The global electronic musical instruments market was worth US$ 678.9 Million in the year 2022 and is expected to reach US$ 976.9 Million by the year 2032 at a CAGR of 2.6% between 2022 and 2032.
The present-day scenario is such that the music industry is witnessing an adoption of new-fangled technologies. Plus, there are affordable, high-quality musical instruments playing a vital role in democratizing conventional and experimental music composition.
The electronic musical instruments market is also influenced by millennials’ growing interest in music-related education. They are used to diversify experimental and traditional music composition via availability of the high-quality instruments with cost-effectiveness. Plus, digitization has simplified live concerts and music performances.
Additionally, with expanding acceptance of Western music and its impact on the emerging nations, the global electronic musical instruments market is likely to grow on an unstoppable note in the near future.
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At the same time, the fact that replacement cycles of these instruments are longer can’t be ignored. Moreover, it is a known fact that these days several smartphone and laptop manufacturers lend support to music-producing applications. Such factors could restrain the electronic musical instruments market going forward.
Future Market Insights has unveiled these facts with future prospects in its latest market study entitled ‘Electronic Musical Instruments Market’. It has its team of analysts and consultants to look through bottom-up approach in its primary, secondary, and tertiary modes of research.
“With technological advancements being incorporated in electronic musical instruments, the global electronic musical instruments market is expected to witness turbulence in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Electronic Musical Instruments Market
- North America holds more than 15% of the market share. This could be attributed to the US being a major market for electronic musical instruments. Also, personalized electronic musical instruments are expected to be the cornerstone in the near future.
- Europe holds the second-largest market share with the population spending a good amount on music festivals, entertainment services, and concerts. Plus, the region does import majority of musical instruments.
- The Asia-Pacific is expected to grow at the quickest rate in the electronic musical instruments market with Indians being known for their musical ears.
Competitive Instruments
- The PX family of digital pianos, in July 2021, came up with two novel models.
- Gibson Brands, Inc., in December 2021, tabled ‘Dave Mustaines’ Flying V-shaped guitar model’s limited editions to launch them globally.
- Yamaha Corporation, in April 2022, did reveal that Super Surround Theatre located at its corporate museum (Innovation Road) would be inclusive of all-new programming termed as ‘ViRealTM*1. It could be seen in 108.6-channel Super Surround Theatre.
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What does the Report enclose?
- The research study is based on component (hardware and software), by product type (public address equipment, string musical instrument, digital keyboards, pianos, drums & percussion instrument, DJ gear, music synthesizer, and likewise).
- The electronic musical instruments market is expected to grow on a remarkable note with innovations being tried out with integration of computer software herein.
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
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About Us
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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