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Technavio’s market research analyst predicts that the global percussion instrument market will grow at a CAGR of less than 1% during the forecast period. On account of market saturation, major percussion brands are shifting their focus from the developed markets to the emerging markets. The extent of market saturation is evident from the level of market penetration of percussion instruments, which is above 85% in the US and above 60% in the UK. This is translating into low demand for these instruments in these markets.
Growing popularity of mobile music applications and low replacement cycles are the major challenges in this market. Technological innovations have led to the development of several apps that allow users to play musical instruments virtually on personal electronic devices, such as smartphones and tablets. These apps do not incur any expense to the user and are accessible anywhere (as these are installed on mobile devices). They also provide operational guidance to end users. Resultantly, these apps are gaining high popularity and acceptance worldwide.
The Americas accounted for the leading market share of 53% during 2015. The growing number of live events and concerts has boosted the interest of music enthusiasts in the region. However, the Americas is expected to experience flat growth with a CAGR of less than 1% during the forecast period.
The percussion instruments market lacks any groundbreaking innovations or new technological developments. This is a major growth deterrent. Rapid advances in technology and frequent changes in consumer preferences also present significant risks to vendors. Vendors in this market compete on the basis of performance, quality, cost, and financial stability. The competition is anticipated to intensify further during the forecast period.
The leading vendors in the market are -
Other prominent vendors in the market include Alesis, Ashton Music, Corder Drum Company, Drum Workshop, Hoshino Gakki, Jupiter Band Instruments, Majestic Percussion, Meinl Percussion, Pearl Musical Instrument Company, and Walberg and Auge.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Geographical segmentation
PART 07: Key leading countries
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Explore Technavio
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