Musical instrument market size to grow by USD 1.55 million from 2021 to 2026
Musical instrument market size to grow by USD 1.55 million from 2021 to 2026: A descriptive analysis of customer landscape, vendor assessment, and market dynamics – Technavio
NEW YORK, Jan. 16, 2023 /PRNewswire/ — The global musical instrument market size is estimated to increase by USD 1.55 million from 2021 to 2026. The market’s growth momentum will accelerate at a CAGR of 3.15% during the forecast period
Global musical instrument market – Vendor analysis
Vendor offerings –
C. F. Martin and Co. Inc. – The company offers musical instruments such as guitars, ukuleles, strings, gears, and accessories.
Casio Computer Co. Ltd. – The company offers wide range of musical instruments such as Privia PX S1000, Casiotone CT S200, High Grade CT X5000, and CELVIANO Grand Hybrid GP 500BP.
Fender Musical Instruments Corp. – The company offers musical instruments such as electric guitars, acoustic guitars, electric basses and accessories.
Gibson Brands Inc. – The company offers musical instruments such as electric guitar, acoustic guitar, and accessories.
For details on vendors and their offerings
Vendor landscape –
The global musical instrument market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer musical instruments in the market are B.C. Rich Guitars, C. F. Martin and Co. Inc., Casio Computer Co. Ltd., D Addario and Co. Inc., Fender Musical Instruments Corp., Gibson Brands Inc., HOSHINO GAKKI Co. Ltd., Karl Hofner GmbH and Co. KG, Kawai Musical Instruments Mfg. Co. Ltd., KHS America Inc., KORG Inc., Paul Reed Smith Guitars, QRS Music Technologies Inc., Rickenbacker International Corp., Roland Corp., Schecter Guitar Research Inc., Steinway Inc., Taylor Listug Inc., Yamaha Corp., and Yanagisawa Wind Instruments Co. Ltd. and others.
The global musical instrument market is at its growing stage. The major players compete based on product mix and the value proposition associated with each product. Major players in the market offer office stationery and supplies through multiple distribution channels, as well as at discounted prices, to combat competition. Vendors are leveraging their competitive advantages for value addition. Prominent vendors in this market offer customized stationery products and sell products in bulk through e-auctioning to increase their revenue share.
Global musical instrument market – Customer Landscape
To help companies evaluate and develop growth strategies, the report outlines –
Key purchase criteria
Adoption rates
Adoption lifecycle
Drivers of price sensitivity
Global musical instrument market – Segmentation assessment
Segment overview
Technavio has segmented the market based on products (string instruments, pianos and keyboards, drums and percussion instruments, and others).
The string instruments segment will grow at a significant rate during the forecast period. The market experiences intense competition because of the presence of numerous small and large guitar vendors that manufacture guitars of various quality and price ranges to suit different consumers’ requirements. The segment can be subdivided into acoustic string instruments and electric string instruments. The acoustic string instruments sub-segment contributes considerably to the string instruments segment’s growth, owing to the easy availability and affordability of these instruments.
Geography Overview
By geography, the global musical instrument market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global musical instrument market.
North America will account for 42% of the market’s growth during the forecast period. The US is the key market for musical instruments in North America. Market growth in this region will be faster than the growth of the market in the South American, APAC, and MEA regions. The rising demand for live music and performances is leading to an increase in the number of dance clubs and pubs.
Global musical instrument market – Market dynamics
Leading drivers – The increasing popularity of live musical performances and concerts is one of the significant factors fueling the musical instrument market growth. The willingness to attend live music events instead of listening solely to music releases and recorded music and watching broadcasts on television at home is increasing. A significant rise in the number of concerts and live performances has resulted in an increased demand for high-tech and high-priced musical instruments. Musicians and artists with high fan followings have also inspired their followers to purchase musical instruments. All these factors fuel the growth of the musical instrument market.
Key trends – The rising popularity of online stores is another factor supporting the musical instrument market share growth. Over the last few years, the popularity of online retail has increased significantly. Many brick-and-mortar sellers have adopted online platforms to tap the increasing demand for their products. Musical instrument vendors can target their customers through online retailing because of the advantages of convenience and cost-effectiveness. Hence, the rising popularity of online musical instrument stores is likely to provide immense growth opportunities for the global musical instrument market during the forecast period.
