Enjoy complimentary customisation on priority with our Enterprise License!
The piano market size is estimated to grow at a CAGR of 2.77% between 2023 and 2028. The market size is forecast to increase by USD 373.41 million. The integration of music into academic curricula is on the rise, paralleled by a surge in online sales and an expansion of distribution networks, driving market growth. However, this growth faces obstacles due to the widespread availability of music production software, altering traditional consumption patterns. Moreover, the market contends with long replacement cycles and environmental concerns regarding instrument manufacturing and disposal. Despite these challenges, the inclusion of music in education continues to gain traction, fostering creativity and cognitive development. The proliferation of online sales indicates a growing interest in music learning and performance, albeit with evolving preferences influenced by digital tools. With a concerted effort to address sustainability issues and adapt to changing consumer behaviors, the music education and instrument market seeks to navigate complexities and sustain its upward trajectory.
| Analysis Period | 2018-2028 |
| Market Size (2018) Historic Year | USD 2438.53 mn |
| Market Size (2028) - Forecasted Year | USD 2928.31 mn |
| Historic Opportunity (2018-2022) | USD 55.81 mn |
| Historic CAGR | 0.57% |
| Forecasted Opportunity (2024-2028) | USD 373.41 mn |
| Market Opportunity Transformation Growth | 20.09% |
| Market Opportunity Capitalization | USD 429.22 mn |
For More Highlights About this Report, Download Free Sample in a Minute
The offline segment is estimated to witness significant growth during the forecast period. Offline distribution channels are still vital in the global market because they give customers a more tactile and interesting experience. Traditional physical retailers and dealers deliver benefits, including in-person product inspection and the chance to try pianos before purchasing.
Get a glance at the market contribution of various segments Download the PDF Sample
The offline segment was the largest segment and was valued at USD 1.86 billion in 2018. Notably, well-known manufacturers such as Yamaha and Steinway keep private showrooms all around the globe, fostering consumer trust and brand loyalty. Even with the growth of e-commerce, offline channels are still essential for intricate, high-value transactions, and as universities embrace hybrid models, they will always need to purchase in bulk from local vendors. Thus, with the expected continued dominance of the offline distribution channel, the global market is expected to witness significant growth during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to market players is North America. High per capita income (PCI) makes musical instruments, reasonable to people in the US and Canada.
Furthermore, attendance at live shows, music festivals, and concerts is increasing in North America. The music events industry in the US and Canada has grown at a CAGR of more than 7% and 8%, respectively, over the past five years. The rising number of live performances is expected to increase the demand, which, in turn, will drive the growth of the market in North America during the forecast period.
The market is a harmonious blend of tradition and innovation, catering to various preferences and needs. Crafted with precision, pianos feature components like wire strings and wooden hammers, ensuring exquisite sound quality across multiple octaves. Modern pianos integrate technological advancements such as sensors for enhanced performance and functionality. Portable pianos and upright pianos meet the demands of contemporary lifestyles, while upright and grand pianos remain symbols of luxury and sophistication. In the education sector, including colleges and universities, the significance of music education programs is evident, reflecting diverse cultural tastes and fostering appreciation for different music genres, including piano-focused music. The influence of the entertainment and media sector, with platforms like reality television and musical competitions, further highlights the piano's enduring appeal. Professionals and enthusiasts alike benefit from the versatility of digital pianos, keyboard synthesizers, and innovative self-playing and hybrid pianos, ensuring the piano's continued relevance and popularity in today's musical landscape. Our researchers analyzed the data with 2023 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 inclusion of music in academic curricula is the key factor driving market growth. Extracurricular activities play an important role in the lives of students. Students who participate in such activities meet new people, which enhances their social skills and cultural understanding. Some schools, colleges, and universities across the globe, particularly international schools and colleges, are including extracurricular activities and add-on courses, such as music, in their curricula.
Moreover, the number of school enrollments, as well as international schools and colleges, is growing. The rising number of school enrollments will increase participation in extracurricular activities such as music. Thus, the number of students enrolling in music courses to learn to play musical instruments is anticipated to increase, which, in turn, will propel the growth of the global market during the forecast period.
