This Musical Instruments market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Musical Instruments market.
The global musical instruments market, witnessing passive growth since the global financial crisis of 2006-07, is estimated to continue sluggish development during the forecast period 2016-2026. Key markets, including the U.S., Germany, France, Italy, India, and China have experienced superficial growth in the demand for musical instruments, owing to which the global market is expected to thrive at a single digit CAGR throughout the forecast period. While North America and Western Europe will continue to hold leading market share, the Middle East, Latin America, and Africa are anticipated to account for sluggish volume-wise growth compared to major markets.
U.S. will Dominate the Market; Keyboard Stringed Instruments Will Remain the Largest Segment
U.S. will continue to account for a leading share of the global musical instruments market. The prominence of keyboard stringed instruments will continue over the forecast period, creating consistent growth opportunity for keyboard manufacturers. The trend of rising domestic demand and curtailed imported production observed in the recent past, is estimated to continue during the forecast period as well. Owing to the less-resource-hiring pattern in the overall musical instruments manufacturing industry, the competitive landscape seems to be fragmented and will continue to exhibit fragmentation. However, total production revenues are predicted remain steady during the forecast period.
Musical Instruments Market: Key Drivers
Technological innovation has played an important role in moderate demand for musical instruments on a global level. The most sought-after instruments include digital keyboards, pianos, guitar, wind instruments, and PA equipment, which are available at local retailers, superstores, and chain stores. The availability of strong and reliable online retailers is also expected to play a crucial role in generating new revenue channels. Growing popularity and influence of western music in developing regions will play a key role in sustaining the demand for musical instruments in the global market. Moreover, reestablished interest in classical music can also be considered to fuel the demand for musical instruments.
The demand for specific musical instruments is driven by the choice of a majority of population in specific regions. Moreover, cultural and socio-economic factors in respective geographies are expected to hold their influence on the sales of specific musical instruments. As growing adoption of music as a hobby or full-fledged career choice persists in adolescents, it is anticipated to push the demand for a variety of instruments in market. A considerable middle class population from emerging economies is currently enjoying substantial disposable income, increasing the expenditure on leisure, including art and music. The increasing number of music reality shows, live music bands, and concerts is projected to pose a positive impact on the increase in the demand for modern, high-tech, expensive instruments.
However, the emergence of app-based musical instruments may impede the sales of musical instruments in the near future.
Key Market Trends
- Electronic organs and pianos are expected to take over traditional instruments.
- Traditional pianos, which hold a substantial market share, are expected to face strong competition by self-playing pianos.
High quality, and low operating and maintenance costs tend to significantly influence consumers’ buying decision.
Global Musical Instruments Market: Segmentation
On the basis of region, the global musical instruments market is segmented on the basis of region into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Middle East & Africa (MEA), and Japan.
The global musical instruments market can be segmented on the basis of type into percussion instruments, string instruments, piano & key instruments, and organs & air blown instruments. The global musical instruments market can be segmented on the basis of applications into commercial events, personal use, and music production etc. The end use segmentation of global musical instruments market comprises personal and commercial use.
Key Players in Global Musical Instruments Market
The key participants in the global musical instruments market are Gibson Guitars and Basses, QRS Music, Fender Musical Corporation, Steinway Musical Instruments, Zildjian Cymbals, Paiste Cymbals, Cort, Casio, Yamaha, C F Martin, Korg, Roland, Kawai, Pearl, Tama, Mapex, Sonor, ESP, Ibanez, Pluto, Tristar, and Granada. However, Yamaha, QRS Music, and Steinway are witnessing higher sales opportunities compared to other companies.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Musical Instruments Market
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Frequently Asked Questions
What research methodology is used to develop the Musical Instruments Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Musical Instruments Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Musical Instruments Market report?
In addition to up-to-date market figures and customized of the Musical Instruments Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.