DUBLIN--(BUSINESS WIRE)--The "Musical Instruments Market by Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global musical instruments market size was valued at $9,826.5 million in 2020, and is projected to reach $11,589.8 million by 2030, registering a CAGR of 2.1%.
Any device that produces musical sound is referred to as a musical instrument. Percussion, stringed, keyboard, wind, and electronic instruments are the most common types. Many factors can influence the sound of an instrument, including the material used to make it, its size and shape, and how it is played. Stringed instruments, for example, can be struck, plucked, or bowed, each of which produces a distinct sound.
One of the key factors driving the growth of the musical instrument market is the growing popularity of live musical performances and concerts. Attending live music events rather than listening to music releases and recorded music or watching television broadcasts at home is becoming more popular.
In recent years, the growth of the musical instruments market has been encouraging and prompting new entrants to establish themselves in niche segments. Some of the key growth drivers of the global musical instruments market include increased effectiveness of advertising campaigns, rise in popularity of digital instruments, and technological advancements in manufacturing processes. In addition, surge in disposable income and increase in consumer spending ability benefit the global musical instruments industry.
Moreover, increased demand for high-tech and expensive musical instruments has resulted from a significant increase in the number of concerts and live performances. Musicians and artists who have a large fan base have influenced their fans to buy musical instruments. Thus, all of these factors collectively contribute toward the expansion of the global musical instrument market.
Manufacturers around the world are increasing their R&D investments, which is expected to boost the global musical instruments market during the forecast period. Rise in consumer demand for innovative musical instruments is further expected to have a positive impact on the growth of the global market.
The outbreak of the COVID-19 ha negatively impacted the growth of the global musical instruments market. Sales were disappointing in the first quarter, and many stores were closed. Despite the fact that many industries are suffering as a result of the COVID-19 crisis, with several industries experiencing a drop in consumer demand, the musical instruments market is expected to grow at a promising rate, due to increase in penetration of digital music instruments.
The global musical instruments market is segmented into type, distribution channel, and region. On the basis of type, the market is categorized into stringed, brass & woodwind, percussion, and keyboard. According to distribution channel, the musical instruments market is fragmented into supermarkets/hypermarkets, specialty stores, and online sales channel. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, the UK, the Netherlands, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, United Arab Emirates, and the rest of LAMEA).
Key Benefits
- This report provides a quantitative analysis of current trends, estimations, and dynamics of the global musical instruments market from 2021 to 2030 to identify the prevailing market opportunities.
- Porter's five forces analysis highlights potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global industry.
- The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of the key market players.
- The report includes analyses of the regional as well as global market, key players, market segments, application areas, and growth strategies.
Market Dynamics
Drivers
- Surge in demand for electronic or self-playing musical instruments
- Increase in popularity of music concerts and live performance
- Increased purchasing power of the people
Restraint
- High cost of electronic musical instruments
- Customers' lack of desire to purchase musical instruments
Opportunity
- Growth in e-commerce sales
- Increase in adoption of advanced technology
Companies Mentioned
- Yamaha Corporation
- Kawai Musical Instruments Mfg. Co. Ltd.
- Guangzhou Pearl River Piano Group Ltd.
- Casio Computer Co. Ltd.
- C.F. Martin & Co. Inc
- D'addario & Company Inc.
- Eastman Music Company
- Fender Musical Instruments Corporation
For more information about this report visit https://www.researchandmarkets.com/r/mo8sdi
