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The electronic musical instruments market size is forecast to increase by USD 475.8 million at a CAGR of 2.66% between 2023 and 2028. The market's growth is driven by various factors. The increasing demand for music-related leisure activities is a significant contributor, as more people seek engaging ways to enjoy their free time. Additionally, the rising number of music festivals and live events is boosting market interest, providing numerous opportunities for live entertainment. Furthermore, the inclusion of music in academic curricula is enhancing its importance, encouraging students to explore and participate in music from a young age. Together, these elements are fostering a vibrant market environment, emphasizing the broadening appeal of music across different sectors. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The market encompasses a wide range of products, including virtual musical instruments, music production software, and music synthesizers. This sector caters to musicians and artists seeking innovative tools for music composition and live performance. Key players in this market include Steinway and Sons, Fender Musical, Shure, Kawai Musical, Numark Industries, Roland, Pioneer DJ, Denon DJ, Sennheiser Electronic, Gibson Brands, and various DJ gear manufacturers. The market for electronic musical instruments is thriving, driven by advancements in technology. AI integration in musical instruments is a notable trend, enhancing the capabilities of electronic pianos, music synthesizers, and other electronic musical instruments. The music publishing market and studio headphones segments also contribute significantly to the market's growth. The live performance and music equipment market segments are essential for artists and DJs, who rely on high-quality equipment like studio headphones, drum sets, and DJ gear for their performances. Brands like Shure, Sennheiser, and Denon DJ cater to this demand with their premium offerings. In summary, the market is a dynamic and evolving industry, driven by technological advancements and the creative needs of musicians and artists. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving growth in the global market is the growing demand for music-related leisure activities. The market is experiencing significant growth due to the increasing adoption of music-related leisure activities worldwide. Smart digital instruments, keyboard instruments, electric bass, drum machines, and various other advanced musical devices are becoming increasingly popular. The integration of artificial intelligence in musical instruments has revolutionized the way music is created and produced.
Moreover, music communities are flourishing, with self-employed musicians and artists utilizing virtual musical instruments, music production software, and music synthesizers to compose and perform. The integration of music into various aspects of life, from live musical performances to studio headphones and DJ gear, is driving demand for these advanced musical tools. Brass instruments, woodwind instruments, stringed instruments, and percussion instruments continue to be essential components of music creation. Such factors are expected to augment the growth of the global market during the forecast period.
Increasing demand for customized electronic musical instruments is a key market trend to the market. The global market for electronic musical instruments is witnessing significant growth due to the increasing fascination with music-related activities and the demand for technologically advanced instruments. Innovations in this sector include the integration of artificial intelligence (AI) in musical instruments, creating more realistic and expressive musical sounds through digital technology, and the development of portable and affordable electronic instruments.
These trends are transforming traditional musical instruments, such as drums, stringed instruments, brass instruments, woodwind instruments, percussion instruments, keyboard instruments, electric bass, and even live musical performances. Therefore, the customization and personalization of electronic guitars are expected to support the growth of the global market during the forecast period.
The increasing adoption of virtual musical instruments and music production software will be a major challenge for the market during the forecast period. The market has witnessed significant growth in recent years, particularly in developed economies, as music-related activities increasingly embrace smart digital solutions. Integration of artificial intelligence in musical instruments has revolutionized music creation, enabling musicians and self-employed artists to produce musical sounds with unparalleled precision and versatility.
Moreover, virtual musical instruments and music production software have become indispensable tools for music composers, offering the ability to generate music of any instrument, tone, or magnitude with a click. This mobility and convenience have led to a decline in the use of traditional musical instruments such as drums, stringed instruments, brass instruments, woodwind instruments, percussion instruments, keyboard instruments, and electric bass for live musical performances. All these factors act as a major challenge to the growth of the global market.
The market forecasting 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 market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Anderson Guitarworks: The company offers electronic musical instruments such as the Martin Backpacker, a compact and travel-friendly acoustic guitar with built-in electronics.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. The market is a significant sector in the realm of music-related activities, encompassing a diverse range of smart musical devices. Integration of music technology and artificial intelligence (AI) has revolutionized traditional musical instruments, giving rise to advanced instruments such as digital pianos, synthesizers, drum machines, MIDI controllers, electric basses, and various percussion instruments.
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The offline segment was valued at USD 1.74 billion in 2018. These keyboard instruments and stringed, brass, woodwind, and percussion instruments are available at musical instrument stores, which serve as crucial offline distribution channels. Live musical performances and self-employed musicians heavily rely on electronic musical instruments for their work. The market caters to music communities and music-related leisure activities, offering a wide array of smart digital instruments for music classes, virtual musical instruments, and music production software. Such factors are expected to drive the growth of the offline segment of the global market during the forecast period.
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North America is estimated to contribute 34% 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. The Market encompasses a wide range of products from renowned brands such as Denon DJ, Sennheiser Electronic, and Gibson Brands. These companies cater to various segments, including DJ Gear, Electric Pianos, and Music Synthesizers, under the umbrella of electronic musical instruments. Denon DJ offers innovative solutions for DJs and performers with their high-quality mixers and controllers.
Moreover, Sennheiser Electronic, known for its expertise in audio technology, provides an extensive range of headphones and microphones for musicians and producers. Gibson Brands, a leading name in musical instruments, also ventured into electronic musical instruments with their range of synthesizers and controllers. Electric Pianos have gained significant popularity in recent years due to their versatility and authentic sound. Music Synthesizers, on the other hand, allow musicians to generate and manipulate electronic sounds, adding depth and complexity to their compositions. Such factors are expected to drive the growth of the regional market during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is a significant sector in the global music industry. Musical instruments, such as synthesizers, drum machines, digital pianos, and MIDI controllers, play a crucial role in modern music production and performance. The market is driven by several factors, including the increasing popularity of electronic music, advancements in technology, and the growing trend of music education. Musicians and producers seek electronic musical instruments for their versatility, convenience, and ability to produce a wide range of sounds. The integration of technology into musical instruments has led to innovative features like MIDI compatibility, virtual instruments, and advanced sound design capabilities.
Moreover, the market is influenced by various trends, such as the rise of live electronic music performances, the growing popularity of music streaming platforms, and the increasing adoption of music technology in education. The market is expected to grow steadily, with manufacturers focusing on developing innovative products to cater to the evolving needs of musicians and producers. Instruments like digital pianos and synthesizers are in high demand due to their versatility and ability to replicate various sounds. Additionally, the market is witnessing the emergence of new product categories, such as virtual reality musical instruments and AI-powered music production tools. In conclusion, the market is a dynamic and innovative sector, driven by technological advancements and the evolving needs of musicians and producers. The market is expected to grow steadily, with manufacturers focusing on developing innovative products to cater to the evolving needs of the industry.
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.66% |
Market growth 2024-2028 |
USD 475.8 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.5 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, China, Germany, France, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Anderson Guitarworks, Armadillo Enterprises Inc., C. F. Martin and Co. Inc., CASIO Computer Co. Ltd., Fender Musical Instruments Corp., Focusrite Plc, Gibson Brands Inc., inMusic Brands Inc., Kawai Musical Instruments Mfg. Co. Ltd., KORG Inc., Marshall Morrison Instruments Pty. Ltd., Music Tribe Global Brands Ltd., NS Design, Peavey Electronics Corp., Rickenbacker International Corp., Robert Bosch GmbH, Roland Corp., Shure Inc., Speck Electronics, and Yamaha Corp. |
Market dynamics |
Parent market analysis, Market forecast, 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 Distribution Channel
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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