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The viola market share is expected to increase to USD 5.77 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 2.13%.
This viola 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 viola market segmentation by end-user (professional and amateur) and geography (North America, APAC, Europe, South America, and Middle East and Africa). The viola market report also offers information on several market vendors, including BELLAFINA, Christina Violin, Crystalcello Musical Instruments, D Z Strad, David Milward Violas, Eastman Music Co., EMD Music, GLIGA Violins USA Inc., Jay Haide, Karl Hofner GmbH and Co. KG, Knilling Violins, Maple Leaf Strings, NS Design, Palatino USA, Stentor Music Co. Ltd., Stringworks Inc., Thrasio LLC, and Yamaha Corp. among others.
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The availability of web-based learning material is notably driving the viola market growth, although factors such as the high manufacturing cost and long replacement cycle of viola 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 viola industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Viola Market Driver
One of the key factors driving growth in the viola market is the availability of web-based learning material. With advancements in web technology, a number of online tutorial sites use videos, reference articles, and other teaching methodologies to help individuals learn how to play viola. This has also simplified the learning process for individuals who have busy work schedules and do not find time to join classes. Also, this helps individuals who cannot afford to pay a high fee for these music classes by offering courses at no or minimal cost. The availability of learning materials online encourages individuals to buy, learn, and play viola and, hence, is expected to drive the market during the forecast period.
Key Viola Market Trend
The rising preference for pre-owned violas among musicians is a viola market trend that is expected to have a positive impact in the coming years. Consumers often purchase pre-owned musical instruments like guitars, violins, and violas due to cost limitations. As the cost of new musical instruments is quite high, individuals prefer purchasing used instruments at a reduced cost. Due to the reduced rate, the demand for used instruments is rising, posing a challenge to the demand for new instruments. These refurbished instruments can be purchased from offline as well as online stores such as eBay and Reverb.
Key Viola Market Challenge
The high manufacturing cost and long replacement cycle of viola will be a major challenge for the viola market during the forecast period. The increasing cost of raw materials has led to a rise in the manufacturing cost of electronic musical instruments such as electric viola. The price of raw materials such as wood or timber, and metal, materials used to manufacture high-quality precision violas, has increased significantly over the past few years. Also, governments of various countries have restricted tree cutting and imposed numerous trade restrictions, which compels small manufacturers to use cheaper substitutes to make musical instruments. The long replacement cycle of musical instruments is a major challenge for musical instrument vendors. The maintenance costs are low and do not require the complete replacement of the instrument. Factors like these have negatively impacted the global viola market.
This viola 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.
Technavio categorizes the global viola 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 viola market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the viola market encompasses successful business strategies deployed by the key vendors. The viola market is fragmented and the vendors are deploying growth strategies such as investing significantly in procuring high-quality raw materials and focus on product-related R&D to compete in the market.
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 viola 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.
Our report provides extensive information on the value chain analysis for the viola 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.
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38% of the market's growth will originate from APAC during the forecast period. Japan and China are the key markets for viola in APAC. Market growth in this region will be faster than the growth of the market in the European and North American regions.
The growing demand for musical instruments in countries such as China, Japan, Australia, India, and Taiwan will facilitate the viola 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
The rising threat of COVID-19 led to a complete lockdown in the region in 2020. Several countries, such as China, India, Nepal, Pakistan, South Korea, Malaysia, Sri Lanka, and the Philippines, were under a partial or full lockdown. The regional viola market started to recover in 2021, with the advent of vaccines against COVID-19. The region has also witnessed an increasing demand for viola in offline retail outlets. The growing trend of live performances and concerts by globally recognized artists and musicians across countries such as India, Australia, and South Korea is expected to complement the growth of the viola market in the region during the forecast period.
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The viola market share growth by the professional segment will be significant during the forecast period. Vendors are investing substantially in research and development to integrate better features in professional musical instruments such as string musical instruments and percussions. However, the high adoption of digital music by musicians and less interference from artists have resulted in the diminishing growth rate of the professional end-user segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the viola market size and actionable market insights on post COVID-19 impact on each segment.
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Viola Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.13% |
Market growth 2022-2026 |
$ 5.77 million |
Market structure |
Fragmented |
YoY growth (%) |
1.56 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 38% |
Key consumer countries |
US, Japan, China, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
BELLAFINA, Christina Violin, Crystalcello Musical Instruments, D Z Strad, David Milward Violas, Eastman Music Co., EMD Music, GLIGA Violins USA Inc., Jay Haide, Karl Hofner GmbH and Co. KG, Knilling Violins, Maple Leaf Strings, NS Design, Palatino USA, Stentor Music Co. Ltd., Stringworks Inc., Thrasio LLC, 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, 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 report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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