In 2022, the market for electronic musical instruments is anticipated to be worth US$678.9 million. During the forecast period, this market is anticipated to grow at a CAGR of 3.7% and reach a value of US$ 976.9 Million (2022 to 2032). From 2016 to 2021, the market for electronic musical instruments experienced a CAGR of 2.6%.
The adoption of new technologies in the market for electronic musical instruments has aided in the development and expansion of the music industry. Furthermore, the democratisation of traditional and experimental music composition was greatly aided by the accessibility of high-quality, reasonably priced instruments and computer software.
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Electronic Musical Instruments Market: Drivers and Challenges
Due to the rise in disposable income people were able to spend the considerable amount on music concerts and live performance, this is one of the major factors contributing the growth of the electronic musical instruments market. Passion among the young generation to learn music is another factor driving the electronic musical instruments market. Implementation of musical classes in schools as a part of extracurricular activities also fuels the market growth.
Lack of interest among the customers to purchase the instruments is one of the factors challenging the electronic musical instruments market. High cost of the electronic musical instruments and longer replacement cycles are some of other factors that are hindering the growth of the electronic musical instruments market.
How Start-ups are performing in the Electronic Musical Instrument Market
Aurzart, NIKKEI Asia, and Yamaha Make Waves are a few of the start-up businesses that are active in the electronic musical instruments market.
Example:
Aurzart is a renowned music retailer in India that offers a wide variety of musical equipment, including keyboard stands, digital pianos, and guitars.
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Key Players
- Gibson Brands, Inc.
- Fender Musical Instruments Corporation
- Kawai Musical Instruments Manufacturing Co. Ltd.
- inMusic, Inc.
- Pioneer Corporation
- Steinway Musical Instruments Inc.
- Yamaha Corporation
- Roland Corporation
- Audiotonix Limited
- Casio Computer Co. Ltd
Electronic Musical Instruments Market: Regional Outlook
On the basis of regions, Electronic Musical Instruments Market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa.
North America and Western Europe Electronic Musical Instruments Market is predominantly mature as compared to the other regional market as they are fast in the adoption of technology. Electronic Musical Instruments Market in Asia Pacific excluding Japan and Japan are expected to possess maximum potential in the forecast period. Electronic Musical Instruments Market in Latin America and Middle East and Africa are also projected to witness positive growth during the forecast period.
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Market Segments
By Component:
- Hardware
- Software
By Product Type:
- Public Address Equipment
- String Musical Instrument
- Digital Keyboards
- Pianos
- Drums & Percussion Instrument
- DJ Gear
- Music Synthesizer
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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