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

The piano market share is expected to increase by USD 297.28 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 2.33%.

This piano market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers piano market segmentation by product (acoustic piano and digital piano) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The piano market report also offers information on several market vendors, including 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. among others.

What will the Piano Market Size be During the Forecast Period?

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Piano 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 inclusion of music in academic curricula is notably driving the piano market growth, although factors such as the availability of music production software 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 piano industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Piano Market Driver

• One of the key factors driving growth in the piano market is the inclusion of music in academic curricula.
• Extracurricular activities play a vital role in the lives of students. Students who participate in such activities meet new people, which improves their social skills and cultural understanding.
• Participation in extracurricular activities also enables students to acquire various essential life skills, such as multitasking, teamwork, time management, prioritization, problem-solving, analytical thinking, leadership, and public speaking.
• Several schools, colleges, and universities across the world, especially international schools and colleges are including extracurricular activities and add-on courses, such as music, in their curricula.
• The rising number of school enrollments will increase participation in extracurricular activities such as music. Therefore, the number of students enrolling in music courses to learn to play musical instruments such as pianos is expected to increase, which, in turn, will drive the growth of the global piano market.

Key Piano Market Trend

• The preference for customized pianos is a piano market trend that is expected to have a positive impact in the coming years.
• Customized products have gained popularity 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, including pianos, has increased as customization makes such instruments unique and different.
• Customized pianos are visually appealing and are of high quality. The customization of pianos can vary from color to specialty finishes, monograms, inlays, and designs. Such customization options allow customers to personalize their pianos.
• Personalized pianos are more expensive than standard pianos, and some vendors even take up to 12 months to manufacture personalized pianos. Despite such challenges, the customization and personalization of pianos are expected to drive the growth of the global piano market.

Key Piano Market Challenge

• The availability of music production software will be a major challenge for the piano market during the forecast period.
• Music production software is a direct substitute for different types of musical instruments, such as pianos. Such software has various options which enable users to compose music that is similar to the music produced by professional musicians.
• Music production software enables amateurs to produce music without training. Such software is versatile and offers a wide range of sounds. They also cost less than various types of musical instruments, such as pianos.
• The use of such software enables mobility and allows the recording of music in different environments.
• Apple Inc. (Apple), a global manufacturer of laptops, offers the GarageBand music production software. The software offers a fully functional music creation studio. It has a complete sound library that is equipped with instrument presets for pianos and voice, as well as a wide selection of session drummers and percussionists.
• The preference for music production software is likely to hamper the growth of the global piano market.

This piano 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 piano 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 piano market during the forecast period.

Who are the Major Piano Market Vendors?

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

• 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
• Yamaha Corp.

This statistical study of the piano market encompasses successful business strategies deployed by the key vendors. The piano market is fragmented and the vendors are deploying growth strategies such as focusing on building brand equity to differentiate themselves compete in the market.

Product Insights and News

• bechstein.com - The company offers pianos in upright and grand models under the brand names Concert, Academy, W.Hoffmann and Zimmermann.

• bechstein.com - Under the unified segment, the company manufactures a full range of pianos for all budgets, that meet the requirements of professional pianists, musical institutions and private music lovers alike.

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 piano 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.

Piano Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the piano 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 Piano Market?

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37% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for pianos in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The implementation of integrated curricula by an increasing number of schools will facilitate the piano market growth in APAC 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 COVID-19 pandemic negatively impacted the operations of piano retailers in APAC. Various retailers and brands in the regional piano market faced short-term challenges related to cash flows, supply chains, health and safety, and consumer demand. Countries such as China and Japan witnessed a 10%-20% growth in e-commerce sales in 2021 compared to 2020. Hence, many retail businesses heavily relied on online delivery options to keep their business afloat. Additionally, the initiation of vaccination drives led to the lifting of restrictions such as social gatherings. This has resulted in a rise in the number of concerts, which has increased the demand for pianos in the region. Such factors are expected to drive the growth of the regional piano market during the forecast period.

What are the Revenue-generating Product Segments in the Piano Market?

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The piano market share growth by the acoustic piano segment will be significant during the forecast period. The average selling cost of acoustic pianos is higher than digital pianos. Acoustic pianos also require regular maintenance. Their strings are prone to damage and might require frequent tuning. Despite such needs, most musicians prefer acoustic pianos, owing to the sound quality and musical expression of such pianos. These factors will drive the growth of the acoustic pianos segment of the global piano market during the forecast period.

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

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What are the Key Data Covered in this Piano Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive piano market growth during the next five years
• Precise estimation of the piano market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the piano 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 piano market vendors

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