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The market experiences growth due to the burgeoning community of musicians and artists. Additionally, the trend of increased partnerships and agreements among vendors propels market development. However, the market encounters challenges stemming from the prevalent availability of counterfeit products. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Avid Technology Inc. - The company offers music production equipment such as ATH M50xBT2, ATH SQ1TW, AT2040, and others.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including Ableton AG, Audio Technica US Inc., Avid Technology Inc., Blackstar Amplification Ltd., C. F. Martin and Co. Inc., D Addario and Co. Inc., Fender Musical Instruments Corp., Headstock Distribution Ltd., Kawai Musical Instruments Mfg. Co. Ltd., KORG Inc., KROTOS Ltd., Lautsprecher Teufel GmbH, QRS Music Technologies Inc., Roland Corp., Samsung Electronics Co. Ltd., Sennheiser Electronic GmbH and Co. KG, Shure Inc., Sony Group Corp., Steinway Inc., and Marshall Group AB
Qualitative and quantitative analysis of market growth and trends 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. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The rising number of musicians and artists is notably driving market growth. The emergence of upcoming musicians and artists has changed the era of music. They are creating and introducing new songs and mixing songs to produce remix tracks. To grab the attention of fans, musicians are also organizing music events through concert promoters or live event organizers. For instance, in September 2021, it was announced that Amazon would invest in live audio features, starting with concerts and later expanding into talk shows and podcasts.
Moreover, live events are becoming a major source of revenue for artists, which is encouraging them to introduce new genres of music such as jazz, rock, blues, hip hop, disco, and trance. Also, in June 2021, Amazon.com Inc. announced that it would feature Billie Eilish, HER, and Kid Cudi in a streaming musical event as part of its Prime Day Show. Hence, the rising number of live events is expected to accelerate the demand for music production equipment, which, in turn, will drive the growth of the market during the forecast period.
The increasing number of partnerships and agreements among vendors is an emerging trend shaping market growth. The market is in its growth stage, with the vendors focusing on the development of advanced equipment to capitalize on the increasing adoption of music production equipment. Therefore, the major vendors in the market are forming strategic partnerships and alliances with distributors, music equipment providers, and technology platform providers. These partnerships enable vendors to expand their product portfolio and geographic presence and gain market share.
For instance, in March 2022, Avid Technology, Inc. announced the expansion of its distribution agreement with Adistec Corp. into the US market for audio and video content production technologies. Such partnerships are expected to positively impact the growth of the market during the forecast period.
The easy availability of counterfeit products is a significant challenge hindering market growth. Many unauthorized dealers market and sell fake or impersonated products of reputed brands, such as Sony Group Corporation (Sony), Harman International Industries, Inc. (JBL), and others. Several vendors offer tutorials and provide blog posts to identify fake products that are easily available in the market. In March 2022, US Border Patrol agents stated that they seized 6,000 counterfeit entertainment systems as the items were traded into the US at the International Falls Port of Entry.
However, counterfeiting adversely affects the original ideas and the ability of vendors to generate profits from their licensed products. Thus, the ease of availability of counterfeit music production equipment will negatively impact the market during the forecast period.
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The market share growth by the professional segment will be significant during the forecast period. The professional segment includes professional musicians, DJs, and music production companies. Professionals have complete knowledge of music production equipment and use it for composing, recording, editing, mixing, and mastering music. The film industry specifically employs professionals to produce music and audio and video content for films. The professional segment was the largest and was valued at USD 8.50 billion in 2018. One of the major reasons for the rising demand for music production equipment is the increasing number of musicians and artists. The growing adoption of music streaming services among people is leading to the frequent release of music albums. The need for music production equipment in the media and entertainment industry is continuously increasing, which in turn will positively affect the growth of the market through the professional segment during the forecast period.
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Based on the type, the market has been segmented into public address equipment, digital keyboards, studio headphones, DJ gear and music synthesizers. The public address equipment?segment will account for the largest share of this segment.?
APAC is estimated to contribute 37% during the forecast period.
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The growth of the market in the region will be driven by the rising adoption of music production equipment by developing countries, such as India, China, Indonesia, and Thailand, owing to the increasing disposable income, rapid urbanization, and improvements in living standards. The increasing number of commercial end-users, such as bars, taverns, nightclubs, and educational institutions, will also drive the growth of the market in APAC during the forecast period. China, Japan, and India are the major contributors of revenue to the market in APAC. China and India are the key markets for music production equipment in the region, owing to their high spending on leisure products. Moreover, the region has the highest population density in the world. These factors increase the demand for music production equipment in APAC.
In addition, the emergence of Japanese pop (J-pop) and Korean pop (K-pop) has also driven the growth of the music industry in APAC. Rapid urbanization and improvement in distribution channels have led to the development of advanced music production equipment in the region. Furthermore, commercial end-users such as music concerts, music studios, bars, and nightclubs are estimated to grow significantly in APAC, thereby driving the regional market during the forecast period.
Music Production Equipment Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.95% |
Market Growth 2024-2028 |
USD 2.39 billion |
Market structure |
Fragmented |
YoY growth (%) |
2.72 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 37% |
Key consumer countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Ableton AG, Audio Technica US Inc., Avid Technology Inc., Blackstar Amplification Ltd., C. F. Martin and Co. Inc., D Addario and Co. Inc., Fender Musical Instruments Corp., Headstock Distribution Ltd., Kawai Musical Instruments Mfg. Co. Ltd., KORG Inc., KROTOS Ltd., Lautsprecher Teufel GmbH, QRS Music Technologies Inc., Roland Corp., Samsung Electronics Co. Ltd., Sennheiser Electronic GmbH and Co. KG, Shure Inc., Sony Group Corp., Steinway Inc., and Marshall Group AB |
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 the 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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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