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Global Musical Instrument Market Size, Share, Forecast: By Type: Stringed Instruments, Percussion Instruments, Wind Instruments, Keyboard Instruments, Others; By Distribution Channel: Supermarkets/Hypermarkets, Specialty Stores, Online; By End Use: Commercial Events, Others; Regional Analysis; Competitive Landscape; 2024-2032
Global Musical Instrument Market Outlook
The global musical instrument market size reached approximately USD 11.47 billion in 2023. The market is further projected to grow at a CAGR of 3.3% between 2024 and 2032, reaching a value of USD 15.36 billion by 2032.
Key Trends in the Market
Musical instrument is a device or an object that creates musical tones and is used for purposes such as entertainment or personal use. It produces a combination of expressive tone with rhythm, melody and harmony that sounds pleasant to the ears.
- Rising disposable income and introduction of music and other extracurricular activities as courses in schools and colleges is encouraging several students to buy musical instruments based on their interest. This is resulting in an increased sale of the product contributing to the musical instrument market growth.
- Growing focus towards the development of upgraded versions of musical instruments and incorporation of built-in software is aiding the creation of instruments with better sound quality and enhanced performance, boosting the market expansion.
- Increasing penetration of social media has helped musicians gain attention and recognition all across the globe which has led to the rise in popularity of live musical performances and concerts resulting in an increase in demand for high tech musical instruments.
Global Musical instrument Market Analysis
On the basis of type, the market is divided into stringed instruments, percussion instruments, wind instruments, and keyboard instruments, among others. Based on distribution channel, the market is segmented into supermarkets/hypermarkets, specialty stores, and online.
By end use, the market is categorised into commercial events, personal use, and music production/direction, among others. On the basis of region, the musical instrument market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Gibson Brands, Inc.
- Shure Incorporated
- Yamaha Corporation
- Fender Musical Instruments Corporation
- Steinway Musical Instruments, Inc.
- Roland Corporation
- Kawai Musical Instruments Manufacturing Co., Ltd.
- C.F. Martin & Co., Inc.
- Rickenbacker International Corporation
- KORG Inc.
- Others
Market Share by Type
Stringed instruments accounted for a significant musical instrument market share owing to the rise in sale of various types of guitars, cellos, and violins, among others. The growing popularity of electric guitars due to their social desirability has boosted their demand among millennials. Moreover, various manufacturing companies such as Gibson Brands Inc. and Fender Musical Instruments Corporation are focussing on developing and launching innovative variants of guitars including twelve-string and electro-acoustic, among others, aiding the market growth.
Market Share by Region
The Asia Pacific holds a significant share of the market owing to the growing influence of western music in countries such as China and India. Various manufacturers in the region are producing traditional musical instruments which is expected to further boost the musical instrument market demand in the Asia Pacific region. Moreover, easy availability and low cost of raw materials such as wood and metals have resulted in increased production of musical instruments in the region.
Competitive Landscape
Gibson Brands Inc., founded in 1902 and headquartered in Tennessee, United States is a musical instrument manufacturing company that provides guitars and professional audio equipment, among other musical instruments to its customers.
Shure Incorporated is a music company that was founded in 1925 and is headquartered in Illinois, United States. The company manufactures and supplies audio products such as radio parts kits to consumers around the globe.
Yamaha Corporation was established in 1887 and has its headquarters located in Shizuoka, Japan. The company is indulged in manufacturing of musical instruments and audio equipment such as acoustic guitars, basses, and electric guitars, among others.
