It is estimated that the market for electronic musical instruments would be valued at US$ 678.9 million in 2022. This market is predicted to grow at a CAGR of 3.7% from 2022 to 2032 and reach a value of US$ 976.9 Million. The market for electronic musical instruments saw a CAGR of 2.6% from 2016 to 2021.
The music industry has grown and developed thanks to the adoption of new technology in the market for electronic musical instruments. Furthermore, the availability of top-notch, reasonably priced instruments and computer software significantly contributed to the democratization of traditional and experimental music production.
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Electronic Musical Instruments Market: Drivers and Challenges
Due to the rise in disposable income people were able to spend a considerable amount on music concerts and live performances, this is one of the major factors contributing to the growth of the electronic musical instruments market. The passion among the young generation to learn music is another factor driving the electronic musical instruments market. Implementation of music classes in schools as a part of extracurricular activities also fuels market growth.
Lack of interest among the customers to purchase the instruments is one of the factors challenging the electronic musical instruments market. The high cost of the electronic musical instruments and longer replacement cycles are some of the 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.
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 the Middle East and Africa.
North American 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 is expected to possess maximum potential in the forecast period. Electronic Musical Instruments Market in Latin America and the Middle East and Africa is 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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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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