Musical Instruments Market To Grow Enormously with Size Worth $9.4 Billion By 2025 |Grand View Research, Inc.
The global musical
instruments market size is anticipated to reach USD 9.4 billion by 2025, according to a new report by Grand View
Research, Inc., expanding at a CAGR of
3.2% over the forecast period. Increasing awareness related to various
types of music, along with high product visibility of electronic music
instruments, is expected to drive the market over the forecast period.
The string and percussion segment
dominated the global market with a share of 79.2% in 2018. High product
visibility of guitars, violins, and pianos is a major factor contributing to
the growth of this segment. Electric guitars have gained significant popularity
among the youth population because they are easy to learn and play. However,
digital musical instruments are expected to expand at the fastest CAGR of 4.1%
from 2019 to 2025. They are capable of producing studio sound effects with a
single instrument that has an electronic circuit embedded inside it. This is
expected to drive the music industry, which will fuel the product demand.
Asia Pacific occupied the largest
market share in 2018 owing to high demand in countries such as Japan and China.
China is one of the major countries contributing to the growth of the global
market as major manufacturers are leveraging the high influence of western
culture in this country. Moreover, production facilities are set up in various
developed countries of this region, which, in turn, will improve the production
capacity and increase sales. This is expected to positively influence the music
instruments market growth in this region.
North America is anticipated to
witness the fastest growth from 2019 to 2025 owing to rising popularity of
electronic instruments. Majority of the parents in U.S. encourage their
children to learn music from a very young age, which helps in developing their
taste for music. Such individuals tend to take up music as their profession,
which, in turn, will the improve the market demand in this region. This is
further expected to contribute to the overall growth of the market over the
forecast period.
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Further key findings from the study suggest:
·
The wind instruments segment in
music instruments market is projected to ascend at a CAGR of 3.1%, on account
of high availability and growing preference for traditional music among senior
citizens
·
Europe is expected to expand at
a CAGR of 3.5% owing to significant product demand in major countries like
Germany and France, which are expected to witness a significant influence of
western music culture in the projected period
·
In April 2018, as per revised
trade rules for shipping musical instruments, instruments containing rosewood
require a separate documentation. Illegal rosewood smuggling is carried in out
in China, which will hamper use of rosewood in production of high-quality
guitars.
The
global musical instruments market size was valued at USD 7.5 billion in 2018.
Increase in penetration of digital musical instruments is anticipated to drive
the market over the forecast period. Musicians who are accustomed to playing a
single instrument can take advantage of a full studio setting owing to a range
of sounds produced by the electronic circuits present in the instrument. This
factor is influencing the millennial generation to pursue music as a hobby or
profession, which will propel market growth over the next few years.
Rise
in the number of music hobbyists is expected to propel the demand for this
market. Approximately, 63% of the consumers in this market are
hobbyists.Students, parents of students, recreational players, and aspiring
professionals are included in this category. Children who start learning musical
instruments from a very young age tend to have an affinity towards the music
during the long-run. This affinity tends to drive such users towards choosing
music as their career. Such consumers are expected to increase the demand for
musical instruments.
Professional
musicians who have been in the industry for a long period prefer learning
different instruments as a hobby in their leisure time. As a result, they own
multiple instruments for personal use as well. Moreover, such consumers are
less price-sensitive and prefer using the highest-quality products, which
require regular maintenance. This is anticipated to contribute to the growth of
the market in the next few years.
The
education sector is expected to be a significant consumer category for this
market over the forecast period. Schools and institutions are providing music
courses as a part of the curriculum to encourage the music profession. Many
universities also offer graduate and post-graduate studies in music such as
jazz studies and film scoring. In addition, Yamaha, one of the key players in
this industry, operates Yamaha Music Schools in various regions, wherein
students not only learn music but are also provided musical instruments by the
company. Such initiatives are expected to boost the growth of the overall music
industry, which will propel market growth.
Browse Press
Release of this report:
Stringed
and percussion musical instruments occupied the largest market share in 2018.
These instruments cover a wide range of instruments such as guitars, pianos,
and violins. The growth of this segment is attributed to an increase in sales
of electric guitars and keyboards. A rise in the popularity of guitars has been
witnessed in the millennial generation owing to the social desirability bias
among many individuals. Moreover, due to rise in purchasing power, price of
instruments has become relatively cheaper over time. This is expected to
increase the sales of the products in this segment over the forecast period.
The
music industry has witnessed a significant transformation in recent years due
to the advent of digital musical instruments. These instruments can produce a
variety of sounds with the help of the electronic circuits embedded inside
them. As a result, musicians who do not have a knowledge of more than one
instrument can also learn and make music as per their convenience. This is
expected to draw the attention of the consumers towards the music industry,
thereby creating product demand.
Grand View Research has segmented the
global music instruments market by instrument type:
Musical Instruments Type Outlook
(Revenue, USD Million, 2015 - 2025)
·
Stringed & Percussion
·
Digital Musical
·
Wind
The
global market is highly fragmented and competitive with global players engaging
in product innovation strategies. Major beauty brands are investing in research
and development to optimize production and increase sales. In addition,
manufacturers such as Yamaha organize musical training workshops and have music
schools all over the world to encourage participation and improve sales of
their product. Moreover, fierce competition is observed among specific products
such as electric guitars and keyboards owing to high product demand. This is
expected to contribute to the overall market growth.
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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