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 growth of the market depends on several factors such as the inclusion of music in academic curricula, the increasing online sales of pianos, and the expansion of distribution networks.
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 |
This piano market report extensively covers market segmentation by distribution channel (offline and online), product (acoustic piano and digital piano), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
For More Highlights About this Report, Download Free Sample in a Minute
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 such as pianos is anticipated to increase, which, in turn, will propel the growth of the global piano 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, including pianos, has risen as customization makes such instruments unique and different. The customization of pianos is an emerging trend.
Furthermore, leading market players offer customized pianos for the premium segment. 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. Thus, such factors are expected to drive the growth of the global piano 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 of pianos 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 of pianos. Consequently, complications in the procurement of wood can adversely affect the global piano market. Furthermore, the imposition of stringent regulations by governments on wooden products is a challenge for the manufacturers of musical instruments, including pianos.
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 piano 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 Piano 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 offline segment is estimated to witness significant growth during the forecast period. Offline distribution channels are still vital in the global piano market because they give customers a more tactile and interesting experience. Traditional physical piano 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 piano 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 piano 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, such as pianos, 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 for pianos, which, in turn, will drive the growth of the piano market in North America during the forecast period.
In 2020, the COVID-19 pandemic had a negative impact on the North American piano market. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Additionally, the continued interest in music education, technological advancements, and the integration of technology into the piano design, such as interactive learning applications and improved digital features that increase music accessibility for all age groups, are anticipated to drive the growth of the North American piano market during the forecast period.
The piano market report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2018 to 2028.
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 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 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 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
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.