Musical Instruments Market Size is Expected to Reach USD 11,589.8 Million by 2030, Business and Future Opportunities
The global musical instruments market size was valued at USD 9,826.5 million in 2020 and is projected to reach USD 11,589.8 million by 2030, registering a CAGR of 2.1%. The report provides a detailed analysis of major investment pockets, top winning strategies, drivers and opportunities, market size and estimates, competitive landscape and changing market trends.
A musical instrument is a device designed or modified to produce musical sounds. Instruments are classified according to their effective range, material composition, size and function. Various methods examine aspects such as physical properties of the instrument such as material, color, shape, use of the instrument, method by which music is produced with the instrument, range of l instrument and the place of the instrument in an orchestra or other band.
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The majority of musical instruments are easily classified into one of six main groups, including the bowed, woodwind, brass, percussion, keyboard, and guitar family, the first four of which form the basis of the modern symphony orchestra. Four main wind instruments in the orchestra use a system of keys, usually silver, which, when pressed and released in different ways, allow air to pass through different lengths of the instrument, giving notes of varying pitch.
The increase in disposable income is a key factor driving the sale of musical instruments. This, in turn, is expected to have a significant impact on the growth of the musical instruments market industry over the forecast period.
Technological innovation has played an important role in the growth of the market demand for musical instruments. Digital keyboards, pianos, guitars, and wind instruments are among the most popular instruments, and they can be found at local retailers, supermarkets, and chain stores. The availability of strong and trustworthy online retailers is expected to play an important role in generating new revenue channels.
Additionally, the rise in popularity and influence of Western music in developing countries is expected to play a significant role in sustaining the global demand for musical instruments. Furthermore, the increased interest in classical music is expected to fuel the demand for musical instruments, thus contributing to the growth of the musical instruments market in particular.
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The segmentation of the musical instruments market is done on the basis of type, distribution channel, and region. By type, the musical instruments market is categorized into strings, brass & woodwinds, percussion, and keywords. According to the distribution channel, it is separated into supermarkets/hypermarkets, specialty stores and online sales channel. Regionally, the musical instruments market is analyzed across North America, Europe, Asia Pacific, and LAMEA.
During the COVID-19 pandemic, supply chain disruption was a major issue for manufacturers as countries closed borders or raised trade barriers. As a result, manufacturers and exporters faced fierce competition to sell their products overseas. Additionally, in the wake of the ensuing closures and retail store closures, on-site sales at supermarkets and convenience stores declined as people practiced social distancing and avoided gatherings and going out. Sales through online retail channels, on the other hand, have contributed significantly to market penetration.
The major players operating in the global musical instruments industry are Yamaha Corporation, Kawai Musical Instruments Mfg. Co. Ltd., Guangzhou Pearl River Piano Group Ltd., Casio Computer Co. Ltd, CF 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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Main results of the study
Global Musical Instruments Market was valued at USD 9,826.5 Million in 2020 and is projected to reach USD 11,589.8 Million by 2030, registering a CAGR of 2.1%.
By type, the string segment accounted for 43.1% of the musical instruments market share in 2020 and is expected to grow at a CAGR of 1.8% during the forecast period.
Based on distribution channel, specialty store segment led the market, with $7,336.3 million in 2020, and is expected to reach $8,489.8 million by 2030, at a CAGR of 1. 9%.
Regionally, Asia-Pacific showed the highest growth, accounting for $5,031.2 million in 2020, and is expected to reach $5,748.6 million by 2030, with a CAGR of 1.8 %.
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