LONDON--(BUSINESS WIRE)--The global piano market is expected to post a CAGR of over 2% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Students across the globe are participating in activities to improve their social skills and cultural understanding. Extracurricular activities such as playing musical instruments also enable students to acquire multitasking, teamwork, and leadership abilities. Thus, schools and colleges across the world are incorporating extracurricular activities and add-on courses, particularly in music to their existing curricula. With more and more schools offering extracurricular courses, the number of students enrolling in piano learning courses is likely to surge. This will drive the piano market growth during the forecast period.
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As per Technavio, the emergence of hybrid pianos 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 2020-2024.
Global Piano Market: Emergence of Hybrid Pianos
Hybrid pianos have been gaining immense popularity among music enthusiasts. These pianos are increasingly being deployed to offer keyboard lessons as they combine the electronic, mechanical, and acoustic aspects of both acoustic and digital pianos. In addition, hybrid pianos occupy limited space and can be conveniently ported due to their small size and low weight. Furthermore, these pianos require minimal maintenance. Their tuning does not get affected by temperature and humidity due to the presence of amplifiers and speakers. They can also be connected digital interfaces, laptops, iPads, and other devices. As a result, pianists are increasingly preferring hybrid pianos, encouraging vendors to launch more innovative products which will drive market growth during the forecast period.
“Increasing online sale of pianos, expanding distribution networks, and surging integration of smart devices with pianos are few other factors that are expected to boost the piano market growth during the forecast period”, says a senior analyst at Technavio.
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Global Piano Market: Segmentation Analysis
This market report segments the global piano market by product (acoustic pianos and digital pianos) and geography (APAC, Europe, MEA, North America, and South America)
North America led the piano market share in 2019, followed by Europe, APAC, South America, and MEA respectively. This can be attributed to the growing launch of innovative products and the rising demand for customized pianos. However, APAC will account for the highest incremental growth in the piano market owing to increasing number of schools offering lessons in musical instruments. In addition, growing sales of pianos through online distribution channels in India and China will also aid in the growth of the piano market in the region.
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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
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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