LONDON--(BUSINESS WIRE)--The electronic musical instruments market size is poised to grow at a CAGR of almost 3% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The participation of students in extracurricular activities helps reduce stress, improve productivity, and enhance confidence levels. Thus, several schools, colleges, and universities are including extracurricular activities and add-on courses, in music, into their curricula. Universities and academic institutions such as the University of Cambridge, Princeton University, and Harvard University offer music learning sessions and courses, apart from academics. Over the years, there has been a significant increase in the number of school enrollments globally, which is also contributing to the increasing participation of extracurricular activities, including music. This will have a positive impact on the electronic instruments market growth during the forecast period.
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As per Technavio, the increasing demand for customized electronic musical instruments 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.
Electronic Musical Instruments Market: Increasing Demand for Customized Electronic Musical Instruments
Customization of electronic musical instruments, such as electronic guitars and pianos, is an emerging trend in the market. Leading market players offer customized products that are visually appealing and of high quality. The extent of customization can vary from the color of electronic musical instruments to their style. For instance, C. F. Martin & Co. Inc. offers customization of guitars, which allows customers to select from premium exotic and traditional hardwood options; design their own inlays; and customize the shape, style, and design of guitar necks.
“Other factors such as the continuous development of new products, and the rise in availability of music synthesizer clones will have a significant impact on the growth of the electronic musical instruments market value during the forecast period,” says a senior analyst at Technavio.
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Electronic Musical Instruments Market: Segmentation Analysis
This market research report segments the electronic musical instruments market by geography (APAC, Europe, MEA, North America, and South America) and product (electric pianos and keyboards, string instruments, drums and percussion instruments, and others).
The North American region led the market in 2019, followed by Europe, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rising adoption of musical instruments by people in developing countries, increase in disposable income, rapid urbanization, and improvement in living standard.
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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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