The global musical instrument market size was valued at USD 18.63 billion in 2022 and is expected to be worth USD 19.25 billion in 2023. The market is projected to reach USD 24.53 billion by 2030, recording a CAGR of 3.52% during the forecast period.
Musical instruments are widely used by professional as well as amateur musicians to compose different types of sounds and tunes. These instruments are also used in music education to help students learn about music theory, performance, and technique. Many music equipment manufacturing companies are integrating advanced technologies into their products to enhance the quality of the music produced. This factor is expected to boost the musical instrument market growth.
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Segmentation:
Strings Instruments to Gain Traction Due to Their Flexibility and Expressiveness Features
Based on type, the market is divided into strings instruments, keyboards & DJ equipment, recording equipment, percussion instruments, and others. The string instrument segment is expected to dominate the musical instruments market share due to their expressiveness and flexibility features. These instruments can be played across a wide range of genres and in different styles.
Offline Stores to Witness Rise in Customer Footfall Due to Quality Assurance and Wider Collection of Instruments
Based on distribution channel, the market is bifurcated into offline and online stores. The offline store segment is estimated to capture the largest market share during the forecast period as these shops provide a wider collection of instruments and high quality assurance to their customers.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report studies the market in detail and focuses on several major areas, such as leading product types, application areas, distribution channels, and key market players. It also highlights the latest market trends and the top developments in this market. Apart from the aforementioned factors, the market report covers many factors that have contributed to the market’s development in recent years.
List of Key Companies Profiled in the Report:
- Casio Computer Co. Ltd. (Japan)
- F. Martin & Co., Inc. (U.S.)
- D’addario & Company, Inc. (U.S.)
- Eastman Music Company (U.S.)
- Fender Musical Instruments Corporation (U.S.)
- Kawai Musical Instruments Mfg. Co., Ltd. (Japan)
- Roland Corporation (Japan)
- Steinway & Sons (U.S.)
- Yamaha Corporation (Japan)
- Yanagisawa Wind Instruments Co., Ltd. (Japan)
Drivers and Restraints:
Increasing Popularity of Live Concerts and Performances to Bolster Market Growth
Live performances and concerts are becoming increasingly popular due to the several advantages they offer, such as high social interaction, closer artist-fan connection, and entertainment. Attending these concerts can increase community engagement and bring like-minded people together. These factors are expected to strengthen the musical instrument market potential.
However, extreme fluctuations in raw material prices can increase the price of the end-product, which can hamper market progress.
Regional Insights:
Asia Pacific to Dominate Market Due to Growing Awareness Regarding Benefits of Music Education
Asia Pacific is expected to dominate the global musical instrument market share as more people across the region are realizing the importance of music education and the benefits it offers. Many parents are motivating their children to learn any music instrument to play to enhance their learning and development capabilities. These factors are expected to bolster the demand for musical equipment.
North America is also showing promising growth as music has a deep cultural significance in the U.S. Jazz, traditional stringed music, and acoustic are an important part of the region’s culture, which will further boost the regional market growth.
Competitive Landscape:
Growing Adoption of Social Media Platforms to Help Companies Expand Their Customer Base
The market is witnessing large-scale penetration of social media platforms as more people are trying their hands at learning a new music instrument. In fact, it has become one of the most important business growth strategies for music equipment manufacturers as social media platforms can help them tap into untapped markets and expand their geographic footprint. Rising number of aspiring and seasoned musicians adopting social media platforms is one of the key factors that can help the manufacturers cement their market positions.
Notable Industry Development:
- January 2022 – Casio Computer Co. Ltd., a Japanese electronics manufacturing firm, introduced a new range of digital keyboards that are equipped with sound source technology. This technology creates singing voices by merging lyrics and tones.
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