07-Sep-2022 | Facts and Factors
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
Musical instruments are objects used to create sounds that are musical in nature. Even though any noise-generating deception can be technically termed as a musical environment, the true definition lies in the impact the sound creates. It is not considered a musical instrument if the sound thus generated does not please the human ears. With the years and along with the growth of human skills, musical instruments currently stand in a position where they are used for entertainment purposes with artists dedicating their whole lives to mastering a single instrument, they are more inclined to. Even though there are ongoing studies on determining the first instrument and the corresponding date of its invention, many scholars have agreed that the flute can currently be claimed as the first ever musical device dating five to six thousand years ago. Archaeologically as well, many researchers have found proof of musical devices across regions, some being specific to certain geography only.
Browse the full “Musical Instruments Market Size, Share, Growth Analysis Report By Distribution Channel (Specialty Stores, Supermarkets & Hypermarkets, Retail Outlets, and Online Channels), By Type (Percussion, Stringed, Keyboard, and Brass & Woodwind), By Application (Personal Use, Musical Production, and Commercial Events), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/musical-instruments-market
The global market cap was highly influenced by the onset of Covid-19. The growth trend was driven by the sudden access to more time that people could spend for themselves. Parents enrolled their children in online classes to help them learn new skills since they had more time. This was also applicable to the adult section boosted by an increased number of teachers who provided classes digitally during the pandemic which was a win-win situation for the students as well as music educators.
The global musical instruments market is projected to grow owing to the rising access to musical education. This is possible because many countries and governments are now supporting or undertaking initiatives to help promote music at the international level. Some of the well-established institutes also invite cosmopolitan figures or players which aids the young mind to find direction in the expansive music world. The global market size also benefits from the use of technology to advance already existing instruments or invest in new devices thus increasing inclusivity. For instance, the device called Mi.Mu Glove by Imogen Heap, in which pre-recorded sound will be played depending on the player's gestures. There is a rising trend of schools and colleges encouraging students to participate in as many extra-curricular activities as possible. As per a study by the College Board, the results of the Scholastic Assessment Test and participation in extracurricular activities (ECAs) have a positive correlation. Students who were a part of ECA’s scored registered in growth in SAT Math by 45 points, the number was 53 points in SAT verbal.
The cost associated with learning the device may restrict the global market growth while newer additions to the range of musical instruments may provide expansion opportunities. The lower and longer repurchase rate is projected to challenge the global market cap.
The global musical instruments market is segmented based on distribution channel, type, application, and region.
Based on distribution channels, 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.
North America is anticipated to lead the global musical instruments market owing to the presence of one of the world’s biggest and most highly influential music industries in the USA. Rock and Roll, a music genre, originated in the US in the 1940s and has become a global phenomenon since then. The regional growth is also attributed to the growth in aligning technology and musical instruments to bring out the best of the instruments. Asia-Pacific is projected to generate a high CAGR since the region is the manufacturing hub of instruments that are more widely used like the guitar and flute. Growth in this territory is projected to be driven by China owing to the increased government initiatives to bring the Chinese musical industry on the world map alongside the intention to educate its population about the country’s music culture.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 13 Billion |
Projected Market Size in 2028 |
USD 15.2 Billion |
CAGR Growth Rate |
2.34% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
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., and Others |
Key Segment |
By Distribution Channel, Type, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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The global musical instruments market is dominated by players like 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., and KHS America Inc.
Recent Developments:
- In September 2022, Pittsburgh's Heinz Hall, a concert hall in Pennsylvania, received a brand new grand piano from the New York Steinway factory which will help pianists in the hall to choose from two options.
- In May 2022, Yamaha, one of the largest musical instruments makers, chalked out a three-year growth plan with an Asia-focused approach mainly targeting India and the Philippines.
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 Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- 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
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