The global musical instrument market value in 2024 is expected to be around USD 13,132.8 million in 2024, growing from USD 10,846.2 million in 2019. During these five years, from 2019 to 2023, the musical instrument retail industry witnessed a slower growth rate of 3.9% on average due to the pandemic.
As per the recent music instrument industry analysis, sales are likely to increase at a rate of 4.5% per year between 2024 and 2034. The value of the musical instrument industry is expected to reach USD 20,357.8 million by the end of this forecast period.
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The growing interest of millennials in music education is expected to drive the market further in the coming days. Platforms for online learning and internet resources for studying music have created new opportunities for music instrument users as well as manufacturers.
“Musical instrument manufacturers and dealers can access a wider market due to the convenience of online sales and distribution channels. The growing awareness regarding therapeutic benefits of performing music is anticipated to create new opportunities for the market players,” – says a lead analyst at FMI.
Key Takeaways from the Musical Instrument Market Study Report
- Through 2034, the United States market for musical instruments is predicted to expand at a 4.5% annual growth rate.
- Germany is the leading market for musical instrument manufacturing industries in Europe and is expected to grow at 6.5% through 2034.
- During the projection years, the annual sales of musical instruments in the United Kingdom are expected to increase at a 2.8% CAGR.
- China is expected to follow a 3.7% CAGR in manufacturing and shipment of musical instruments between 2024 and 2034.
- The Indian market for musical instruments is projected to grow at a remarkable 5.8% annual pace during the next ten years.
- The keyboard instrument segment leads the market in terms of instrument type, with an estimated 51.8% revenue share in 2024.
- Based on the consumer category, the market segment for professional or advanced musicians is anticipated to be 50.7% of the total revenue share in 2024.
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Competitive Landscape
There are many musical instrument manufacturers operating in the present market, which makes it extremely fragmented and competitive. Big players are spending more money on research and development to include innovative features and popularize their brands. New market players are employing business tactics like joint ventures with music production companies and training seminars for institutions or organizations for faster growth.
Recent Developments in the Musical Instrument Industry Players
In September 2021, the Yamaha FX280 and Yamaha FSX80C are two new guitar models that the company launched to strengthen its inventory of Made in India guitars. The models are perfect for both amateurs and experienced musicians as their improved acoustic tone and resonance help in imitating the genuine tone and dynamics.
Gibson has started a virtual Guitar Tech service, which takes customers to one-on-one interaction with Gibson technicians, who assist in self-servicing the instruments. These conference calls with technicians include servicing advice for instruments from Gibson, Epiphone, Kramer, and Steinberger, including electric and acoustic guitars, ukuleles, banjo, and mandolins.
Key Players in Global Musical Instruments Market
The key participants in the global musical instruments market are
- Paiste Cymbals
- Cort
- Casio
- Yamaha
- C F Martin
- Korg
- Shure
- Gibson Guitars and Basses
- QRS Music
- Fender Musical Corporation
- Steinway Musical Instruments
- Zildjian Cymbals
- Pearl
- ESP
- Ibanez
- Pluto
- Tristar
- Granada
are witnessing higher sales opportunities compared to other companies.
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Key Segments Profiled in the Musical Instruments Market
By Instrument Type:
- String Instruments
- Wind instruments
- Percussion Instruments
- Others
By Price Range:
- Premium
- Mid-range
- Budget
By Distribution Channel:
- Specialty Shops
- Online Markets
- Wholesalers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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