The global musical instrument market size was valued at 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.
Music has long been a major source of entertainment for people globally and musical instruments have helped musicians compose and record a variety of music pieces across several genres. The very feature of these instruments, which is the ability to create different styles of music, has encouraged many people to join music classes to learn to play them. This factor has boosted the demand for musical equipment, which will further enhance market growth.
Fortune Business Insights™ displays this information in a report titled, “Musical Instrument Market, 2023-2030.”
List of Key Players in the Musical Instrument Market:
- 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)
Flexibility and Expressiveness Features Offered by Strings Instruments to Boost Their Sales
- String Instruments
- Keyboards & DJ Equipment
- Recording Equipment
- Percussion Instruments
The string instrument segment is poised to dominate the musical instruments market, driven by their inherent flexibility and expressiveness, catering to various genres of music.
Vast Collection and High-Quality Assurance to Improve Customer Footfall in Offline Stores
Distribution Channel Segmentation:
- Offline Stores
- Online Stores
Offline stores are anticipated to command a significant market share owing to their extensive collection of both common and unique instruments, coupled with their commitment to providing high-quality assurance to customers.
- North America
- Asia Pacific
- South America
- Middle East & Africa
The market report provides a comprehensive analysis, covering key aspects such as applications, distribution channels, product types, and major market players. It also encompasses recent industry developments and emerging market trends, contributing to the market’s growth in recent years.
Drivers and Restraints:
Introduction of Innovative Technologies in Musical Equipment to Amplify Market Growth
The music industry is witnessing a surge in the adoption of advanced technologies to enhance the listener experience. These technologies are increasingly integrated into musical instruments, enabling a diverse range of sounds and tones. Despite driving market growth, fluctuations in raw material prices pose a potential hindrance to market outlook.
Asia Pacific Leads Due to Rising Number of Children Opting for Music Education
Asia Pacific is poised to lead the global musical instrument market, fueled by the growing emphasis on music education across the region. Rising disposable incomes enable families to invest in high-quality musical equipment, further propelling market growth. Additionally, Europe exhibits robust growth, driven by the deep cultural significance of music in countries like Spain, Italy, and the U.K.
Key Market Players to Increase Presence on Social Media Platforms to Help Them Dominate Market
Leading companies in the market are leveraging social media platforms to expand their presence, capitalizing on the growing interest in learning musical instruments. Social media serves as a strategic tool for market players to explore new markets and bolster their geographic reach, aligning with the evolving career aspirations of individuals pursuing music professionally.
Notable Industry Development:
January 2022: American music instrument manufacturer C.F. Martin & Co. Inc. introduced three innovative ‘SC’ model guitars – SC-10E, SC-13E Special, and SC-13E Special Burst. These guitars feature new electric capabilities and cutting-edge upgrades, catering to evolving consumer preferences and demands.