Major challenges – The high penetration of mobile devices will be a major challenge for the musical instrument market during the forecast period. Technological innovations and advancements in mobile technologies, along with the rising penetration of mobile phones, will impact the demand for musical instruments. The increasing acceptance of notepads and mobile phones, along with novel internet technologies, is reducing the consumption of conventional musical instruments. Music applications on smartphones allow consumers to play virtual musical instruments. Hence, the rising penetration of mobile devices and the increasing number of music applications are likely to impede the growth of the global musical instrument market.
What are the key data covered in this musical instrument market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the musical instrument market between 2022 and 2026
Precise estimation of the musical instrument market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the musical instrument industry across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market’s competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of musical instrument market vendors
Gain instant access to 17,000+ market research reports.
Related Reports:
The smart musical instruments market share is expected to increase by USD 15.73 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.43%. Furthermore, this report extensively covers smart musical instruments market segmentation by technology (connected instruments and wearables), end-user (professionals and hobbyists), and geography (North America, APAC, Europe, South America, and MEA).
The electronic musical instruments market share is expected to increase by USD 505.09 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 3.09%. Furthermore, this report extensively covers market segmentation by end-user (electric pianos and keyboards, string instruments, drums and percussion instruments, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa).
Table of Contents:
1 Executive Summary
1.1 Market Overview
Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
Exhibit 06: Executive Summary – Chart on Incremental Growth
Exhibit 07: Executive Summary – Data Table on Incremental Growth
Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 09: Parent market
Exhibit 10: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 11: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 12: Market segments
3.3 Market size 2021
3.4 Market outlook: Forecast for 2021-2026
Exhibit 13: Chart on Global – Market size and forecast 2021-2026 ($ million)
Exhibit 14: Data Table on Global – Market size and forecast 2021-2026 ($ million)
Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
4.1 Five forces summary
Exhibit 17: Five forces analysis – Comparison between2021 and 2026
4.2 Bargaining power of buyers
Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
4.3 Bargaining power of suppliers
Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
4.4 Threat of new entrants
Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
4.5 Threat of substitutes
Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
4.6 Threat of rivalry
Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
4.7 Market condition
Exhibit 23: Chart on Market condition – Five forces 2021 and 2026
5 Market Segmentation by Product
5.1 Market segments
Exhibit 24: Chart on Product – Market share 2021-2026 (%)
Exhibit 25: Data Table on Product – Market share 2021-2026 (%)
5.2 Comparison by Product
Exhibit 26: Chart on Comparison by Product
Exhibit 27: Data Table on Comparison by Product
5.3 String instruments – Market size and forecast 2021-2026
Exhibit 28: Chart on String instruments – Market size and forecast 2021-2026 ($ million)
Exhibit 29: Data Table on String instruments – Market size and forecast 2021-2026 ($ million)
Exhibit 30: Chart on String instruments – Year-over-year growth 2021-2026 (%)
Exhibit 31: Data Table on String instruments – Year-over-year growth 2021-2026 (%)
5.4 Pianos and keyboards – Market size and forecast 2021-2026
Exhibit 32: Chart on Pianos and keyboards – Market size and forecast 2021-2026 ($ million)
Exhibit 33: Data Table on Pianos and keyboards – Market size and forecast 2021-2026 ($ million)
Exhibit 34: Chart on Pianos and keyboards – Year-over-year growth 2021-2026 (%)
Exhibit 35: Data Table on Pianos and keyboards – Year-over-year growth 2021-2026 (%)
5.5 Drums and percussion instruments – Market size and forecast 2021-2026
Exhibit 36: Chart on Drums and percussion instruments – Market size and forecast 2021-2026 ($ million)
