Piano Market: 37% of Growth to Originate from APAC, Market Driven by Inclusion of Music – Technavio
NEW YORK, July 22, 2022 /PRNewswire/ — The global piano market size is expected to grow by USD 297.28 million from 2021 to 2026 at a CAGR of 2.33% as per the latest market report by Technavio. 37% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for pianos in APAC. Market growth in this region will be faster than the growth of the market in other regions. The implementation of integrated curricula by an increasing number of schools will facilitate the piano market growth in APAC over the forecast period.
Piano Market: Market Dynamics
Major Driver:
The key factor driving growth in the piano market is the inclusion of music in academic curricula. Extracurricular activities play a vital role in the lives of students. Students who participate in such activities meet new people, which improves their social skills and cultural understanding. Participation in extracurricular activities also enables students to acquire various essential life skills, such as multitasking, teamwork, time management, prioritization, problem-solving, analytical thinking, leadership, and public speaking. Several schools, colleges, and universities across the world, especially international schools, and colleges are including extracurricular activities and add-on courses, such as music, in their curricula.
Major Challenges:
The availability of music production software will be a major challenge for the piano market during the forecast period. Music production software is a direct substitute for different types of musical instruments, such as pianos. Such software has various options which enable users to compose music that is similar to the music produced by professional musicians. Music production software enables amateurs to produce music without training. Such software is versatile and offers a wide range of sounds. They also cost less than various types of musical instruments, such as pianos. The use of such software enables mobility and allows the recording of music in different environments.
Piano Market: Vendor Analysis
The piano market is fragmented and the vendors are deploying growth strategies such as focusing on building brand equity to differentiate themselves and compete in the market.
AUGUST FORSTER GmbH
C. Bechstein Pianoforte AG
Carl Sauter Pianofortemanufaktur GmbH and Co. KG
CASIO Computer Co. Ltd.
Fazioli Pianoforti spa
GROTRIAN PIANO COMPANY GmbH
Guangzhou Pearl River Piano Group Co. Ltd.
Julius Bluthner Pianofortefabrik GmbH
Kawai Musical Instruments Mfg. Co. Ltd.
KORG Inc.
Mason and Hamlin Piano Co.
PETROF Spol s.r.o.
Roland Corp.
Samick Music Corp.
SCHULZE POLLMANN PIANOFORTI SRL
Steingraeber and Sohne KG
Steinway Inc.
Stuart and Sons
Wilhelm Schimmel Pianofortefabrik GmbH
Yamaha Corp.
Piano Market: Segmentation Analysis
Product Outlook (Revenue, USD mn, 2021-2026)
Acoustic piano – size and forecast 2021-2026
Digital piano – size and forecast 2021-2026
Geography Outlook (Revenue, USD mn, 2021-2026)
North America – size and forecast 2021-2026
Europe – size and forecast 2021-2026
APAC – size and forecast 2021-2026
South America – size and forecast 2021-2026
Middle East and Africa – size and forecast 2021-2026
Table of Content
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 between 2021 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 Acoustic piano – Market size and forecast 2021-2026
Exhibit 28: Chart on Acoustic piano – Market size and forecast 2021-2026 ($ million)
Exhibit 29: Data Table on Acoustic piano – Market size and forecast 2021-2026 ($ million)
Exhibit 30: Chart on Acoustic piano – Year-over-year growth 2021-2026 (%)
Exhibit 31: Data Table on Acoustic piano – Year-over-year growth 2021-2026 (%)
5.4 Digital piano – Market size and forecast 2021-2026
