The electronic musical instruments market is expected to generate 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 has contributed to the democratization of traditional and experimental music composition.
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 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.
Leading 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
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