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Musical Instrument Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global musical instrument products market was valued at USD 8.1 billion in 2021 and is expected to expand at a CAGR of 5.5% over the forecast period from 2022 to 2030. This growth can be attributed to the surging demand for musical instruments, owing to the increasing popularity of online music classes and the growing number of music festivals across the world. The increasing penetration of the internet and the rising number of e-commerce platforms are further driving the growth of the market. Additionally, the growing number of live performances and the rising inclination of the youth towards learning music instruments are propelling the market growth.
In recent years, advancements in technologies such as virtual reality and artificial intelligence have revolutionized the music instrument industry. Companies are increasingly focusing on the development of innovative products that can offer a better user experience. For instance, in August 2021, Yamaha launched a new series of digital pianos named P-121. The product features a slim body design, making it easier to transport. Furthermore, the company is focusing on the development of digital instruments that can be connected to a smartphone or tablet via Bluetooth technology.
Furthermore, the increasing adoption of digital streaming services such as Spotify and Apple Music is expected to drive the demand for musical instruments. Music streaming services allow users to access a wide range of music from different parts of the world. This has led to an increase in the number of music enthusiasts, which in turn, is anticipated to propel the demand for musical instruments.
In addition, the rise in the number of music schools and academies is expected to boost the demand for musical instruments. Music schools are increasingly offering courses in music production and engineering. This is further driving the demand for advanced and sophisticated instruments. Moreover, the rising number of music festivals is expected to create a positive outlook for the market. Music festivals are increasingly providing opportunities to independent music artists and groups to showcase their talent. This is further driving the demand for musical instruments.
Moreover, the increasing demand for electric instruments such as electric guitars and electric pianos is expected to create lucrative opportunities for the market players. Electric instruments are becoming increasingly popular due to their portability and low maintenance cost. Furthermore, the availability of a wide variety of musical instruments at economical prices is also anticipated to drive the growth of the market.
Product Insights
The string instruments segment accounted for the largest market share in 2021. These instruments are widely used in both classical and modern music. Growing popularity of musical instruments in the entertainment industry, availability of digital instruments, and rising number of music schools and institutes are some of the key factors driving the demand for string instruments. According to an article published by the Music Market, in November 2020, around 85.4% of music schools in the United States use string instruments such as violins, violas, and cellos for teaching purposes.
The brass instruments segment is anticipated to register the highest CAGR over the forecast period. Increasing demand of brass instruments from professional and amateur musicians, growing popularity of musical instruments, and rising number of music schools are some of the factors driving the segment growth. According to an article published by the National Association for Music Education, in December 2020, around 71.7% of music schools in the United States use brass instruments such as trumpets and trombones for teaching purposes.
Distribution Channel Insights
The music stores/retailers segment dominated the market in 2022, with a share of over 43.6%. Over the last few years, musical instrument retail stores have been increasingly popular as people prefer to purchase musical instruments from physical stores to experience the feel and sound of the product before making a purchase. Physical stores also provide customers with the opportunity to interact with experienced sales personnel who can help them make informed decisions.
Online distribution channels are expected to witness the fastest growth, with a CAGR of 12.2% over the forecast period. Consumers are increasingly preferring online platforms to purchase musical instruments as they can browse through a wide variety of products and compare prices offered by different online retailers. The growing penetration of the internet and smartphones has also enabled people to purchase musical instruments online. Additionally, discounts, promotional offers, and free shipping provided by online retailers are expected to drive the demand for musical instruments.
Type Insights
The acoustic musical instruments segment accounted for the majority of the market revenue in 2022, with a market share of 50.9%. The introduction of new acoustic musical instruments such as electronic drum sets and digital pianos is expected to drive the market in the forecasted period. For instance, in May 2021, Alesis, a brand of inMusic Brands, Inc., introduced Strike Pro Special Edition kit, an electronic drum set with a hybrid kit and an advanced drum module.
The digital musical instruments segment is anticipated to register the highest CAGR in the forecast period. The growing trend of digital music and increasing internet penetration are the major drivers of the segment. Furthermore, the growing trend of live streaming performances and increasing demand for digital instruments such as MIDI controllers, digital pianos, and synthesizers are propelling the segment. Also, the availability of various digital music apps such as BandLab, Smokeless, and Komp are expected to drive the market in the forecast period.
Regional Insights
North America is expected to dominate the market and account for the largest revenue share of over 43.4% in 2022. This can be attributed to the presence of prominent players in the region. There is also a growing demand for digital musical instruments, such as digital pianos, synthesizers, and drum machines, which is expected to drive the growth of the market in the region. For instance, in June 2021, Yamaha Corporation launched the Montage Series of synthesizers, which are designed for professional musicians.
Europe is expected to witness the second-fastest growth in the coming years. The region is home to many renowned music festivals and events, such as the Eurovision Song Contest and Britain’s Got Talent, further increasing the popularity of musical instruments in the region. Additionally, the increasing number of music schools in the region is expected to drive the growth of the market. For instance, in May 2021, the British School of Music Education launched its new music school in London.
Financial Projections
In this part of the musical instrument products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a musical instrument products business comes from the sale of musical instruments and related accessories. Here you will find a list with a description of each of them and other possible sources of profit such as online sales, leasing, subscriptions, and repairs.
Projecting Expenses
In this section, all the regular expenses related to keeping the musical instrument products business running will be described. The list of operating expenses includes rent, wages, maintenance and repairs, utilities, insurance policies, advertising and marketing, and others.
Key companies & market share insights
Some of the key companies operating in the musical instrument market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Yamaha Corporation launched a new series of digital pianos, offering the latest technology and a range of features.
– In August 2022, Fender Musical Instruments Corporation launched the Stratocaster series of guitars, aimed at modernizing the classic design.
– In September 2022, Gibson Brands Inc. launched the Les Paul series of guitars, designed for classic rock and metal tones.
Some of the prominent players in the musical instrument market include:
– Yamaha Corporation
– Fender Musical Instruments Corporation
– Gibson Brands Inc.
– Roland Corporation
– Taylor Guitars
– Korg Inc.
– Kawai Musical Instruments Manufacturing Co., Ltd.
– Conn-Selmer, Inc.
– Pearl Corporation
– Casio Computer Co., Ltd.
Global Musical Instrument Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global musical instrument products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Guitars
– Keyboards
– Strings
– Winds
– Drums & Percussion
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Retail Stores
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Electric
– Acoustic
– Digital
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of the Musical Instrument Products Market?
[A]: The increasing demand for music-related products and services, technological advancements, and the increasing popularity of DIY music-making activities are the key drivers of the musical instrument products market. The increasing penetration of the internet and the ongoing digitalization of music are expected to further drive the growth of the market.
[Q]: Who are the Key Players in the Musical Instrument Products Market?
[A]: Key players in the market include Yamaha Corporation, Roland Corporation, Fender Musical Instruments Corporation, Gibson Brands Inc., Korg Inc., and Steinway Musical Instruments Inc.
[Q]: What are the Factors Restricting Growth of the Market?
[A]: Factors such as the high cost of production, the lack of skilled labor, and the presence of counterfeit products are expected to restrict the growth of the market.
[Q]: What are the Major Trends in the Musical Instrument Products Market?
[A]: Major trends in the musical instrument products market include the increasing demand for digital musical instruments, the increasing popularity of music streaming services, and the increasing adoption of virtual reality and augmented reality in the music industry.
[Q]: What Region Offers the Largest Opportunity for Sales of Musical Instrument Products?
[A]: North America is expected to be the largest market for musical instrument products, due to the presence of a large number of music schools, colleges, and universities in the region.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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