Exhibit 37: Data Table on Drums and percussion instruments – Market size and forecast 2021-2026 ($ million)
Exhibit 38: Chart on Drums and percussion instruments – Year-over-year growth 2021-2026 (%)
Exhibit 39: Data Table on Drums and percussion instruments – Year-over-year growth 2021-2026 (%)
5.6 Others – Market size and forecast 2021-2026
Exhibit 40: Chart on Others – Market size and forecast 2021-2026 ($ million)
Exhibit 41: Data Table on Others – Market size and forecast 2021-2026 ($ million)
Exhibit 42: Chart on Others – Year-over-year growth 2021-2026 (%)
Exhibit 43: Data Table on Others – Year-over-year growth 2021-2026 (%)
5.7 Market opportunity by Product
Exhibit 44: Market opportunity by Product ($ million)
6 Customer Landscape
6.1 Customer landscape overview
Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
7.1 Geographic segmentation
Exhibit 46: Chart on Market share by geography 2021-2026 (%)
Exhibit 47: Data Table on Market share by geography 2021-2026 (%)
7.2 Geographic comparison
Exhibit 48: Chart on Geographic comparison
Exhibit 49: Data Table on Geographic comparison
7.3 North America – Market size and forecast 2021-2026
Exhibit 50: Chart on North America – Market size and forecast 2021-2026 ($ million)
Exhibit 51: Data Table on North America – Market size and forecast 2021-2026 ($ million)
Exhibit 52: Chart on North America – Year-over-year growth 2021-2026 (%)
Exhibit 53: Data Table on North America – Year-over-year growth 2021-2026 (%)
7.4 Europe – Market size and forecast 2021-2026
Exhibit 54: Chart on Europe – Market size and forecast 2021-2026 ($ million)
Exhibit 55: Data Table on Europe – Market size and forecast 2021-2026 ($ million)
Exhibit 56: Chart on Europe – Year-over-year growth 2021-2026 (%)
Exhibit 57: Data Table on Europe – Year-over-year growth 2021-2026 (%)
7.5 APAC – Market size and forecast 2021-2026
Exhibit 58: Chart on APAC – Market size and forecast 2021-2026 ($ million)
Exhibit 59: Data Table on APAC – Market size and forecast 2021-2026 ($ million)
Exhibit 60: Chart on APAC – Year-over-year growth 2021-2026 (%)
Exhibit 61: Data Table on APAC – Year-over-year growth 2021-2026 (%)
7.6 South America – Market size and forecast 2021-2026
Exhibit 62: Chart on South America – Market size and forecast 2021-2026 ($ million)
Exhibit 63: Data Table on South America – Market size and forecast 2021-2026 ($ million)
Exhibit 64: Chart on South America – Year-over-year growth 2021-2026 (%)
Exhibit 65: Data Table on South America – Year-over-year growth 2021-2026 (%)
7.7 Middle East and Africa – Market size and forecast 2021-2026
Exhibit 66: Chart on Middle East and Africa – Market size and forecast 2021-2026 ($ million)
Exhibit 67: Data Table on Middle East and Africa – Market size and forecast 2021-2026 ($ million)
Exhibit 68: Chart on Middle East and Africa – Year-over-year growth 2021-2026 (%)
Exhibit 69: Data Table on Middle East and Africa – Year-over-year growth 2021-2026 (%)
7.8 US – Market size and forecast 2021-2026
Exhibit 70: Chart on US – Market size and forecast 2021-2026 ($ million)
Exhibit 71: Data Table on US – Market size and forecast 2021-2026 ($ million)
Exhibit 72: Chart on US – Year-over-year growth 2021-2026 (%)
Exhibit 73: Data Table on US – Year-over-year growth 2021-2026 (%)
7.9 Japan – Market size and forecast 2021-2026
Exhibit 74: Chart on Japan – Market size and forecast 2021-2026 ($ million)
Exhibit 75: Data Table on Japan – Market size and forecast 2021-2026 ($ million)
Exhibit 76: Chart on Japan – Year-over-year growth 2021-2026 (%)
Exhibit 77: Data Table on Japan – Year-over-year growth 2021-2026 (%)
7.10 China – Market size and forecast 2021-2026
Exhibit 78: Chart on China – Market size and forecast 2021-2026 ($ million)
Exhibit 79: Data Table on China – Market size and forecast 2021-2026 ($ million)
Exhibit 80: Chart on China – Year-over-year growth 2021-2026 (%)
Exhibit 81: Data Table on China – Year-over-year growth 2021-2026 (%)
7.11 UK – Market size and forecast 2021-2026
Exhibit 82: Chart on UK – Market size and forecast 2021-2026 ($ million)
Exhibit 83: Data Table on UK – Market size and forecast 2021-2026 ($ million)
Exhibit 84: Chart on UK – Year-over-year growth 2021-2026 (%)
Exhibit 85: Data Table on UK – Year-over-year growth 2021-2026 (%)
7.12 Germany – Market size and forecast 2021-2026
Exhibit 86: Chart on Germany – Market size and forecast 2021-2026 ($ million)
Exhibit 87: Data Table on Germany – Market size and forecast 2021-2026 ($ million)
Exhibit 88: Chart on Germany – Year-over-year growth 2021-2026 (%)
Exhibit 89: Data Table on Germany – Year-over-year growth 2021-2026 (%)
