Musical Instruments Market Set to Reach US$ 14.8 Billion with a Steady 2.6% CAGR by 2032 | FMI

Musical Instruments Market

During the forecast period, the musical instruments market is expected to hold the worldwide market at a moderate CAGR of 2.6%. The global market is expected to generate US$ 11.5 billion in sales in 2022 and US$ 14.8 billion by the end of 2032.

Witnessing passive growth since the global financial crisis of 2006-07, is estimated to continue sluggish development during the forecast period 2016-2026. Key markets, including the U.S., Germany, France, Italy, India, and China have experienced superficial growth in the demand for musical instruments, owing to which the global market is expected to thrive at a single digit CAGR throughout the forecast period.

While North America and Western Europe will continue to hold leading market share, the Middle East, Latin America, and Africa are anticipated to account for sluggish volume-wise growth compared to major markets.

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U.S. will Dominate the Market; Keyboard Stringed Instruments Will Remain the Largest Segment

U.S. will continue to account for a leading share of the global musical instruments market. The prominence of keyboard stringed instruments will continue over the forecast period, creating consistent growth opportunity for keyboard manufacturers.

The trend of rising domestic demand and curtailed imported production observed in the recent past, is estimated to continue during the forecast period as well. Owing to the less-resource-hiring pattern in the overall musical instruments manufacturing industry, the competitive landscape seems to be fragmented and will continue to exhibit fragmentation.

However, total production revenues are predicted remain steady during the forecast period.

Musical Instruments Market: Key Drivers

Technological innovation has played an important role in moderate demand for musical instruments on a global level. The most sought-after instruments include digital keyboards, pianos, guitar, wind instruments, and PA equipment, which are available at local retailers, superstores, and chain stores.

The availability of strong and reliable online retailers is also expected to play a crucial role in generating new revenue channels. Growing popularity and influence of western music in developing regions will play a key role in sustaining the demand for musical instruments in the global market.

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Moreover, reestablished interest in classical music can also be considered to fuel the demand for musical instruments.

The demand for specific musical instruments is driven by the choice of a majority of population in specific regions. Moreover, cultural and socio-economic factors in respective geographies are expected to hold their influence on the sales of specific musical instruments.

As growing adoption of music as a hobby or full-fledged career choice persists in adolescents, it is anticipated to push the demand for a variety of instruments in market. A considerable middle class population from emerging economies is currently enjoying substantial disposable income, increasing the expenditure on leisure, including art and music.

The increasing number of music reality shows, live music bands, and concerts is projected to pose a positive impact on the increase in the demand for modern, high-tech, expensive instruments.

However, the emergence of app-based musical instruments may impede the sales of musical instruments in the near future.

Key Market Trends

  • Electronic organs and pianos are expected to take over traditional instruments.
  • Traditional pianos, which hold a substantial market share, are expected to face strong competition by self-playing pianos.

Key Players in Global Musical Instruments Market

The key participants in the global musical instruments market are Gibson Guitars and Basses, QRS Music, Fender Musical Corporation, Steinway Musical Instruments, Zildjian Cymbals, Paiste Cymbals, Cort, Casio, Yamaha, C F Martin, Korg, Roland, Kawai, Pearl, Tama, Mapex, Sonor, ESP, Ibanez, Pluto, Tristar, and Granada. However, Yamaha, QRS Music, and Steinway are witnessing higher sales opportunities compared to other companies.

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 over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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