The global musical instruments market size is likely to hold the global market at a moderate CAGR of ~2.6% during the forecast period. The global market holds a forecasted revenue of ~US$ 11.5 Billion in 2022 and is likely to cross ~US$ 14.8 Billion by the end of 2032.
Witnessing passive growth since the global financial crisis of 2006-07, is estimated to continue sluggish development during the forecast period 2016-2026. Key markets, including the U.S., Germany, France, Italy, India, and China have experienced superficial growth in the demand for musical instruments, owing to which the global market is expected to thrive at a single digit CAGR throughout the forecast period.
While North America and Western Europe will continue to hold leading market share, the Middle East, Latin America, and Africa are anticipated to account for sluggish volume-wise growth compared to major markets.
U.S. will Dominate the Market; Keyboard Stringed Instruments Will Remain the Largest Segment
U.S. will continue to account for a leading share of the global musical instruments market. The prominence of keyboard stringed instruments will continue over the forecast period, creating consistent growth opportunity for keyboard manufacturers.
The trend of rising domestic demand and curtailed imported production observed in the recent past, is estimated to continue during the forecast period as well. Owing to the less-resource-hiring pattern in the overall musical instruments manufacturing industry, the competitive landscape seems to be fragmented and will continue to exhibit fragmentation.
However, total production revenues are predicted remain steady during the forecast period.
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Musical Instruments Market: Key Drivers
Technological innovation has played an important role in moderate demand for musical instruments on a global level. The most sought-after instruments include digital keyboards, pianos, guitar, wind instruments, and PA equipment, which are available at local retailers, superstores, and chain stores.
The availability of strong and reliable online retailers is also expected to play a crucial role in generating new revenue channels. Growing popularity and influence of western music in developing regions will play a key role in sustaining the demand for musical instruments in the global market.
Moreover, reestablished interest in classical music can also be considered to fuel the demand for musical instruments.
The demand for specific musical instruments is driven by the choice of a majority of population in specific regions. Moreover, cultural and socio-economic factors in respective geographies are expected to hold their influence on the sales of specific musical instruments.