Exhibit 32: Chart on Digital piano – Market size and forecast 2021-2026 ($ million)
Exhibit 33: Data Table on Digital piano – Market size and forecast 2021-2026 ($ million)
Exhibit 34: Chart on Digital piano – Year-over-year growth 2021-2026 (%)
Exhibit 35: Data Table on Digital piano – Year-over-year growth 2021-2026 (%)
5.5 Market opportunity by Product
Exhibit 36: Market opportunity by Product ($ million)
6 Customer Landscape
6.1 Customer landscape overview
Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
7.1 Geographic segmentation
Exhibit 38: Chart on Market share by geography 2021-2026 (%)
Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
7.2 Geographic comparison
Exhibit 40: Chart on Geographic comparison
Exhibit 41: Data Table on Geographic comparison
7.3 North America – Market size and forecast 2021-2026
Exhibit 42: Chart on North America – Market size and forecast 2021-2026 ($ million)
Exhibit 43: Data Table on North America – Market size and forecast 2021-2026 ($ million)
Exhibit 44: Chart on North America – Year-over-year growth 2021-2026 (%)
Exhibit 45: Data Table on North America – Year-over-year growth 2021-2026 (%)
7.4 Europe – Market size and forecast 2021-2026
Exhibit 46: Chart on Europe – Market size and forecast 2021-2026 ($ million)
Exhibit 47: Data Table on Europe – Market size and forecast 2021-2026 ($ million)
Exhibit 48: Chart on Europe – Year-over-year growth 2021-2026 (%)
Exhibit 49: Data Table on Europe – Year-over-year growth 2021-2026 (%)
7.5 APAC – Market size and forecast 2021-2026
Exhibit 50: Chart on APAC – Market size and forecast 2021-2026 ($ million)
Exhibit 51: Data Table on APAC – Market size and forecast 2021-2026 ($ million)
Exhibit 52: Chart on APAC – Year-over-year growth 2021-2026 (%)
Exhibit 53: Data Table on APAC – Year-over-year growth 2021-2026 (%)
7.6 South America – Market size and forecast 2021-2026
Exhibit 54: Chart on South America – Market size and forecast 2021-2026 ($ million)
Exhibit 55: Data Table on South America – Market size and forecast 2021-2026 ($ million)
Exhibit 56: Chart on South America – Year-over-year growth 2021-2026 (%)
Exhibit 57: Data Table on South America – Year-over-year growth 2021-2026 (%)
7.7 Middle East and Africa – Market size and forecast 2021-2026
Exhibit 58: Chart on Middle East and Africa – Market size and forecast 2021-2026 ($ million)
Exhibit 59: Data Table on Middle East and Africa – Market size and forecast 2021-2026 ($ million)
Exhibit 60: Chart on Middle East and Africa – Year-over-year growth 2021-2026 (%)
Exhibit 61: Data Table on Middle East and Africa – Year-over-year growth 2021-2026 (%)
7.8 US – Market size and forecast 2021-2026
Exhibit 62: Chart on US – Market size and forecast 2021-2026 ($ million)
Exhibit 63: Data Table on US – Market size and forecast 2021-2026 ($ million)
Exhibit 64: Chart on US – Year-over-year growth 2021-2026 (%)
Exhibit 65: Data Table on US – Year-over-year growth 2021-2026 (%)
7.9 UK – Market size and forecast 2021-2026
Exhibit 66: Chart on UK – Market size and forecast 2021-2026 ($ million)
Exhibit 67: Data Table on UK – Market size and forecast 2021-2026 ($ million)
Exhibit 68: Chart on UK – Year-over-year growth 2021-2026 (%)
Exhibit 69: Data Table on UK – Year-over-year growth 2021-2026 (%)
7.10 Canada – Market size and forecast 2021-2026
Exhibit 70: Chart on Canada – Market size and forecast 2021-2026 ($ million)
Exhibit 71: Data Table on Canada – Market size and forecast 2021-2026 ($ million)
Exhibit 72: Chart on Canada – Year-over-year growth 2021-2026 (%)
Exhibit 73: Data Table on Canada – Year-over-year growth 2021-2026 (%)
7.11 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 (%)
7.12 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 (%)
7.13 Market opportunity by geography
Exhibit 82: 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 83: Impact of drivers and challenges in 2021 and 2026
