Musical Instrument Market by Product and Geography - Forecast and Analysis 2021-2025

  • Published: Mar 2021
  • Pages: 120
  • SKU: IRTNTR41536

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The musical instrument market size has the potential to grow by USD 807.99 million during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 2.20%. 

This report provides a detailed analysis of the market by product (string instruments, pianos and keyboards, drums and percussion instruments, and others) and geography (North America, Europe, APAC, South America, and MEA). 

Musical Instrument Market Share


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Musical Instrument Market: Key Drivers and Trends

  • 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 following have also inspired their followers to purchase musical instruments. All these factors fuel the growth of the musical instrument market. 
  • Technological innovations are expected to drive the growth of the musical instrument market during the forecast period.
  • Major players in the musical instruments industry are increasingly focused on introducing novel technology and new designs of products in the market.
  • Major benefits of using these technologically enhanced instruments include ease of playing, full and clean sound, and improved volume regulation.
  • The growing use of sophisticated technologies promotes major players to design and develop numerous upgraded versions of musical instruments.
  • The incorporation of built-in software in musical instruments is another significant innovation, which helps in enhancing the sound quality and ease of performing.


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Market Competitive Analysis

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


  • C. F. Martin & Co. Inc.
  • Casio Computer Co. Ltd.
  • Fender Musical Instruments Corp.
  • Gibson Brands Inc.
  • Kawai Musical Instruments Mfg. Co. Ltd.
  • KORG Inc.
  • Roland Corp.
  • Steinway Inc.
  • Yamaha Corp.


The musical instrument market is fragmented and the vendors are deploying growth strategies such as product portfolio expansions and product innovations to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

The market players also significantly leverage external market drivers such as the increasing popularity of live musical performances and concerts to achieve growth opportunities. However, factors such as the high penetration of mobile devices will challenge the growth of the market participants. 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.

Download a free sample of the musical instrument market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

This musical instrument market analysis report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities. 

Musical Instrument Market: Segmentation by Geography


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40% of the market’s growth will originate from North America during the forecast period. The US is a key market for musical instruments in North America. Market growth in this region will be faster than the growth of the market in Europe.

The increasing popularity of concerts will facilitate the musical instrument market growth in North America over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report. 

Musical Instrument Market: Segmentation by Product


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The string instruments segment includes guitars, violins, violas, cellos, and banjos. The stringed instruments generate sound through the vibration of the stretched strings, which are made of materials like vegetable fiber, animal gut, silk, metal, and synthetic materials (nylon or plastic). The rising number of music bands and crews touring globally and the expanding audience base are likely to enhance the growth of the string instruments segment during the forecast period.

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



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Key Highlights of the Musical Instrument Market Report for 2021-2025

  • CAGR of the market during the forecast period 2021-2025
  • 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 MEA
  • 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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Musical Instrument Market Scope

Report Coverage


Page number


Base year


Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 2%

Market growth 2021-2025

$ 807.99 million

Market structure


YoY growth (%)


Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 40%

Key consumer countries

US, Japan, China, UK, and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

C. F. Martin & Co. Inc., Casio Computer Co. Ltd., Fender Musical Instruments Corp., Gibson Brands Inc., HOSHINO GAKKI Co. Ltd., Kawai Musical Instruments Mfg. Co. Ltd., KORG Inc., Roland Corp., Steinway Inc., and Yamaha Corp.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact 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.

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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.


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


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



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


  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The musical instrument market growth will increase by $1165.34 million during 2019-2024.
The musical instrument market is expected to grow at a CAGR of 2.73% during 2019-2024.
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, and South America).
C. F. Martin & Co. Inc. , CASIO COMPUTER CO. LTD., Fender Musical Instruments Corp., Gibson Brands Inc., HOSHINO GAKKI Co. Ltd., Kawai Musical Instruments Manufacturing Co. Ltd. , Korg Inc., Roland Corp., Steinway Inc., Yamaha Corp. are a few of the key vendors in the musical instrument market.
North America will register the highest growth rate of 42.54% 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
  • Advent of innovative display solutions
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.
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