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Musical Instrument Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026

  • Published: Apr 2022
  • Pages: 140
  • SKU: IRTNTR41536
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The musical instrument market size growth is expected to progress at a CAGR of 3.15% and estimated at USD 1.55 million from 2021 to 2026. This musical instrument market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The musical instrument market report also offers information on several market vendors, including B.C. Rich Guitars, 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 America Inc., KORG Inc., Paul Reed Smith Guitars, QRS Music Technologies Inc., Rickenbacker International Corp., Roland Corp., Schecter Guitar Research Inc., Steinway Inc., Taylor Listug Inc., Yamaha Corp., and Yanagisawa Wind Instruments Co. Ltd. among others. Furthermore, this report extensively covers musical instrument market segmentation by the following:

  • Product - String instruments, Pianos and keyboards, Drums and percussion instruments, and Others
  • Geography  - North America, Europe, APAC, South America, and Middle East and Africa

What will the Musical Instrument Market Size be During the Forecast Period?

Musical Instrument Market Size

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"North America dominates the global musical instrument market, as it is heavily influenced by the increasing popularity of music concerts. Additionally, the region has the presence of several popular musicians and singers. The region immensely contributes to the growth of the entertainment industry, including music, by providing numerous opportunities for musicians."

Musical Instrument Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing popularity of live musical performances and concerts is notably driving the musical instrument market growth, although factors such as high penetration of mobile devices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the musical instrument industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Musical Instrument Market Driver

The increasing popularity of live musical performances and concerts is one of the significant factors fueling musical instrument market growth. The willingness to attend live music events instead of listening solely to music releases and recorded music and watching broadcasts on television at home is increasing. A significant rise in the number of concerts and live performances has resulted in the increased demand for high-tech and high-priced musical instruments. Musicians and artists with high fan followings have also inspired their followers to purchase musical instruments. All these factors fuel the growth of the musical instrument market. 

Key Musical Instrument Market Trend

The rising popularity of online stores is another factor supporting the musical instrument market share growth. Over the last few years, the popularity of online retail has increased significantly. Many brick-and-mortar sellers have adopted online platforms to tap the increasing demand for their products. Musical instrument vendors can target their customers through online retailing because of the advantages of convenience and cost-effectiveness. Easy accessibility and increasing preference of consumers to buy the instruments through online channels are likely to increase the online sales of musical instruments. The presence of click-and-mortar business models, such as music stores, is also increasing in the global musical instrument market. Hence, the rising popularity of online musical instrument stores is likely to provide immense growth opportunities for the global musical instrument market during the forecast period.

Key Musical Instrument Market Challenge

The high penetration of mobile devices will be a major challenge for the musical instrument market during the forecast period. Technological innovations and advancements in mobile technologies, along with the rising penetration of mobile phones, will impact the demand for musical instruments. The hectic schedules and technological advancements have forced consumers to increasingly rely on gadgets. The increasing acceptance of notepads and mobile phones, along with novel internet technologies, is reducing the consumption of conventional musical instruments. Music applications on smartphones allow consumers to play virtual musical instruments. Several mobile applications are developed to support existing conventional musical performances. Hence, the rising penetration of mobile devices and the increasing number of music applications are likely to impede the growth of the global musical instrument market.

This musical instrument market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global musical instrument market as a part of the global leisure products industry within the global household durables market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the musical instrument market during the forecast period.

Market Overview

The parent market, the 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.Technavio calculates the global household durables market size based on combined revenues generated by manufacturers of household durables, including consumer electronics, home furnishings, homebuilding products, household appliances, houseware and specialties, and leisure products. 

Who are the Major Musical Instrument Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • B.C. Rich Guitars
  • 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 America Inc.
  • KORG Inc.
  • Paul Reed Smith Guitars
  • QRS Music Technologies Inc.
  • Rickenbacker International Corp.
  • Roland Corp.
  • Schecter Guitar Research Inc.
  • Steinway Inc.
  • Taylor Listug Inc.
  • Yamaha Corp.
  • Yanagisawa Wind Instruments Co. Ltd.

 

This statistical study of the musical instrument market encompasses successful business strategies deployed by the key vendors. The musical instrument market is fragmented and the vendors are deploying growth strategies such as offering customized stationery products and sell products in bulk through e-auctioning to compete in the market.

