the sales of musical instruments through the online distribution channels are expected to grow significantly over the forecast period.
“Increasing technological innovations and the increasing consumer spending on musical-related activities are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Musical Instruments Market: Segmentation Analysis
This market research report segments the global musical instruments market by product (public address equipment, string instruments, keyboards, and others) and geographical regions (APAC, Americas, and EMEA).
Although the Americas dominate the market with the highest share, the APAC region will witness the highest incremental growth during the forecast period of 2018-2022. This is due to the increasing demand for musical instruments in emerging countries such as India, China, Taiwan, and Singapore.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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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