Musical Instruments Market Size Worth $15.2 Billion by 2028, Exhibiting a CAGR of 2.34% - Comprehensive Research Report by Facts & Factors

[208+ Pages Report] According to Facts and Factors, the Global Musical Instruments Market size was valued at around US$ 13 billion in 2021 and is estimated to grow about US$ 15.2 billion by 2028, at a CAGR of approximately 2.34% between 2022 and 2028. The key market players are listed in the report with their sales, revenues and strategies are Casio Computer Co. Ltd., B.C. Rich Guitars, Gibson Brands Inc., C. F. Martin and Co. Inc., Kawai Musical Instruments Mfg. Co. Ltd., Fender Musical Instruments Corp., KHS America Inc., and others.

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DUBLIN, Ireland, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Musical Instruments Market Size, Share, Growth Analysis Report By Distribution Channel (Specialty Stores, Supermarkets & Hypermarkets, Retail Outlets, and Online Channels), By Type (Percussion, Stringed, Keyboard, and Brass & Woodwind), By Application (Personal Use, Musical Production, and Commercial Events), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Musical Instruments Market size & share was valued at approximately USD 13 billion in 2021. The market is expected to grow above a CAGR of 2.34% and is anticipated to reach over USD 15.2 billion by 2028.”

The report analyses the Musical Instruments market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Musical Instruments market.

Market Overview:

Musical instruments are objects used to create sounds that are musical in nature. Even though any noise-generating deception can be technically termed as a musical environment, the true definition lies in the impact the sound creates. It is not considered a musical instrument if the sound thus generated does not please the human ears. With the years and along with the growth of human skills, musical instruments currently stand in a position where they are used for entertainment purposes with artists dedicating their whole lives to mastering a single instrument, they are more inclined to.

Even though there are ongoing studies on determining the first instrument and the corresponding date of its invention, many scholars have agreed that the flute can currently be claimed as the first ever musical device dating five to six thousand years ago. Archaeologically as well, many researchers have found proof of musical devices across regions, some being specific to certain geography only.

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  • Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
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  • Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
  • Includes Tables and figures have been updated
  • The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historical and ForecastGrowth, Porter's 5 Forces Analysis
  • Facts and Factors research methodology

Key Insights from Primary Research

  • As per the analysis, the Musical Instruments market is likely to grow above a CAGR of around 2.34% between 2022 and 2028.
  • The Musical Instruments market size was worth around US$ 13 Billion in 2021and is estimated to hit approximately US$ 15.2 Billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
  • Based on mode of purchase segmentation, offline was predicted to show maximum market share in the year 2021
  • Based on type segmentation, the electric guitar was the leading revenue-generating type in 2021.
  • On the basis of region, North America was the leading revenue generator in 2021.

Market Growth Drivers:

The global market cap was highly influenced by the onset of Covid-19. The growth trend was driven by the sudden access to more time that people could spend for themselves. Parents enrolled their children in online classes to help them learn new skills since they had more time. This was also applicable to the adult section boosted by an increased number of teachers who provided classes digitally during the pandemic which was a win-win situation for the students as well as music educators.

The global musical instruments market is projected to grow owing to the rising access to musical education. This is possible because many countries and governments are now supporting or undertaking initiatives to help promote music at the international level. Some of the well-established institutes also invite cosmopolitan figures or players which aids the young mind to find direction in the expansive music world. The global market size also benefits from the use of technology to advance already existing instruments or invest in new devices thus increasing inclusivity.

For instance, the device called Mi.Mu Glove by Imogen Heap, in which pre-recorded sound will be played depending on the player's gestures. There is a rising trend of schools and colleges encouraging students to participate in as many extra-curricular activities as possible. As per a study by the College Board, the results of the Scholastic Assessment Test and participation in extracurricular activities (ECAs) have a positive correlation. Students who were a part of ECA’s scored registered in growth in SAT Math by 45 points; the number was 53 points in SAT verbal.

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COVID-19 Impact Analysis:

The total value of the global market cap exhibited a remarkable reaction to the virus. According to a large number of official records, sales of musical instruments through the internet skyrocketed during the pandemic. The guitar was ranked as the form of musical instrument that sold the most during this time period. Amazon, the industry-leading e-commerce platform, reportedly transacted more than 2.4 million sales of guitars in the United States (US) market, according to data that was published on Pattern.