7.13 Market opportunity by geography
Exhibit 90: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
8.1 Market drivers
8.2 Market challenges
8.3 Impact of drivers and challenges
Exhibit 91: Impact of drivers and challenges in 2021 and 2026
8.4 Market trends
9 Vendor Landscape
9.1 Overview
9.2 Vendor landscape
Exhibit 92: Overview on Criticality of inputs and Factors of differentiation
9.3 Landscape disruption
Exhibit 93: Overview on factors of disruption
9.4 Industry risks
Exhibit 94: Impact of key risks on business
10 Vendor Analysis
10.1 Vendors covered
Exhibit 95: Vendors covered
10.2 Market positioning of vendors
Exhibit 96: Matrix on vendor position and classification
10.3 C. F. Martin and Co. Inc.
Exhibit 97: C. F. Martin and Co. Inc. – Overview
Exhibit 98: C. F. Martin and Co. Inc. – Product / Service
Exhibit 99: C. F. Martin and Co. Inc. – Key news
Exhibit 100: C. F. Martin and Co. Inc. – Key offerings
10.4 Casio Computer Co. Ltd.
Exhibit 101: Casio Computer Co. Ltd. – Overview
Exhibit 102: Casio Computer Co. Ltd. – Business segments
Exhibit 103: Casio Computer Co. Ltd. – Key news
Exhibit 104: Casio Computer Co. Ltd. – Key offerings
Exhibit 105: Casio Computer Co. Ltd. – Segment focus
10.5 Fender Musical Instruments Corp.
Exhibit 106: Fender Musical Instruments Corp. – Overview
Exhibit 107: Fender Musical Instruments Corp. – Product / Service
Exhibit 108: Fender Musical Instruments Corp. – Key news
Exhibit 109: Fender Musical Instruments Corp. – Key offerings
10.6 Gibson Brands Inc.
Exhibit 110: Gibson Brands Inc. – Overview
Exhibit 111: Gibson Brands Inc. – Product / Service
Exhibit 112: Gibson Brands Inc. – Key news
Exhibit 113: Gibson Brands Inc. – Key offerings
10.7 HOSHINO GAKKI Co. Ltd.
Exhibit 114: HOSHINO GAKKI Co. Ltd. – Overview
Exhibit 115: HOSHINO GAKKI Co. Ltd. – Product / Service
Exhibit 116: HOSHINO GAKKI Co. Ltd. – Key offerings
10.8 Kawai Musical Instruments Mfg. Co. Ltd.
Exhibit 117: Kawai Musical Instruments Mfg. Co. Ltd. – Overview
Exhibit 118: Kawai Musical Instruments Mfg. Co. Ltd. – Product / Service
Exhibit 119: Kawai Musical Instruments Mfg. Co. Ltd. – Key offerings
10.9 KORG Inc.
Exhibit 120: KORG Inc. – Overview
Exhibit 121: KORG Inc. – Product / Service
Exhibit 122: KORG Inc. – Key offerings
10.10 Roland Corp.
Exhibit 123: Roland Corp. – Overview
Exhibit 124: Roland Corp. – Product / Service
Exhibit 125: Roland Corp. – Key offerings
10.11 Steinway Inc.
Exhibit 126: Steinway Inc. – Overview
Exhibit 127: Steinway Inc. – Product / Service
Exhibit 128: Steinway Inc. – Key offerings
10.12 Yamaha Corp.
Exhibit 129: Yamaha Corp. – Overview
Exhibit 130: Yamaha Corp. – Business segments
Exhibit 131: Yamaha Corp. – Key news
Exhibit 132: Yamaha Corp. – Key offerings
Exhibit 133: Yamaha Corp. – Segment focus
11 Appendix
11.1 Scope of the report
11.2 Inclusions and exclusions checklist
Exhibit 134: Inclusions checklist
Exhibit 135: Exclusions checklist
11.3 Currency conversion rates for US$
Exhibit 136: Currency conversion rates for US$
11.4 Research methodology
Exhibit 137: Research methodology
Exhibit 138: Validation techniques employed for market sizing
Exhibit 139: Information sources
11.5 List of abbreviations
Exhibit 140: List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE – Technavio
