USD 297.28 million growth in Piano Market Size due to Inclusion Of Music In Academic Curricula – 17,000+ Technavio Reports
NEW YORK, Aug. 22, 2022 /PRNewswire/ — The “Piano Market Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the piano market between 2021 and 2026 is USD 297.28 million, as per the latest market research analysis report by Technavio. The report predicts the market to witness an accelerating growth momentum at a CAGR of 2.33%. Technavio categorizes the global piano market as a part of the global leisure products industry within the global household durables market. Our report provides extensive information on the value chain analysis for the piano market, which vendors can leverage to gain a competitive advantage during the forecast period. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Key Market Dynamics:
Market Driver: One of the key factors 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. The rising number of school enrollments will increase participation in extracurricular activities such as music. Therefore, the number of students enrolling in music courses to learn to play musical instruments such as pianos is expected to increase, which, in turn, will drive the growth of the global piano market.
Market Trend: The preference for customized pianos is a piano market trend that is expected to have a positive impact in the coming years. Customized products have gained popularity in various developed regions, such as the Americas and Europe, and in emerging countries, such as India and China. The demand for customized musical instruments, including pianos, has increased as customization makes such instruments unique and different. Customized pianos are visually appealing and are of high quality. The customization of pianos can vary from color to specialty finishes, monograms, inlays, and designs. Such customization options allow customers to personalize their pianos. Personalized pianos are more expensive than standard pianos, and some vendors even take up to 12 months to manufacture personalized pianos. Despite such challenges, the customization and personalization of pianos are expected to drive the growth of the global piano market.
Market Segment Highlights
The piano market report is segmented by Product (Acoustic piano and Digital piano) and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
Regional Opportunities: 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.
Revenue-generating Segment Insights: The piano market share growth in the acoustic piano segment will be significant during the forecast period. The average selling cost of acoustic pianos is higher than digital pianos. Acoustic pianos also require regular maintenance. Their strings are prone to damage and might require frequent tuning. Despite such needs, most musicians prefer acoustic pianos, owing to the sound quality and musical expression of such pianos. These factors will drive the growth of the acoustic pianos segment of the global piano market during the forecast period.
Some Companies Mentioned with their Offerings
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.
Mason and Hamlin Piano Co.
PETROF Spol s.r.o.
Samick Music Corp.
SCHULZE POLLMANN PIANOFORTI SRL
Steingraeber and Sohne KG
Stuart and Sons
Wilhelm Schimmel Pianofortefabrik GmbH
Key Topics Covered:
Five Forces Analysis
Market Segmentation by Product
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SOURCE – Technavio