Preference for customized pianos is the primary trend shaping market growth. Customized products have earned favor in various developed regions, such as the Americas and Europe, and in emerging countries, such as India and China. The demand for customized musical instruments, has risen as customization makes such instruments unique and different. The customization is an emerging trend.
Furthermore, leading market players offer customized ones for the premium segment. Customized ones are visually appealing and are of high quality. The customization can vary from color to specialty finishes, monograms, inlays, and designs. Thus, such factors are expected to drive the growth of the global market during the forecast period.
Environmental concerns are challenges that affect market growth. Pianos are made from maple wood and wood obtained from spruce trees. The use of maple wood enhances the appearance and results in the production of good-quality sound. Other types of wood, such as birch, fir, oak, mahogany, and ebony, are used to produce various parts. Consequently, complications in the procurement of wood can adversely affect the global market. Furthermore, the imposition of stringent regulations by governments on wooden products is a challenge for the manufacturers of musical instruments.
For example, the Forest Stewardship Council (FSC) has established standards for the use of forest products. It also certifies and labels end-products as eco-friendly. There are stringent regulations on timber processing, timber procurement, and the sale of products made from timber in many countries. Worries about the environment and the negative effects of global warming will lead to the imposition of several new stringent laws on deforestation, which may impede the growth of the global market during the forecast period.
The market research 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 Market Customer Landscape
Companies 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.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis 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; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2023 for the following segments
The market reflects a dynamic interplay between luxuries and wealthy people's cultural tastes alongside a longstanding tradition of musical excellence. Spanning various music genres, including piano-focused music, the market caters to both traditionalists and modern consumers, particularly within the education sector where music education programs thrive. Internet merchants facilitate access, connecting consumers with domestic and foreign piano producers offering a range of conventional musical instruments. As younger generations embrace digital entertainment, demand for digital pianos with superior sound quality and innovative features like recording capabilities and multiple instrument sounds grows. From acoustic grand pianos favored by professional musicians to portable options like the P-125 digital piano, the market caters to diverse needs, ensuring that music schools, concert halls, and performance venues resonate with the timeless appeal of the piano.
Moreover, the market caters to a diverse array of consumers, including wealthy people seeking high-quality instruments. Both domestic piano producers and international manufacturers navigate the challenges posed by unstable economies, ensuring that pianos are accessible across various price points. Tuning services remain essential to maintain the integrity of acoustic pianos, while technological advancements have led to innovations like keyboard synthesizers and self-playing pianos. The emergence of hybrid pianos, blending electronic sound generation with traditional craftsmanship, offers versatility for both amateur musicians and professional pianists alike. From upright to vertical pianos, these instruments find their place in small venues, educational institutions, and the entertainment and media sector through avenues such as reality television and musical competitions. Portable options cater to on-the-go musicians, while the enduring appeal of genres like pop, rock, and jazz ensures the piano's relevance in contemporary music culture.
|
Piano Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
155 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 2.77% |
|
Market Growth 2024-2028 |
USD 373.41 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
2.34 |
|
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 35% |
|
Key countries |
US, Canada, Japan, China, and UK |
|
Competitive landscape |
Leading Companies,market report, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
AUGUST FORSTER GmbH, C. Bechstein Pianoforte AG, Carl Sauter Pianofortemanufaktur GmbH and Co. KG, CASIO Computer Co. Ltd., Fazioli Pianoforti spa, GROTRIAN PIANO COMPANY GmbH, Guangzhou Pearl River Piano Group Co. Ltd., Julius Bluthner Pianofortefabrik GmbH, Kawai Musical Instruments Mfg. Co. Ltd., KORG Inc., Mason and Hamlin Piano Co., PETROF Spol s.r.o., Roland Corp., Samick Music Corp., SCHULZE POLLMANN PIANOFORTI SRL, Steingraeber and Sohne KG, Steinway Inc., Stuart and Sons, Wilhelm Schimmel Pianofortefabrik GmbH, and Yamaha Corp. |
|
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the Market 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.