The global Musical Instruments Market is estimated to reach USD 9.4 billion by the end of 2025, growing with a CAGR of 3.2%, over the forecast period, according to a new report by Million Insights. The high product visibility of music instruments owing to advent technology is expected to propel the market growth. The rising awareness among consumers especially in younger generation for the music is also projected to proliferate the demand for the product.
The stringed & percussion held the highest share in the overall market owing to the high demand for instruments such as pianos, violins, and guitars. The millennial generation is more attracted to guitars which in turn is expected to propel the segmental growth. The digital instruments are anticipated to grow at the fastest CAGR of 4.1% during the forecast period. Digital instruments are capable of producing different sounds using embedded circuits.
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The Asia Pacific accounted for the largest market share in the overall market, due to the high demand from countries such as China and Japan. In addition, the rising trend of western music, especially in developing countries, is expected to grow significantly over the next few years. This factor is encouraging manufacturers to set up new production facilities in these regions and expand their business.
North America is projected to grow at the fastest CAGR rate in the market. In the U.S. the growing demand for the high quality and advent featured digital & electronic instruments is expected to foster musical instrument market growth. The majority of people in the region encourage their children to learn music which in turn is driving the growth of the market.
Major players in the market include Roland Corporation, Steinway & Sons, Yamaha Corporation, Fender Musical Instruments Corporation, Casio Computer Co., Ltd., C.F. Martin & Co., Ltd.
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Further key findings from the report suggest:
• Based on instrument type, wind instrument is expected to grow at the CAGR of 3.1% from 2019 to 2025, owing to the growing consumer preference towards traditional music.
• Europe is projected to grow at a CAGR of 3.5% due to the high demand for the product in the countries like France, and Germany along with western music trends.
• According to the new trade rules for musical instruments, rosewood contained instruments requires separate documentation.
Million Insights has segmented the global musical instruments market based on instrument type, and region:
Musical Instruments Instrument Type Outlook (Revenue, USD Million, 2015 – 2025)
• Stringed & Percussion
• Digital Musical
Musical Instruments Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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