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The musical instrument market size is estimated to grow at a CAGR of 3.85% between 2022 and 2027. The market size is forecast to increase by USD 1,906.36 million. The growth of the market depends on several factors, including the increasing popularity of live musical performances and concerts, rising technological innovations, and increasing consumer spending on music-related activities.
This musical instrument market report extensively covers market segmentation by product (string instruments, pianos and keyboards, drums and percussion instruments, and others), distribution channel (offline and online), 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 increasing popularity of live musical performances and concerts is notably driving the market growth, although high penetration of mobile devices may 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.
The increasing popularity of live musical performances and concerts is notably driving the musical instrument market growth. The growing popularity of live music performances and concerts is a trend we've seen around the world in recent years, driven by several factors, including the growth of music festivals, the rise of social media, and the desire for unique experiences. One of the main factors behind the popularity of live music performances and concerts is the growth of music festivals. Music festivals offer unique experiences for music lovers as they bring together multiple artists and genres in one place, giving fans the chance to discover new music and network with like-minded people. The popularity of music festivals has led to an increasing number of festivals around the world, with some events drawing hundreds of thousands of visitors.
The rise of social media has also contributed to the popularity of live music performances and concerts. Social media platforms have made it easier for artists to promote their music and connect with fans, increasing interest in live performances. Social media platforms also make it easier for fans to share their experiences and network with fellow music lovers, creating a sense of community around live events. Another factor driving the popularity of live music performances and concerts is the desire for unique experiences. In a world where everything is at the touch of a button, people increasingly want unique and unforgettable experiences. Live music performances and concerts offer an opportunity to connect with music in an instinctive and immersive way, providing a unique and unforgettable experience. Therefore, the increasing popularity of live music performances and concerts is expected to boost the growth of the market during the forecast period.
The rising popularity of online stores is a key trend influencing the musical instrument market growth. Online trading has grown in popularity in recent years. Many brick-and-mortar sellers have launched their platforms online to capitalize on the growing demand for their products. Musical instrument suppliers can target customers through online retail due to its convenience and cost-effectiveness advantages. Online sales of musical instruments are expected to increase due to ease of access and growing consumer preference to purchase musical instruments through online channels. In the musical instrument market, the presence of stationery business models such as musical instrument stores is increasing. Online musical instrument channels such as Musician Friend, Furtadosonline.com, BAJAOO.COM, Gear4music, Gibson Brands, Dawsons Music, GUITARGUITAR, S and T Audio, and Austin Bazaar Music are gaining popularity in the market.
Sales of musical instruments on other online shopping sites such as Amazon.com and eBay.com have also increased significantly. Therefore, the growing popularity of online musical instrument stores is likely to offer immense growth opportunities for the market during the forecast period.
The high penetration of mobile devices is challenging the musical instrument market growth. The proliferation of mobile devices in the musical instrument market has had a major impact on the industry, especially in the areas of music production, education, and performance. One of the most important effects of the proliferation of mobile devices is the rise of music production and production apps. Mobile devices such as smartphones and tablets have become powerful tools for musicians to create and produce music on the go. Music production apps allow musicians to record, edit, and mix tracks without the need for expensive studio equipment. This democratized music production has made it more accessible to a wider audience. Mobile devices also have a major impact on music education. With the rise of online music education platforms, mobile devices have become essential tools for music learners. Many music education apps offer interactive tutorials, sheet music, and other educational resources to help students learn and practice music wherever they are. This has led to the democratization of music education, making it accessible to people all over the world.
The proliferation of mobile devices is also impacting live music performance. With the advent of music streaming services and social media, mobile devices have become essential tools for musicians to connect with fans and promote their music. Many musicians are using social media platforms to share videos of their live performances, connecting with fans in real-time and creating a more intimate and engaging experience for them. As technology continues to advance, we are likely to see further developments in this area, potentially leading to even more sophisticated and powerful mobile music devices and apps. Therefore, the proliferation of mobile devices and the increase in music applications are likely to hamper the growth of the market during the forecast period.