Product Insights and News

  • C. F. Martin & Co. Inc. - The company offers a series of guitars including SC-13E, D-28, HD-28, D-35 David Gilmour, LX1 Little Martin, D-18, 000-15M, 000-18, D-X1E, D-X2E, D-10E, D-45, etc.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The musical instrument market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Musical Instrument Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the musical instrument market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Musical Instrument Market?

Musical Instrument Market Market segmentation by region

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42% of the market's growth will originate from North America during the forecast period. The US is the key market for musical instruments in North America. Market growth in this region will be faster than the growth of the market in the South American, APAC, and MEA regions.

The rising demand for live music and performances is leading to an increase in the number of dance clubs and pubs. This will facilitate the musical instrument market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 led to travel restrictions and lockdowns in several parts of North America, resulting in the closure of most non-essential businesses such as music studios. This compelled many hobbyist musicians and amateur podcasters to purchase their own musical instruments rather than renting them. This factor spurred the sales of musical instruments in several parts of the region, especially in the US.  Hence, the outbreak of COVID-19 has had a positive impact on the sales of musical instrument market in North America.

What are the Revenue-generating Product Segments in the Musical Instrument Market?

Musical Instrument Market Segmentation

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The musical instrument market share growth by the string instrument segment will be significant during the forecast period. The market experiences intense competition because of the presence of numerous small and large guitar vendors that manufacture guitars of various quality and price ranges to suit different consumers' requirements. The segment can be subdivided into acoustic string instruments and electric string instruments. The acoustic string instruments sub-segment contributes considerably to the string instruments segment's growth, owing to the easy availability and affordability of these instruments. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the musical instrument market size and actionable market insights on post COVID-19 impact on each segment.

 

Musical Instrument Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 3.15%

Market growth 2022-2026

$ 1.55 million

Market structure

Fragmented

YoY growth (%)

2.37

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 42%

Key consumer countries

US, Japan, China, UK, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

B.C. Rich Guitars, 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 America Inc., KORG Inc., Paul Reed Smith Guitars, QRS Music Technologies Inc., Rickenbacker International Corp., Roland Corp., Schecter Guitar Research Inc., Steinway Inc., Taylor Listug Inc., Yamaha Corp., and Yanagisawa Wind Instruments Co. Ltd.

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

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What are the Key Data Covered in this Musical Instrument Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive musical instrument market growth during the next five years
  • Precise estimation of the musical instrument market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the musical instrument industry across North America, Europe, APAC, South America, and Middle East and Africa
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of musical instrument market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Product

