DUBAI, United Arab Emirates, Oct. 18, 2022 (GLOBE NEWSWIRE) -- The global musical instruments market stands at ~US$ 11.5 Bn as of now and is expected to reach US$ 14.8 Bn by the year 2032 at a CAGR of ~2.6% between 2022 and 2032.
The major end-users of musical instruments are students pursuing degrees in or learning music, music composers, and orchestra owners. Besides, there are people who go for musical instruments merely as showpiece or even as a hobby. It’s a known fact that musical instruments are pretty expensive, as they undergo several processes for getting the perfect sound/beats. The designing does require skills as well as time.
The musical instruments immensely popular amongst customers (youngsters, in particular) are string instruments like violin and guitar. Piano and keyboards come in second. Saxophone and flute are also preferred by some people. However, it’s interesting to learn that harmonica is the top scorer this year.
An ongoing trend is that of end-consumers going crazy with musical instruments. This could be reasoned with them looking upon knowing atleast a musical instrument as a source to flaunt themselves during household or commercial get-togethers.
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Another trend implies several musical instruments going ‘digital’. However, these digitized versions are preferred more as showpieces. Therefore, sales of fancy musical instruments are expected to soar in future. Also, music-based reality shows are erupting like never before. Amateurs are there to post their music videos on social media. With these trends, there would be nothing to stop the musical instruments market from growing going forward.
It has also been observed that children who start playing musical instruments at a young age end up having a soft corner towards music in the long run. Some of them also take up music as a profession. There are universities offering graduate and post-graduate studies in different arms of music and film scoring as well. Along these lines, Yamaha Music Schools provide musical instruments to the students, apart from courses. Measures like these are bound to take the musical instruments market to a greater stride in future.
Online shopping is another factor triggering the use of musical instruments. This could be attributed to quicker access to a constellation of musical instruments and services related to them and ease with which the payments are being made. Future Market Insights has, with the help of its line of expertise in the form of analysts and consultants, entailed these facts with insights in its latest market study entitled ‘Musical Instruments Market’.
Key Takeaways from Musical Instruments Market
- Europe holds the largest market share with Germany being the dominant region. It is at the forefront as far as importing musical instruments, percussion instruments, and drums from Mexico and India are concerned. Germany is also amongst the top 5 exporters of instrument parts.
- Coming to the Asia-Pacific, India is the country having the largest and oldest musical heritage. Indian classical music itself has innumerable branches to look through. For instance – Hindustani music and Carnatic music have an entirely different set of musical instruments to look up to. Hordes of craftsmen have been dedicatedly producing these traditional musical instruments since ages. The market is likely to expand voraciously with the influx of digital instruments. Live concerts are also fuelling the demand for musical instruments.
“With increase in population having an ear for music, the musical instruments market to witness stellar growth in the forecast period”, says an analyst from Future Market Insights.
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Competitive Arena
- Gibson has started with a virtual Guitar Tech service, wherein Gibson technicians interact with the customers one-on-one for self-servicing the instruments. Instruments from Epiphone, Gibson, Steinberger, and Kramer are serviced. They include acoustic and electric guitars, mandolins, banjo, and ukulele.
- Yamaha Musicals have their portable, budget 61 keys keyboard called ‘PSR-E473’. It was launched in March 2022 and features top-notch sounds that are found in the high-end keyboards.
What does the Report Cover?
- Future Market Insights offers an exclusive perspective and various real-time insights on the musical instruments market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2022 – 2032.
- The research study is based on instrument type (string instruments, wind instruments, percussion instruments, and others), by price range (premium, mid-range, and budget), and by distribution channel (specialty shops, online markets, and wholesalers).
Key Segments Profiled in the Musical Instruments Market
By Instrument Type:
- String Instruments
- Wind instruments
- Percussion Instruments
- Others
By Price Range:
- Premium
- Mid-range
- Budget
By Distribution Channel:
- Specialty Shops
- Online Markets
- Wholesalers
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
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