Global Musical Instrument Industry to 2030 – Increasing Adoption of Advanced Technology Presenting Opportunities – ResearchAndMarkets.com

DUBLIN – (COMMERCIAL THREAD) – The report “Musical Instruments Market by Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030” has been added to ResearchAndMarkets.com offer.

The global musical instruments market size was valued at $ 9,826.5 million in 2020 and is expected to reach $ 11,589.8 million by 2030, registering a CAGR of 2.1%.

Any device that produces musical sound is called a musical instrument. Percussion, string, keyboard, wind and electronic instruments are the most common types. Many factors can influence the sound of an instrument, including the material used to make it, its size and shape, and the way it is played. Stringed instruments, for example, can be struck, plucked or rubbed, each producing a distinct sound.

One of the key factors in the growth of the musical instrument market is the growing popularity of live musical performances and concerts. Attending live music events rather than listening to musical releases and recorded music or watching TV shows at home is becoming more and more popular.

In recent years, the growth of the musical instrument market has encouraged and prompted new entrants to enter niche segments. Some of the major growth drivers of the global musical instrument market include increased efficiency of advertising campaigns, increased popularity of digital instruments, and technological advancements in manufacturing processes. In addition, increased disposable income and increased spending capacity of consumers benefit the global musical instrument industry.

In addition, the increased demand for high-tech and expensive musical instruments has resulted in a significant increase in the number of concerts and live performances. Musicians and artists who have a large fan base have made their fans buy musical instruments. So, all these factors are collectively contributing to the expansion of the global Musical Instrument Market.

Manufacturers all over the world are increasing their investment in R&D which is expected to boost the global musical instrument market during the forecast period. The increased consumer demand for innovative musical instruments is further expected to positively impact the growth of the global market.

The COVID-19 outbreak has negatively impacted the growth of the global musical instrument market. Sales were disappointing in the first quarter and many stores were closed. Despite the fact that many industries are suffering from the COVID-19 crisis, with several industries experiencing declining consumer demand, the musical instrument market is expected to grow at a promising rate, owing to the increased penetration of digital musical instruments. .

The global musical instrument market is segmented into type, distribution channel, and region. On the basis of type, the market is categorized into Strings, Brass & Woodwinds, Percussion & Keyboard. According to the distribution channel, the musical instrument market is fragmented into supermarkets / hypermarkets, specialty stores and online sales channel. Regionally, the market is analyzed North America (United States, Canada and Mexico), Europe (Germany, France, Italy, United Kingdom, Netherlands, Spain and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and rest of Asia-Pacific) and LAMEA (Brazil, South Africa, Saudi Arabia, United Arab Emirates and rest of LAMEA).

Key Benefits

  • This report provides quantitative analysis of global Musical Instrument market trends, estimates, and current dynamics from 2021 to 2030 to identify existing market opportunities.

  • Porter’s Five Forces Analysis highlights the power of buyers and suppliers to empower stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.

  • A thorough analysis of the market segmentation helps in determining the existing market opportunities.

  • Top countries in each region are mapped based on their contribution to global industry revenue.

  • The market player positioning segment facilitates benchmarking while providing a clear understanding of the current position of major market players.

  • The report includes regional and global market analyzes, major players, market segments, application areas, and growth strategies.

Market dynamics

Conductors

  • Increased demand for electronic or stand-alone musical instruments

  • Increased popularity of music concerts and live performances

  • Increase in the purchasing power of the population

Detention

  • High cost of electronic musical instruments

  • Lack of customer desire to buy musical instruments

Opportunity

  • Growth in e-commerce sales

  • Increased adoption of advanced technology

Companies mentioned

  • Yamaha Company

  • Kawai Mfg Musical Instruments. Co. Ltd.

  • Guangzhou Pearl River Piano Group Ltd.

  • Casio Computer Co. Ltd.

  • CF Martin & Cie Inc

  • D’addario & Company Inc.

  • Eastman Music Company

  • Fender Musical Instrument Company

For more information on this report, visit https://www.researchandmarkets.com/r/mo8sdi