Other musical instrument market players include Fender Musical Instruments Corporation, Steinway Musical Instruments, Inc., Roland Corporation, Kawai Musical Instruments Manufacturing Co., Ltd., C.F. Martin & Co., Inc., Rickenbacker International Corporation, and KORG Inc., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Distribution Channel |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Musical Instrument Market Analysis
8.1 Key Industry Highlights
8.2 Global Musical Instrument Historical Market (2018-2023)
8.3 Global Musical Instrument Market Forecast (2024-2032)
8.4 Global Musical Instrument Market by Type
8.4.1 Stringed Instruments
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.1.3 Breakup by Type
8.4.1.3.1 Guitar
8.4.1.3.2 Violin
8.4.1.3.3 Cello
8.4.1.3.4 Others
8.4.2 Percussion Instruments
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.2.3 Breakup by Type
8.4.2.3.1 Drum Set
8.4.2.3.2 Tabla
8.4.2.3.3 Cajon
8.4.2.3.4 Others
8.4.3 Wind Instruments
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.3.3 Breakup by Type
8.4.3.3.1 Saxophone
8.4.3.3.2 Flute
8.4.3.3.3 Harmonica
8.4.3.3.4 Others
8.4.4 Keyboard Instruments
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.4.3 Breakup by Type
8.4.4.3.1 Piano
8.4.4.3.2 Accordion
8.4.4.3.3 Keyboard
8.4.4.3.4 Others
8.4.5 Others
8.5 Global Musical Instrument Market by Distribution Channel
8.5.1 Supermarkets/Hypermarkets
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Specialty Stores
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Online
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Musical Instrument Market by End Use
8.6.1 Commercial Events
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Personal Use
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Music Production/ Direction
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Others
8.7 Global Musical Instrument Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Musical Instrument Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Musical Instrument Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Musical Instrument Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Musical Instrument Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Musical Instrument Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Trade Data Analysis (HS Code – 9207)
15.1 Major Exporting Countries
15.1.1 By Value
15.1.2 By Volume
15.2 Major Importing Countries
15.2.1 By Value
15.2.2 By Volume
16 Price Analysis
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Gibson Brands, Inc.
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 Shure Incorporated
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Yamaha Corporation
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 Fender Musical Instruments Corporation
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Steinway Musical Instruments, Inc.
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Roland Corporation
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 Kawai Musical Instruments Manufacturing Co., Ltd.
17.2.7.1 Company Overview
17.2.7.2 Product Portfolio
17.2.7.3 Demographic Reach and Achievements
17.2.7.4 Certifications
17.2.8 C.F. Martin & Co., Inc.
17.2.8.1 Company Overview
17.2.8.2 Product Portfolio
17.2.8.3 Demographic Reach and Achievements
17.2.8.4 Certifications
17.2.9 Rickenbacker International Corporation
17.2.9.1 Company Overview
17.2.9.2 Product Portfolio
17.2.9.3 Demographic Reach and Achievements
17.2.9.4 Certifications
17.2.10 KORG Inc.
17.2.10.1 Company Overview
17.2.10.2 Product Portfolio
17.2.10.3 Demographic Reach and Achievements
17.2.10.4 Certifications
17.2.11 Other
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Musical Instrument Market: Key Industry Highlights, 2018 and 2032
2. Global Musical Instrument Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Musical Instrument Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Musical Instrument Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
5. Global Musical Instrument Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
6. Global Musical Instrument Historical Market: Breakup by End Use (USD Billion), 2018-2023
7. Global Musical Instrument Market Forecast: Breakup by End Use (USD Billion), 2024-2032
8. Global Musical Instrument Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Musical Instrument Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Musical Instrument Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Musical Instrument Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Musical Instrument Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Musical Instrument Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Musical Instrument Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Musical Instrument Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Musical Instrument Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Musical Instrument Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Musical Instrument Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Musical Instrument Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Major Exporting Countries by Value
21. Major Importing Countries by Value
22. Major Exporting Countries by Volume
23. Major Importing Countries by Volume
24. Global Musical Instrument Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 11.47 billion in 2023.
The market is projected to grow at a CAGR of 3.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 15.36 billion by 2032.
The major market drivers include rising popularity of concerts and live music performances and introduction of music classes in schools and colleges.
The key trends fuelling the growth of the market include rising disposable income and increased recognition provided to musicians across various social media platforms.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The various types of musical instruments available in the market include stringed instruments, percussion instruments, wind instruments, and keyboard instruments, among others.
The key players in the market are Gibson Brands, Inc., Shure Incorporated, Yamaha Corporation, Fender Musical Instruments Corporation, Steinway Musical Instruments, Inc., Roland Corporation, Kawai Musical Instruments Manufacturing Co., Ltd., C.F. Martin & Co., Inc., Rickenbacker International Corporation, and KORG Inc., among others.
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