The factors such as price, the amount of space that is readily available, the amount of additional assistance that is required to learn the device, and other factors all play a role in determining which types of instruments are in higher demand than others.

Competitive Players:

The report contains qualitative and quantitative research on the global Musical Instruments Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

Some of the main players in the global Musical Instruments market include:

  • Casio Computer Co. Ltd. 
  • B.C. Rich Guitars 
  • Gibson Brands Inc. 
  • C. F. Martin and Co. Inc. 
  • Kawai Musical Instruments Mfg. Co. Ltd. 
  • Fender Musical Instruments Corp. 
  • KHS America Inc.

Browse the full “Musical Instruments Market Size, Share, Growth Analysis Report By Distribution Channel (Specialty Stores, Supermarkets & Hypermarkets, Retail Outlets, and Online Channels), By Type (Percussion, Stringed, Keyboard, and Brass & Woodwind), By Application (Personal Use, Musical Production, and Commercial Events), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/musical-instruments-market

Segmentation Analysis:

The global musical instruments market is segmented based on distribution channel, type, application, and region.

Based on Distribution Channels

  • The global market segments are specialty stores, supermarkets & hypermarkets, retail outlets, and online channels.
  • Specialty stores are the most recommended in the case of high-end instruments like pianos, which may cost anything between USD 10,000 to USD 200,000.

Based on Type

  • The global market is divided into percussion, stringed, keyboard, brass & woodwind.
  • Stringed musical instruments dominated the global market segment.
  • The US witnessed a total of 2,73,000 units of stringed school instruments in 2021.

Based on Application

  • The global market segments are personal use, musical production, and commercial events.
  • The global market generates the highest revenue from the musical production segment with the Spider-Man broadway show currently being the most expensive production with an investment of USD 75 million.

Regional Analysis:

North America is anticipated to lead the global musical instruments market owing to the presence of one of the world’s biggest and most highly influential music industries in the USA. Rock and Roll, a music genre, originated in the US in the 1940s and has become a global phenomenon since then. The regional growth is also attributed to the growth in aligning technology and musical instruments to bring out the best of the instruments.

Asia-Pacific is projected to generate a high CAGR since the region is the manufacturing hub of instruments that are more widely used like the guitar and flute. Growth in this territory is projected to be driven by China owing to the increased government initiatives to bring the Chinese musical industry on the world map alongside the intention to educate its population about the country’s music culture.

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Recent Industry Developments:

  • In September 2022, Pittsburgh's Heinz Hall, a concert hall in Pennsylvania, received a brand new grand piano from the New York Steinway factory which will help pianists in the hall to choose from two options.
  • In May 2022, Yamaha, one of the largest musical instruments makers, chalked out a three-year growth plan with an Asia-focused approach mainly targeting India and the Philippines.

Key questions answered in this report:

  • What is the market size and growth rate forecast for Musical Instruments industry?
  • What is the main driving factors propelling the Musical Instruments Market forward?
  • What are the leading companies in the Musical Instruments Industry?
  • What segments does the Musical Instruments Market cover?
  • How can I receive a free copy of the Musical Instruments Market sample report and company profiles?

Report Scope:

Report Attribute Details
Market Size in 2021 USD 13 Billion
Projected Market Size in 2028 USD 15.2 Billion
CAGR Growth Rate 2.34% CAGR
Base Year 2021
Forecast Years 2022-2028
Key Market Players Casio Computer Co. Ltd., B.C. Rich Guitars, Gibson Brands Inc., C. F. Martin and Co. Inc., Kawai Musical Instruments Mfg. Co. Ltd., Fender Musical Instruments Corp., KHS America Inc., and Others
Key Segment By Distribution Channel, Type, Application, and Region
Major Regions Covered North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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The global Musical Instruments market is segmented as follows:

By Distribution Channel

  • Specialty Stores
  • Supermarkets & Hypermarkets
  • Retail Outlets
  • Online Channels

By Type

  • Percussion
  • Stringed
  • Keyboard
  • Brass
  • Woodwind

By Application

  • Personal Use
  • Musical Production
  • Commercial Events

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Southeast Asia
    • Rest of Southeast Asia
  • The Middle East & Africa
    • GCC
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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