8.4 Market trends
9 Vendor Landscape
9.1 Overview
9.2 Vendor landscape
Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
9.3 Landscape disruption
Exhibit 85: Overview on factors of disruption
9.4 Industry risks
Exhibit 86: Impact of key risks on business
10 Vendor Analysis
10.1 Vendors covered
Exhibit 87: Vendors covered
10.2 Market positioning of vendors
Exhibit 88: Matrix on vendor position and classification
10.3 C. Bechstein Pianoforte AG
Exhibit 89: C. Bechstein Pianoforte AG – Overview
Exhibit 90: C. Bechstein Pianoforte AG – Product / Service
Exhibit 91: C. Bechstein Pianoforte AG – Key offerings
10.4 CASIO Computer Co. Ltd.
Exhibit 92: CASIO Computer Co. Ltd. – Overview
Exhibit 93: CASIO Computer Co. Ltd. – Business segments
Exhibit 94: CASIO Computer Co. Ltd. – Key offerings
Exhibit 95: CASIO Computer Co. Ltd. – Segment focus
10.5 Fazioli Pianoforti spa
Exhibit 96: Fazioli Pianoforti spa – Overview
Exhibit 97: Fazioli Pianoforti spa – Product / Service
Exhibit 98: Fazioli Pianoforti spa – Key offerings
10.6 GROTRIAN PIANO COMPANY GmbH
Exhibit 99: GROTRIAN PIANO COMPANY GmbH – Overview
Exhibit 100: GROTRIAN PIANO COMPANY GmbH – Product / Service
Exhibit 101: GROTRIAN PIANO COMPANY GmbH – Key offerings
10.7 Kawai Musical Instruments Mfg. Co. Ltd.
Exhibit 102: Kawai Musical Instruments Mfg. Co. Ltd. – Overview
Exhibit 103: Kawai Musical Instruments Mfg. Co. Ltd. – Product / Service
Exhibit 104: Kawai Musical Instruments Mfg. Co. Ltd. – Key offerings
10.8 Mason and Hamlin Piano Co.
Exhibit 105: Mason and Hamlin Piano Co. – Overview
Exhibit 106: Mason and Hamlin Piano Co. – Product / Service
Exhibit 107: Mason and Hamlin Piano Co. – Key offerings
10.9 SCHULZE POLLMANN PIANOFORTI SRL
Exhibit 108: SCHULZE POLLMANN PIANOFORTI SRL – Overview
Exhibit 109: SCHULZE POLLMANN PIANOFORTI SRL – Product / Service
Exhibit 110: SCHULZE POLLMANN PIANOFORTI SRL – Key offerings
10.10 Steinway Inc.
Exhibit 111: Steinway Inc. – Overview
Exhibit 112: Steinway Inc. – Product / Service
Exhibit 113: Steinway Inc. – Key offerings
10.11 Wilhelm Schimmel Pianofortefabrik GmbH
Exhibit 114: Wilhelm Schimmel Pianofortefabrik GmbH – Overview
Exhibit 115: Wilhelm Schimmel Pianofortefabrik GmbH – Product / Service
Exhibit 116: Wilhelm Schimmel Pianofortefabrik GmbH – Key offerings
10.12 Yamaha Corp.
Exhibit 117: Yamaha Corp. – Overview
Exhibit 118: Yamaha Corp. – Business segments
Exhibit 119: Yamaha Corp. – Key news
Exhibit 120: Yamaha Corp. – Key offerings
Exhibit 121: Yamaha Corp. – Segment focus
11 Appendix
11.1 Scope of the report
11.2 Inclusions and exclusions checklist
Exhibit 122: Inclusions checklist
Exhibit 123: Exclusions checklist
11.3 Currency conversion rates for US$
Exhibit 124: Currency conversion rates for US$
11.4 Research methodology
Exhibit 125: Research methodology
Exhibit 126: Validation techniques employed for market sizing
Exhibit 127: Information sources
11.5 List of abbreviations
Exhibit 128: List of abbreviations
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.
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SOURCE – Technavio