The 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 Musical Instrument 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.
B.C. Rich LLC: The company offers acoustic and electric guitars along with other wide ranges of musical instruments.
The 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 string instruments segment will be significant during the forecast period. Guitars, violins, violas, cellos, and banjos belong to the stringed instruments segment. Stringed strings made of materials such as plant fibers, animal intestines, silk, metal, or synthetic materials vibrate to produce sound (nylon or plastic). The market is highly competitive as there are many small and large guitar manufacturers producing guitars of different quality and price ranges to meet different consumer demands.
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The string instruments segment was valued at USD 3,553.17 million in 2017 and continued to grow until 2021. This segment can be further divided into electric stringed instruments and acoustic stringed instruments. The acoustic stringed instrument sub-segment has contributed significantly to the growth of the stringed instrument segment due to the availability and affordability of these instruments, whereas the acoustic stringed instrument market is stagnating in developed countries such as the US and UK. However, it shows growth in emerging markets such as Brazil, India, China, and Taiwan. Consumers prefer to use acoustic instruments before starting electronic instruments. This is because acoustic instruments are easier to learn, and electronic instruments are easier for those who are proficient with acoustic instruments. The electric guitar sub-segment is expected to witness substantial growth during the forecast period owing to increasing consumer interest. Demand is primarily represented by rock bands and music crews. With the spread of the Internet and smartphones, people have turned to music and education. There are various YouTube channels that offer guitar tutorials. A rise in the number of music bands and crews touring around the world along with a growing audience base is likely to drive the growth of the stringed instruments segment during the forecast period.
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North America is estimated to contribute 40% to the growth of the global musical instrument market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America dominates the market as it is heavily influenced by the growing popularity of music concerts. Additionally, the area has several popular musicians and singers. The region has contributed significantly to the growth of the entertainment industry, including music, by providing many opportunities for musicians. The United States is the largest market in the region in terms of equipment demand and revenue. The growing demand for live music and performances has led to an increase in the number of dance clubs and pubs, increasing the demand for disc jockey (DJ) equipment. The area hosts several music festivals and live concerts. Also, North America has the highest disposable income per capita, so instruments are more affordable in this region than elsewhere. Consumer spending on music has increased significantly in recent years, driving the growth of the market in the region. The growing interest in live concerts is expected to drive the market in the region.
In 2020, the COVID-19 outbreak led to travel restrictions and lockdowns in several parts of the world, closing most non-essential businesses such as music studios. Casters were forced to buy their own instruments instead of renting them. This factor spurred instrument sales in several countries across the world. Some retailers saw triple-digit growth in instrument sales during the lockdown from April 2020 to July 2020. Therefore, the COVID-19 outbreak has positively impacted the market.
The musical instrument 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 classifies the global musical instrument market as part of the global leisure products industry within the global household durables market. The parent market, the global leisure products market, includes a variety of categories such as sporting goods, musical instruments, camping equipment, recreational vehicles, bicycles, toys, and other consumer games. Technavio ranks the global household durables based on the total revenue generated by manufacturers of household durables such as home appliances, home furnishings, building products, home appliances, home goods and specialty products, and leisure products.
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Musical Instrument Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.85% |
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Market growth 2023-2027 |
USD 1906.36 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
3.46 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 40% |
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Key countries |
US, Japan, China, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
B.C. Rich LLC, C. F. Martin and Co. Inc., Casio Computer Co. Ltd., D Addario and Co. Inc., Fender Musical Instruments Corp., Gibson Brands Inc., HOSHINO GAKKI Co. Ltd., Karl Hofner GmbH and Co. KG, Kawai Musical Instruments Mfg. Co. Ltd., KHS Musical Instrument Co. Ltd., KORG Inc., Paiste AG, Paul Reed Smith Guitars, QRS Music Technologies Inc., Rickenbacker International Corp., Roland Corp., Schecter Guitar Research Inc., Steinway Inc., Taylor Listug Inc., and Yamaha Corp. |
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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 |
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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 Product
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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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