Viola Market Size to Grow by USD 5.77 million with 38% of the Contribution from APAC – 17,000+ Technavio Research Reports
NEW YORK, Sept. 7, 2022 /PRNewswire/ — The “Viola 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 viola market between 2021 and 2026 is USD 5.77 million, as per the latest market analysis report by Technavio. The report predicts the market to witness an accelerating growth momentum at a CAGR of 2.13%. Technavio categorizes the global viola 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 viola 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 viola market is the availability of web-based learning material. With advancements in web technology, a number of online tutorial sites use videos, reference articles, and other teaching methodologies to help individuals learn how to play viola. This has also simplified the learning process for individuals who have busy work schedules and do not find time to join classes. The availability of learning materials online encourages individuals to buy, learn, and play viola and, hence, is expected to drive the market during the forecast period.
Market Challenge: The high manufacturing cost and long replacement cycle of viola will be a major challenge for the viola market during the forecast period. The increasing cost of raw materials has led to a rise in the manufacturing cost of electronic musical instruments such as electric viola. The price of raw materials such as wood or timber, and metal, materials used to manufacture high-quality precision violas, has increased significantly over the past few years. The maintenance costs are low and do not require the complete replacement of the instrument. Factors like these have negatively impacted the global viola market.
Key Market Segmentation Highlights:
The viola market report is segmented by End-user (Professional and Amateur) and Geography (North America, APAC, Europe, South America, and Middle East and Africa).
Regional Opportunities: 38% of the market’s growth will originate from APAC during the forecast period. Japan and China are the key markets for viola in APAC. Market growth in this region will be faster than the growth of the market in the European and North American regions. The growing demand for musical instruments in countries such as China, Japan, Australia, India, and Taiwan will facilitate the viola market growth in APAC over the forecast period.
Revenue-generating Segment Insights: The viola market share growth by the professional segment will be significant during the forecast period. Vendors are investing substantially in research and development to integrate better features in professional musical instruments such as string musical instruments and percussions. However, the high adoption of digital music by musicians and less interference from artists has resulted in the diminishing growth rate of the professional end-user segment.
Some Companies Mentioned with their Offerings
Crystalcello Musical Instruments
D Z Strad
David Milward Violas
Eastman Music Co.
GLIGA Violins USA Inc.
Karl Hofner GmbH and Co. KG
Maple Leaf Strings
Stentor Music Co. Ltd.
Key Topics Covered:
Five Forces Analysis
Market Segmentation by End-user
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SOURCE – Technavio