An ever-increasing fondness for music and technological advancements will drive the musical instruments market to a revenue of $14.8 billion by the end of the year 2032

Future Market Insights Global and Consulting Pvt. ltd.

Germany is the largest market for musical instruments, where a number of musical instruments are sold together with accessories and spare parts. India is one of the leading manufacturers of many musical instruments, and most of them are traditionally produced by artisans across the country.

DUBAI, United Arab Emirates, Oct. 18, 2022 (GLOBE NEWSWIRE) — The world musical instruments market is ~US$11.5 billion to date and is projected to reach US$14.8 billion by 2032 at a CAGR of ~2.6% between 2022 and 2032.

The primary end users of musical instruments are students pursuing or learning music, music composers, and orchestra owners. Also, there are people who turn to musical instruments simply as a centerpiece or even as a hobby. It is a known fact that musical instruments are quite expensive, as they go through several processes to get the perfect sound/rhythms. Design requires skill as well as time.

The immensely popular musical instruments among customers (young people, in particular) are stringed instruments like the violin and the guitar. The piano and keyboards come in second place. Saxophone and flute are also preferred by some people. However, it is interesting to learn that the harmonica is the top scorer this year.

A continuing trend is of end consumers going crazy with musical instruments. This could be motivated by the fact that they consider knowledge of at least one musical instrument as a source for showing off at family or business gatherings.

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Another trend involves more musical instruments going “digital”. However, these digitized versions are more preferred as centerpieces. Therefore, the sales of fancy musical instruments are expected to skyrocket in the future. Plus, music-based reality shows are popping up like never before. Fans are there to post their clips on social media. With these trends, nothing would stop the musical instruments market from growing in the future.

It has also been observed that children who start playing a musical instrument at a young age end up having a weak fondness for music in the long run. Some of them also take music as their profession. There are universities offering graduate and postgraduate studies in different fields of music and film music. In this sense, Yamaha music schools provide musical instruments to students, in addition to lessons. Measures like these are sure to drive the musical instrument market forward in the future.

Online shopping is another factor triggering the use of musical instruments. This could be attributed to faster access to a constellation of musical instruments and related services and the ease with which payments are made. Future Market Insights has, with the help of its line of expertise in the form of analysts and consultants, trained these facts with information in its latest market study titled “Musical Instruments Market”.

Top takeaways from the musical instruments market

  • Europe holds the largest market share, with Germany being the dominant region. It is at the forefront of importing musical instruments, percussion instruments and drums from Mexico and India. Germany is also among the top 5 exporters of instrument parts.

  • Coming from Asia-Pacific, India is the country with the largest and oldest musical heritage. Indian classical music itself has countless branches to browse. For example, Hindustani music and Carnatic music have an entirely different set of musical instruments to admire. Hordes of craftsmen have been producing these traditional musical instruments with dedication for centuries. The market is likely to grow voraciously with the influx of digital instruments. Live concerts are also fueling the demand for musical instruments.

“With the increase in the population having an ear for music, the musical instruments market will witness a meteoric growth during the forecast period,” says an analyst from Future Market Insights.

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Competitive arena

  • Gibson started with a virtual Guitar Tech service, in which Gibson technicians interact with customers one-on-one for self-maintenance of instruments. Instruments from Epiphone, Gibson, Steinberger and Kramer are serviced. They include acoustic and electric guitars, mandolins, banjos and ukuleles.

  • Yamaha Musicals has its portable 61-key keyboard called “PSR-E473”. It was launched in March 2022 and features top-notch sounds found in high-end keyboards.

What does the report cover?

  • Future Market Insights offers an exclusive perspective and various real-time insights on the Musical Instruments market in its latest study, presenting a historical demand assessment from 2016 to 2021 and projections for 2022 to 2032.

  • The research study is based on the type of instrument (string instruments, wind instruments, percussion instruments, and others), by price range (high-end, mid-range, and budget), and by distribution channel ( specialty stores, online markets and wholesalers) .

Key segments profiled in the musical instruments market

By instrument type:

  • String instruments

  • Wind instruments

  • Percussion instruments

  • Others

By price range:

By distribution channel:

  • Specialty shops

  • Online markets

  • Wholesalers

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Contents

1. Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply-side trends

1.4. Analysis of the technology roadmap

1.5. Analysis and recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limits

3. Market context

3.1. Market dynamics

3.1.1. Drivers

3.1.2. Constraints

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