Piano Market by Product and Geography - Forecast and Analysis 2020-2024

  • Published: Nov 2019
  • Pages: 134
  • SKU: IRTNTR40232
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The global piano market has the potential to grow by USD 267.33 million during 2020-2024, and the market’s growth momentum will accelerate throughout the forecast period.

This report provides a detailed analysis of the market by geography (APAC, Europe, MEA, North America, and South America) and product (acoustic pianos and digital pianos). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including CASIO COMPUTER CO. LTD.; FAZIOLI PIANOFORTI SPA; Gibson Brands Inc.; Grotrian, Helfferich, Schulz, Th. Steinweg Nachf. GmbH; Korg Inc.; Mason & Hamlin Piano Co.; PETROF Spol s.r.o.; Roland Corp.; Steingraeber & Söhne KG; and Yamaha Corp.

Market Overview

Piano-Market-Size

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Market Competitive Analysis

The market is currently fragmented, and the degree of fragmentation will decrease during the forecast period. Leading market vendors are offering customized pianos for the premium customer segment. CASIO COMPUTER CO. LTD., FAZIOLI PIANOFORTI SPA, and Gibson Brands Inc. are a few of the major market participants. Although the accelerating growth momentum will offer immense business opportunities, the availability of music production software will challenge growth of the market participants. To increase their piano market share, companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market positions, this piano market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this piano market analysis report also includes 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.

This report provides information on the production, sustainability, and prospects of several leading piano manufacturers, including:

  • CASIO COMPUTER CO. LTD.
  • FAZIOLI PIANOFORTI SPA
  • Gibson Brands Inc.
  • Grotrian, Helfferich, Schulz, Th. Steinweg Nachf. GmbH
  • Korg Inc.
  • Mason & Hamlin Piano Co.
  • PETROF Spol s.r.o.
  • Roland Corp.
  • Steingraeber & Söhne KG
  • Yamaha Corp.

Piano Market: Segmentation by Region

Piano-Market-Share-by-Geography

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APAC will offer maximum growth opportunities to market vendors during the forecast period. Factors such as the rising implementation of integrated curriculum by schools, increasing disposable income, rapid urbanization, changing lifestyles, expansion of distribution channels, and improving living standards are contributing to the piano market growth in this region.

Almost 43% of the market’s growth will originate from APAC during the forecast period. Japan is a key market for piano in APAC. Market growth in this region will be faster than the growth of the market in other geographies.

Piano Market: Segmentation by Product

Piano-Market-Share-by-Product

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Acoustic pianos produce a better sound and more authentic, warmer, and resonant tone than digital pianos. Acoustic pianos are also more touch-sensitive and offer pianists better control over the articulation and expression of musical notes. Thus, the superior sound quality and musical expression of acoustic pianos are a few factors that are making them popular among musicians.

However, market growth by the acoustic pianos segment will be slower than the growth of the market by the digital pianos segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the piano market size.

Piano Market: Key Drivers and Trends

The inclusion of music in academic curricula is one of the significant factors driving the piano market growth. Participation in extracurricular activities helps students in improving their social, multitasking, teamwork, time management, prioritization, problem-solving, analytical thinking, leadership, and public speaking skills. Hence, several schools, colleges, and universities, are incorporating extracurricular activities and add-on-courses, such as music in their curricula. For instance, the University of Cambridge, Princeton University, and Harvard University offer music learning sessions and courses in their academic curricula. With increasing school enrollments and rising number of international schools and colleges, the number of students enrolling in courses that teach how to play musical instruments, such as pianos, is also growing. Thus, increasing participation in extracurricular activities, such as music, will fuel sales of pianos during the forecast period.

  • Hybrid pianos combine electronic, mechanical, and acoustic aspects of both acoustic and digital pianos.
  • The wide range of capabilities provided by hybrid pianos enhances the piano-playing experience.
  • Hybrid pianos are small in size, have low weight, and are equipped with amplifiers and speakers, instead of strings and soundboards. They also occupy limited space, require minimal maintenance, and can be transported easily.
  • Musical instrument digital interfaces (MIDIs), laptops, and iPads can easily be connected to hybrid pianos.
  • The rising preference for such pianos among musicians, owing to their beneficial features, has encouraged market vendors to launch new hybrid pianos, which is one of the piano market trends.
  • During 2020-2024, the piano market will grow at a CAGR of over 2%.

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Piano Market: Key Highlights of the Report for the Forecast Period 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will accelerate the growth of the piano market during the next five years
  • Precise estimation of the global 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 APAC, Europe, MEA, North America, and South America
  • 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 vendors 

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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.

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
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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
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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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