Musical Instrument Market Size To Increase USD 807.99 Million | Market Insights Highlights Growing Popularity of Musical Performances and Concerts as a Key Driver

NEW YORK, January 11, 2022 / PRNewswire / – According to the research report “Musical Instruments Market by Product and Geography – Forecast and Analysis 2021-2025“The market will experience an annual growth of 2.11% in 2021 at a CAGR of nearly 2% during the forecast period. In addition, this report broadly covers the market segmentation by product (Stringed Instruments, Pianos and keyboards, drums and percussion instruments, and others) and geography (North America, Europe, APAC, South America, and MEA).

Attractive Opportunities in Musical Instrument Market by Product and Geography – Forecast and Analysis 2021-2025

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Supplier Information
The musical instrument market is fragmented and vendors are deploying growth strategies such as product portfolio extensions and product innovations to compete in the market. The market has international and national traders spread across different regions.

To stay ahead of the competition, major industry players offer inexpensive stationery and office supplies through various distribution channels. The major suppliers in this market offer personalized stationery products and wholesale through electronic auctions to increase their revenue share. Salespeople create value by leveraging their competitive advantages. Market players are focused on improving their key skills as well as implementing various methods.

The report analyzes the competitive landscape of the market and offers information about several vendors of the market, including:

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Geographic market analysis
North America will provide maximum growth opportunities in the musical instruments market during the forecast period. According to our research report, the region will contribute 40% of the global market growth and is expected to dominate the market until 2025.

In terms of demand for instruments and income, United States is the largest market in the region. The growing popularity of music and live entertainment has resulted in an increase in the number of dance clubs and pubs, increasing the demand for DJ equipment. Several music festivals and shows are organized in the region. Moreover, because North America has the highest per capita disposable income, musical instruments are more affordable here than in other parts of the world. The growing interest in live music concerts is expected to boost the market for musical instruments in the region.

In addition, countries such as North America, Europe, APAC, South America, and MEA are expected to become prominent markets for the musical instrument market during the forecast period.

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Analysis of key segments
Growth in the musical instruments market share by product segment will be significant during the forecast period. Stringed instruments such as guitars, violins, violas, cellos and banjos make music by vibrating stretched strings made of materials such as plant fibers, animal guts, silk, metal and synthetic materials (nylon or plastic). The segment is expected to grow significantly during the forecast period owing to the increasing number of vendors offering guitars in the market. The market is experiencing intense competition due to the presence of many small and large guitar vendors who manufacture guitars in different grades and price ranges to meet different consumer needs. In addition, the increasing number of music groups and touring teams around the world and increasing audience base are likely to enhance the growth of the string instrument segment during the forecast period.

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Main market drivers and trends:
One of the major factors fueling the growth of the musical instrument market is the growing popularity of live musical performances and concerts. The propensity to attend live music events rather than just listening to new releases and recorded music or watching TV shows at home is increasing. The increased demand for high-tech and high-priced musical instruments has resulted from an increase in the number of concerts and performances. Musicians and artists with a large fan base have also influenced their fans to buy musical instruments. All of these are contributing to the expansion of the market.

The major players in the musical instrument industry are increasingly focusing on bringing innovative technologies and product ideas to market. Easy to play, rich and pure sound, and increased volume regulation are all major benefits of using these state-of-the-art instruments. The major players design and develop several improved versions of musical instruments due to the increasing use of advanced technologies. Another notable advance is the introduction of software embedded in musical instruments, which serves to improve sound quality and ease of performance.

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Associated reports:

Music and Video Market by Type, Platform and Geography – Forecast and Analysis 2021-2025

Smart Sports Equipment Market by Product and Geography – Forecast and Analysis 2021-2025

Scope of the Musical Instrument Market

Cover of the report

Details

Page number

120

Year of reference

2020

Forecast period

2021-2025

Growth dynamics and CAGR

Accelerate to a 2% CAGR

Market growth 2021-2025

$ 807.99 million

Market structure

Fragmented

Annual growth (%)

2.11

Regional analysis

North America, Europe, APAC, South America and MEA

Efficient contribution to the market

North America at 40%

Main consumer countries

United States, Japan, China, United Kingdom and Germany

Competitive landscape

Leading companies, competitive strategies, reach of consumer engagement

Profiled companies

CF Martin & Co. Inc., Casio Computer Co. Ltd., Fender Musical Instruments Corp., Gibson Brands Inc., HOSHINO GAKKI Co. Ltd., Kawai Musical Instruments Mfg. Co. Ltd., KORG Inc., Roland Corp. , Steinway Inc. and Yamaha Corp.

Market dynamics

Parent Market Analysis, Market Growth Drivers and Obstacles, Analysis of Fast Growing and Slow Growing Segments, Impact of COVID 19 and Future Consumer Dynamics, Analysis of Market Conditions for the Forecast Period,

Customization

If our report didn’t include the data you’re looking for, you can reach out to our analysts and customize the segments.

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Technavio is one of the world’s leading technology research and consulting companies. Their research and analysis focuses on emerging market trends and provides actionable information to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s report library includes over 17,000 and more reports, spanning 800 technologies, spanning 50 countries. Their customer base consists of companies of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research and actionable market intelligence to identify opportunities in existing markets. and potentials and assess their competitive positions in changing market scenarios.

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