LONDON--(BUSINESS WIRE)--The musical instrument market is expected to grow by USD 1.17 billion during 2020-2024, 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 has paved the way for a large number of musicians to get global attention and recognition. During the last few years, the number of independent musicians has increased and led to the formation of several musical bands and crews. Hence, a significant rise in the number of concerts and live performances has resulted in the increased demand for high-tech and high-priced musical instruments.
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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 significant trends and market drivers that will influence market growth over 2020-2024.
Musical Instrument Market: Rising Popularity of Online Stores
The popularity of online retail has increased significantly over the last few years. Many brick and mortar sellers have adopted online platforms to tap the increasing demand for their products. Easy accessibility and increasing preference of consumers to buy the instruments through online channels are likely to increase the online sales of musical instruments. Online musical instrument channels, such as Musician's Friend, Furtadosonline.com, BAJAOO.COM, Gear4music, Gibson Brands, Dawsons Music, GUITARGUITAR, S&T Audio, and Austin Bazaar Music are finding increased popularity in the market. Furthermore, there is also a significant increase in the sales of musical instruments through other online shopping sites such as Amazon.com and eBay.com. Hence, the rising popularity of online musical instrument stores is likely to provide immense growth opportunities for the musical instrument market during the forecast period.
"The growing acceptance of music education in the school curriculum and the growth of musical instruments resale segment will have a positive impact on the growth of the musical instrument market value during the forecast period," says a senior analyst at Technavio.
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Musical Instrument Market: Segmentation Analysis
This market research report segments the musical instrument market by product (String instruments, Piano and keyboards, Drums and percussion instruments and Others), and geography (APAC, Europe, MEA, North America, and South America).
The North America region led the musical instrument market in 2019, followed by Europe, APAC, South America, and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as increasing popularity of concerts and the presence of several popular musicians.
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Some of the key topics covered in the report include:
- String instruments
- Piano and keyboards
- Drums and percussion instruments
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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