NEW YORK, Feb. 1, 2024 /PRNewswire/ — The global musical instrument market size is estimated to grow by USD 1.91 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 3.85% during the forecast period. The string instruments segment, encompassing guitars, violins, cellos, and banjos, is poised for substantial growth during the forecast period. Stringed instruments, comprising both acoustic and electric variants, utilize materials like plant fibers and metals to produce sound. While acoustic instruments thrive in emerging markets like Brazil and India, electric guitars witness growth driven by rock bands and enthusiasts, particularly fueled by online accessibility and global touring trends. For more insights on the historical data (2017 to 2021) and forecast size (2023 to 2027) – Request a sample report
Technavio has segmented the market based on Product (String instruments, Pianos and keyboards, Drums and percussion instruments, and Others), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
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 is estimated to contribute 40% to the growth during the forecast period.
Insights on the market contribution of various segments including country and region, historical data (2017 to 2021) and forecast size (2023 to 2027) – Download a Sample Report
The growth is fueled by the surge in online stores’ popularity. Traditional retailers are transitioning to online platforms to cater to the increasing demand, allowing for convenient and cost-effective customer reach. Online channels like Musician’s Friend and Amazon are gaining traction, offering substantial growth opportunities in the forecast period.
- The widespread use of mobile devices hampers the growth.
Insights on Drivers, trends, & Challenges, historical period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this Musical Instrument Market report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth of the Musical Instrument Market between 2023 and 2027
- Precise estimation of the Musical Instrument Market size and its contribution to 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 vendors
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Popular Musical Instruments
The musical instrument industry encompasses a wide array of instruments, including guitars, pianos, violins, drums, flutes, saxophones, keyboards, and more. It caters to diverse musical preferences and genres, with electronic keyboards, synthesizers, and drums gaining popularity alongside traditional instruments. The market offers instruments for various skill levels and musical styles, meeting the needs of beginners and professionals alike.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provides actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 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 insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
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SOURCE Technavio
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