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The electronic musical instruments market size is estimated to grow at a CAGR of 3.13% between 2022 and 2027. The market size is forecast to increase by USD 551.01 million. The growth of the market depends on several factors, including the growing demand for music-related leisure activities, the rising number of music festivals and live events, and the inclusion of music in academic curricula.
This electronic musical instruments market report extensively covers market segmentation by distribution channel (offline and online), end-user (electric pianos and keyboards, string instruments, drums and percussion instruments, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing demand for music-related leisure activities are notably driving the market growth, although factors such as the increasing adoption of virtual musical instruments and music production software will impede the market growth. Our researchers analyzed the data with 2022 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. Learning to play electronic musical instruments is one of the leisure activities that is gaining popularity among people of all age groups. The growing disposable income of people is supporting the adoption of different electronic musical instruments, as well as aiding people to enroll in music classes.
The number of live music shows, and the attendees of such shows, is growing rapidly across the world. The market in focus is witnessing many developments with the introduction of innovative music synthesizers by the major vendors. 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 customization of electronic musical instruments, such as electronic guitars and pianos, is an emerging trend in the market. Among all the musical instruments, the customization of guitars has increased at a rapid pace. Wooden guitars, as well as guitars made of various other raw materials, such as aircraft-grade aluminum and carbon fiber, are also getting customized in the market.
Moreover, the leading market players offer customized products that are visually appealing and of high quality. The extent of customization can vary from the color of electronic musical instruments to their style. In addition, customization allows customers to personalize their electronic musical instruments; however, they are more expensive than standard products. Therefore, the customization and personalization of electronic guitars are expected to support the growth of the global electronic musical instruments 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. Music production software can create music of any instrument, tone, or magnitude with just a click of a button. Music composers are gradually adopting music production software instead of physical instruments as it enables better mobility and fewer hassles and can record music anytime and anywhere without a proper environment/studio. Various laptop brands also support some of the popular music production software.
Such music production software is gaining popularity across the globe, owing to the increasing number of marketing campaigns by various laptop manufacturers that support such software. The rising penetration of mobile devices such as smartphones and tablets and the availability of high-speed Internet connectivity are driving the demand for and access to virtual musical instruments. The wide availability and affordability of the Internet has increased the number of consumers accessing digital music on their mobile devices. All these factors act as a major challenge to the growth of the global market.
The market 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.
Global Electronic Musical Instruments Market Customer Landscape
Vendors 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 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. The offline segment of the global electronic musical instruments market refers to the distribution channels through which these instruments are sold in physical retail locations.
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The offline segment was valued at USD 1,735.62 million in 2017 and continue to grow by 2021. The offline segment is an important component of the global electronic musical instruments market, offering customers the opportunity to physically interact with and test the instruments before making a purchase. Here are the main distribution channels within the offline segment, such as musical instrument stores, department stores and specialty retailers, and direct sales from manufacturers. The customer valuing of the tactile experience and preference to make informed purchase decisions by physically interacting with the instruments before buying remains important. Such factors are expected to drive the growth of the offline segment of the global electronic musical instruments market during the forecast period.
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North America is estimated to contribute 41% 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 demand for electronic musical instruments is increasing in North America, owing to the rising number of emerging musicians as well as music academies and colleges. The rising adoption of music as a hobby also drives the growth of the electronic musical instruments market in North America. There is a growth in the number of musicians because of the popularity of live music performances such as music concerts and live music in dance clubs, bars, and pubs. High per capita income makes electronic musical instruments affordable for people. Such factors are expected to drive the growth of the regional electronic musical instruments market during the forecast period.
The COVID-19 pandemic initially impacted the regional market negatively in 2020. However, amid the pandemic, many consumers were looking for online musical instruments for mood regulation. More consumers adopted music as a leisure activity. This positively impacted regional electronic musical instruments market growth in 2020. Moreover, the resumption of offline retail outlets and rapid vaccination drives conducted by the governments in 2021 further escalated the demand in the region. Thus, music tours and various music concerts resumed in 2021. From 2021 onward, the regional electronic musical instruments market regained momentum and is expected to grow further during the forecast period.
The electronic musical instruments 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.
Technavio categorizes the global electronic musical instruments market as a part of the global leisure products market within the global household durables market. The parent global leisure products market covers a variety of categories, including sports equipment, musical instruments, camping equipment, recreational vehicles, bicycles, toys, and other consumer-oriented games. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Electronic Musical Instruments Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.13% |
Market growth 2023-2027 |
USD 551.01 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.43 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 41% |
Key countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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, Shure Inc., Speck Electronics, Yamaha Corp., and Roland 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 Distribution Channel
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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