Enjoy complimentary customisation on priority with our Enterprise License!
The Global Music Synthesizers Market size is estimated to grow by USD 265.44 million, accelerating at a CAGR of 7.85% between 2023 and 2027.
Our report offers in-depth analysis of market drivers, trends, opportunities, challenges, and restraints, with segmentation by Type (digital synthesizers and analog synthesizers), Distribution Channel (offline and online), and Geography (North America, APAC, Europe, Middle East and Africa, and South America). Additionally, Technavio provides valuable insights through value chain analysis, parent market analysis, Porter’s Five analysis, vendor analysis, and COVID-19 impact data. The report also includes a thorough analysis of historical market data from 2017 to 2022.
Get Additional Information on this Report, Request Free Sample in PDF
The global music industry is poised for significant growth in the forecast period, driven primarily by the expanding music synthesizers market. This growth is prominent in regions like North America, Latin America, Asia, and Australasia. The surge in the global music synthesizers market is fueled by a strong preference for music streaming, especially paid subscription audio streaming, constituting approximately 67% of total recorded music revenue in 2022. Platforms like YouTube, Spotify, Apple Music, and Amazon Music Unlimited contribute to the growth through interactive streaming.
The market benefits from the growing interest in music among the younger generation, particularly driven by the increasing demand for EDM, which attracts large audiences. This overall expansion in the global music industry is expected to create a demand for advanced music synthesizers from musical bands, artists, and event-hosting organizations, thereby driving the market in focus throughout the forecast period.
The rising number of music festivals and live events is a key trend shaping the music synthesizers market. In recent years, there has been a notable rise in the popularity of music festivals, concerts, and entertainment events, particularly among the global millennial demographic. The increased disposable income among the young population has fueled a greater expenditure on such live events. The growing prevalence of live performances by musicians, artists, dancers, and comedians is expected to be a significant driver for the global music synthesizers market in the forecast period. For instance, in the US, over 50% of the population attends music events annually, and the global revenue from the live music industry is projected to exceed USD 30 billion by the end of 2022.
The UK has also experienced an uptick in live event attendance, hosting internationally acclaimed festivals like Field Day, Glastonbury, Burning Man, and Coachella. The expansion of the music industry is poised to generate demand for advanced music synthesizers, contributing to the growth of the global music synthesizers market throughout the forecast period.
The rise in demand for substitute products is a key challenge hindering the music synthesizers market. Despite the global growth of music synthesizers, there is an increasing presence of substitutes like stand-alone music synthesizer software and open-source alternatives, creating direct competition for traditional hardware-based synthesizers. Stand-alone software generates digital audio and is easily interfaced with other music software, offering advanced algorithms due to higher processing speeds. These software synthesizers are preferred for being cost-effective, less complex, and portable.
Notable open-source options include VCV Rack and ZynAddSubFX, while various software synthesizer applications are emerging for smartphones, offering capabilities similar to analog or digital synthesizers. Apple's Logic Studio is one such example. The availability of these substitutes may impede market growth in the forecast period.
The market share growth of the digital synthesizers segment will be significant during the forecast period. Digital synthesizers are those that use digital signal processing to recreate an analog sound or to make musical sounds. Digital recordings of acoustic, electric, and electronic instruments can be played using digital synthesizers. In digital synthesizers, algorithms work to control the oscillations to produce different sounds that mimic musical instruments.
Music Synthesizers Market
By Type
Get a glance at the market contribution of various segments Request Free Sample
The digital synthesizers segment was the largest and was valued at USD 240.86 million in 2017. Digital synthesizers have the potential to be significantly more flexible and capable when compared to analog synthesizers. Also, a digital synthesizer is like a computer with a piano keyboard and a liquid crystal display (LCD) as an interface. In addition, digital synthesizers have precise tuning and filtering and are simple to use. Such benefits of digital synthesizers over their analog counterparts will help expand their demand among end-users during the forecast period.
North America is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Music Synthesizers Market
By North America
For more insights on the market share of various regions Request Free Samples
North America is expected to have the largest share in the global music synthesizers market during the forecast period. The US is the major revenue contributor to the music synthesizers market in the region. Moreover, the high spending capacity of the people drives the growth of the music synthesizers market in the US. The presence of many popular DJs and musicians in the region is a major factor fueling the growth of the music synthesizers market. There are several music publishers and music streaming service providers across North America. Such factors are expected to increase the demand for music synthesizers in North America during the forecast period.
The COVID-19 pandemic adversely impacted the regional market in 2020. Moreover, the resumption of offline retail outlets and rapid large-scale vaccination drives in 2021 further escalated market growth in the region. However, music tours and various music concerts resumed in 2021. Hence, from 2021 onward, the market in focus in this region regained momentum, and the growth of the regional music synthesizers market is anticipated to grow during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
The music synthesizers market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Music Synthesizers Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.85% |
Market growth 2023-2027 |
USD 265.44 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.31 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 46% |
Key countries |
US, Canada, Japan, China, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alphabet Inc., Arturia, Audiotonix Ltd., Casio Computer Co. Ltd., Clavia Digital Musical Instruments AB, Crumar Instruments, Doepfer Musikelektronik GmbH, Elektron Music Machines Mav AB, Focusrite Plc, Hyundai Development Co., Kemper GmbH, KORG Inc., Moog Music Inc., Music Tribe Global Brands Ltd., Roland Corp., Synthtopia, teenage engineering ab, The Music Alliance, Waldorf Music GmbH, and Yamaha Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.