Increase in demand for electronic or self-playing musical instruments, rise in popularity of music concerts and live performance, and surge in purchasing power of people drive the growth of the global musical instruments market. Asia-Pacific contributed to the highest share in 2020, holding for more than half of the total share.
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According to the report published by Allied Market Research, the global musical instruments market generated $9.8 billion in 2020, and is projected to reach $11.5 billion by 2030, witnessing a CAGR of 2.1% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Aniket Kadam, a Senior Research Analyst, Consumer Goods at Allied Market Research, stated, “Surge in demand for electronic or self-playing instruments, increase in popularity of music concerts and live performances, and rise in purchasing power act as the key driving forces of the musical instruments market. Furthermore, upsurge in e-commerce sales is anticipated to provide remunerative opportunities for the expansion of the global musical instruments market.”
COVID-19 scenario:
- Owing to lockdown measures implemented during the Covid-19 pandemic, production activities of musical instruments have been hampered. Closure of manufacturing plants, lack of availability of laborers, and insufficient number of raw materials led to halt in production with full capacities.
- Moreover, the supply chain has been disrupted and distribution channels such as supermarket and specialty stores were closed during the lockdown. This led to reduced sales of musical instruments, impacting the overall revenue generation.
The report offers detailed segmentation of the global musical instruments market based on type, distribution channel, and region.
Based on type, the stringed segment accounted for the highest share in 2020, contributing to more than two-fifths of the total share, and is projected to continue its dominance in terms of revenue during the forecast period. However, the percussion segment is projected to manifest the highest CAGR of 2.8% from 2021 to 2030.
Based on distribution channel, the specialty stores segment held the largest share in 2020, accounting for nearly three-fourths of the global musical instruments market, and is expected to continue its leadership status during the forecast period. However, the online sales channel segment is projected to witness the largest CAGR of 2.8% from 2021 to 2030.
Based on region, Asia-Pacific contributed to the highest share in 2020, holding for more than half of the total share, and is expected to maintain its lead position by 2030. However, the LAMEA is projected to portray the fastest CAGR of 2.8% during the forecast period. The research also analyzes regions including North America and Europe.
Leading players of the global musical instruments market analyzed in the research include Yamaha Corporation, Kawai Musical Instruments Mfg. Co. Ltd., Guangzhou Pearl River Piano Group Ltd., Casio Computer Co. Ltd., C.F. Martin & Co. Inc, D’addario & Company Inc., Eastman Music Company, Fender Musical Instruments Corporation, Roland Corporation, Steinway & Sons, and Yanagisawa Wind Instruments Co. Ltd.
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