    • 5.1 Market segments
      • Exhibit 24: Chart on Product - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Product - Market share 2021-2026 (%)
    • 5.2 Comparison by Product
      • Exhibit 26: Chart on Comparison by Product
      • Exhibit 27: Data Table on Comparison by Product
    • 5.3 String instruments - Market size and forecast 2021-2026
      • Exhibit 28: Chart on String instruments - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on String instruments - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on String instruments - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on String instruments - Year-over-year growth 2021-2026 (%)
    • 5.4 Pianos and keyboards - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Pianos and keyboards - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Pianos and keyboards - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Pianos and keyboards - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Pianos and keyboards - Year-over-year growth 2021-2026 (%)
    • 5.5 Drums and percussion instruments - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Drums and percussion instruments - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Drums and percussion instruments - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Drums and percussion instruments - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Drums and percussion instruments - Year-over-year growth 2021-2026 (%)
    • 5.6 Others - Market size and forecast 2021-2026
      • Exhibit 40: Chart on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 41: Data Table on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 42: Chart on Others - Year-over-year growth 2021-2026 (%)
      • Exhibit 43: Data Table on Others - Year-over-year growth 2021-2026 (%)
    • 5.7 Market opportunity by Product
      • Exhibit 44: Market opportunity by Product ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 46: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 47: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 48: Chart on Geographic comparison
      • Exhibit 49: Data Table on Geographic comparison
    • 7.3 North America - Market size and forecast 2021-2026
      • Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.4 Europe - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.5 APAC - Market size and forecast 2021-2026
      • Exhibit 58: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.6 South America - Market size and forecast 2021-2026
      • Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.7 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 66: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 Japan - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.10 China - Market size and forecast 2021-2026
      • Exhibit 78: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.11 UK - Market size and forecast 2021-2026
      • Exhibit 82: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 7.12 Germany - Market size and forecast 2021-2026
      • Exhibit 86: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 87: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 88: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 89: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 90: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 91: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 92: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 93: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 94: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 95: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 96: Matrix on vendor position and classification
            • 10.3 C. F. Martin and Co. Inc.
              • Exhibit 97: C. F. Martin and Co. Inc. - Overview
              • Exhibit 98: C. F. Martin and Co. Inc. - Product / Service
              • Exhibit 99: C. F. Martin and Co. Inc. - Key news
              • Exhibit 100: C. F. Martin and Co. Inc. - Key offerings
            • 10.4 Casio Computer Co. Ltd.
              • Exhibit 101: Casio Computer Co. Ltd. - Overview
              • Exhibit 102: Casio Computer Co. Ltd. - Business segments
              • Exhibit 103: Casio Computer Co. Ltd. - Key news
              • Exhibit 104: Casio Computer Co. Ltd. - Key offerings
              • Exhibit 105: Casio Computer Co. Ltd. - Segment focus
            • 10.5 Fender Musical Instruments Corp.
              • Exhibit 106: Fender Musical Instruments Corp. - Overview
              • Exhibit 107: Fender Musical Instruments Corp. - Product / Service
              • Exhibit 108: Fender Musical Instruments Corp. - Key news
              • Exhibit 109: Fender Musical Instruments Corp. - Key offerings
            • 10.6 Gibson Brands Inc.
              • Exhibit 110: Gibson Brands Inc. - Overview
              • Exhibit 111: Gibson Brands Inc. - Product / Service
              • Exhibit 112: Gibson Brands Inc. - Key news
              • Exhibit 113: Gibson Brands Inc. - Key offerings
            • 10.7 HOSHINO GAKKI Co. Ltd.
              • Exhibit 114: HOSHINO GAKKI Co. Ltd. - Overview
              • Exhibit 115: HOSHINO GAKKI Co. Ltd. - Product / Service
              • Exhibit 116: HOSHINO GAKKI Co. Ltd. - Key offerings
            • 10.8 Kawai Musical Instruments Mfg. Co. Ltd.
              • Exhibit 117: Kawai Musical Instruments Mfg. Co. Ltd. - Overview
              • Exhibit 118: Kawai Musical Instruments Mfg. Co. Ltd. - Product / Service
              • Exhibit 119: Kawai Musical Instruments Mfg. Co. Ltd. - Key offerings
            • 10.9 KORG Inc.
              • Exhibit 120: KORG Inc. - Overview
              • Exhibit 121: KORG Inc. - Product / Service
              • Exhibit 122: KORG Inc. - Key offerings
            • 10.10 Roland Corp.
              • Exhibit 123: Roland Corp. - Overview
              • Exhibit 124: Roland Corp. - Product / Service
              • Exhibit 125: Roland Corp. - Key offerings
            • 10.11 Steinway Inc.
              • Exhibit 126: Steinway Inc. - Overview
              • Exhibit 127: Steinway Inc. - Product / Service
              • Exhibit 128: Steinway Inc. - Key offerings
            • 10.12 Yamaha Corp.
              • Exhibit 129: Yamaha Corp. - Overview
              • Exhibit 130: Yamaha Corp. - Business segments
              • Exhibit 131: Yamaha Corp. - Key news
              • Exhibit 132: Yamaha Corp. - Key offerings
              • Exhibit 133: Yamaha Corp. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 134: Inclusions checklist
                • Exhibit 135: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 136: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 137: Research methodology
                • Exhibit 138: Validation techniques employed for market sizing
                • Exhibit 139: Information sources
              • 11.5 List of abbreviations
                • Exhibit 140: List of abbreviations

              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.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Musical Instrument market growth will increase by $1554.78 million during 2022-2026.
              The musical instrument market is expected to grow at a CAGR of 3.15% during 2022-2026.
              Technavio has segmented the musical instrument market by product (String instruments, Pianos and keyboards, Drums and percussion instruments, and Others) and geographic (North America, Europe, APAC, South America, Middle East and Africa, North America, Europe, APAC, and South America).
              B.C. Rich Guitars, 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 America Inc., KORG Inc., Paul Reed Smith Guitars, QRS Music Technologies Inc., Rickenbacker International Corp., Roland Corp., Schecter Guitar Research Inc., Steinway Inc., Taylor Listug Inc., Yamaha Corp., Yanagisawa Wind Instruments Co. Ltd. are a few of the key vendors in the musical instrument market.
              North America will register the highest growth rate of 42.44% among the other regions. Therefore, the musical instrument market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the musical instrument market growth are:
              • Increasing popularity of live musical performances and concerts
              • Rising popularity of online stores
              The musical instrument market vendors should focus on grabbing business opportunities from the string instruments segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
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              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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