Musical Instruments Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[208+ Pages Report] According to Facts and Factors, the global musical instruments market size was worth around USD 13 billion in 2021 and is predicted to grow to around USD 15.2 billion by 2028 with a compound annual growth rate (CAGR) of roughly 2.34% between 2022 and 2028. The report analyzes the global musical instruments market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the musical instruments market.

Market Overview

Musical instruments are classified as devices or objects either created or adapted to create musical sounds. Music is different from other forms of sounds or noise because it is the art of laying out sounds with the help of various combinations of form, melody, harmony, rhythm, or any other form of expressive content, which is playing music along with a personal angel attached to it. In theory, any object that creates sound can be classified as a musical instrument, however, the purpose of creating the sound is what helps classify the assigned object as a musical gadget. An instrumentalist is a person who plays the device. The history of musical instruments can be dated as far as human culture, however, the purpose of the device has changed through the generation. For instance, earlier these instruments could have been used for rituals, like animal horns may have been used as a signal to begin a certain activity.

Key Insights

• As per the analysis shared by our research analyst, the global musical instruments market is estimated to grow annually at a CAGR of around 2.34% over the forecast period (2022-2028).
•  In terms of revenue, the global musical instruments market size was valued at around USD 13 billion in 2021 and is projected to reach USD 15.2 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on mode of purchase segmentation, offline was predicted to show maximum market share in the year 2021
• Based on type segmentation, the electric guitar was the leading revenue-generating type in 2021.
• On the basis of region, North America was the leading revenue generator in 2021

Covid 19 Impact:

The global market cap showed a tremendous response to the virus. As per many official records, the online sales of musical instruments skyrocketed during the pandemic where the guitar was ranked as the top-most selling form of musical instrument. As per the data published on Pattern, in the United States (US) market more than 2.4 million guitars were sold on Amazon, a leading e-commerce platform. The demand for higher for some forms of instruments as compared to others depends on the attributes like cost, availability of space, extra assistance needed to learn the device, and others

Growth Drivers

• Culture encouraging overall development to help aid market growth

The global musical instruments market size is expected to rise from the newer generation of parents who insist on the overall development of the child. The trend, even though a common scenario in developed nations, is a new and exciting aspect of developing nations. Parents these days are focused on not just the educational development of the child but are willing to help their child learn new subjects like music or explore areas where the child may have higher potential. This is a direct result of the popularity and subsequent influence of non-educational activities. The rising awareness of the likely benefits that music and musical instruments bring along with them is projected to help global market expansion. For instance, as per an article published on CBS, a global study has proven that more than 75% of people feel relaxed when they listen to their favorite music, thus acting as a strong stress reliever. Music has always played a crucial role in the cultural development of any economy and is expected to continue the same trend for the next many years.

Restraints

• Cost associated with learning the device to restrict the market growth

A large number of musical instruments require the students to take extra assistance or external help to master the device which acts as an added cost to the total investment in the musical instrument. This may restrict global market cap growth because the extra cost is very high for learning some of the instruments.

Opportunities

• Newer additions to the range of musical instruments may provide growth opportunities

The global musical instruments market is anticipated to benefit from the rising number of different types of musical instruments owing to technological advancements and developments. Some of the most recent devices that are gaining popularity include the Yaybahar, a stringed and acoustic instrument, developed by Gorkem Sen, an Istanbul-based musician.

Challenges

• Lower and longer repurchase rates to challenge the market expansion

The music instruments generally last for a long duration when kept under the right maintenance. This results in a longer repurchase time, which even though a positive sign of a good instrument, results in a lesser buying index for the device. Along with this, many first-time buyers tend to lose interest and do not repurchase the product even when the original one completely wears off. These aspects may challenge global market cap growth in the coming years. A piano is a costly instrument in itself and the lessons cost around USD 40 to USD 100 in the case of private tuition. 

Segmentation Analysis

• The global musical instruments market is segmented based on distribution channel, type, application, and region.

Based on distribution channel, the global market segments are specialty stores, supermarkets & hypermarkets, retail outlets, and online channels. Specialty stores are the most recommended in the case of high-end instruments like pianos, which may cost anything between USD 10,000 to USD 200,000

Based on type, the global market is divided into percussion, stringed, keyboard, brass & woodwind. Stringed musical instruments dominated the global market segment. The US witnessed a total of 2,73,000 units of stringed school instruments in 2021.

Based on application, the global market segments are personal use, musical production, and commercial events. The global market generates the highest revenue from the musical production segment with the Spider-Man broadway show currently being the most expensive production with an investment of USD 75 million

Recent Developments:

• In June 2021, Larsen Strings, a Denmark-based Violin string manufacturer, announced the launch of a new Violin String Set called the Aurora. The new product is created for all age groups and is extremely inclusive of users and comes in full size with medium or strong along with an option to choose from D strings in Silver or Aluminum metal.
• In May 2022, tonebase, a leading digital education company launched a Violin platform that features a carefully chosen and organized library comprising pre-recorded courses and lessons

Report Scope

Regional Analysis

• North America to lead market growth in the coming years

The global musical instruments market is projected to be headed by North America during the forecast period because of the high per capita spending capacity of the general population. Learning new devices requires high investment at the beginning and throughout the duration, the instrument needs multiple regular check-ups and maintenance. The population of countries like the USA and Canada has a better living standard as compared to other emerging economies making them capable of spending the extra amount. For instance, as per official reports, the median household income in 2019 was $68,703, in the USA. Asia-Pacific is expected to garner high revenues because of the growing music industry and the subsequent need for musical instruments. By 2030, the regional market is projected to reach 13.976 million. The growth can be attributed to the recent acknowledgment that cultural music has achieved in the international market.

Competitive Analysis

• Casio Computer Co. Ltd. 
• B.C. Rich Guitars 
• Gibson Brands Inc. 
• C. F. Martin and Co. Inc. 
• Kawai Musical Instruments Mfg. Co. Ltd. 
• Fender Musical Instruments Corp. 
• KHS America Inc.

The global musical instruments market is segmented as follows:

By Distribution Channel

• Specialty Stores
• Supermarkets & Hypermarkets
• Retail Outlets
• Online Channels

By Type

• Percussion
• Stringed
• Keyboard
• Brass
• Woodwind

By Application

• Personal Use
• Musical Production
• Commercial Events

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America