Musical Instruments Market Size, Share & Trends Report

Musical Instruments Market Size, Share & Trends Analysis Report By Instrument Type (Stringed & Percussion, Digital Musical, Wind), By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Jul, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-3-68038-120-7
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2017
  • Number of Pages: 80

Industry Insights

The global musical instruments market size was valued at USD 7.5 billion in 2018. Increase in penetration of digital musical instruments is anticipated to drive the market over the forecast period. Musicians who are accustomed to playing a single instrument can take advantage of a full studio setting owing to a range of sounds produced by the electronic circuits present in the instrument. This factor is influencing the millennial generation to pursue music as a hobby or profession, which will propel market growth over the next few years.

Rise in the number of music hobbyists is expected to propel the demand for this market. Approximately, 63% of the consumers in this market are hobbyists.Students, parents of students, recreational players, and aspiring professionals are included in this category. Children who start learning musical instruments from a very young age tend to have an affinity towards the music during the long-run. This affinity tends to drive such users towards choosing music as their career. Such consumers are expected to increase the demand for musical instruments.

China musical instruments market

Professional musicians who have been in the industry for a long period prefer learning different instruments as a hobby in their leisure time. As a result, they own multiple instruments for personal use as well. Moreover, such consumers are less price-sensitive and prefer using the highest-quality products, which require regular maintenance. This is anticipated to contribute to the growth of the market in the next few years.

The education sector is expected to be a significant consumer category for this market over the forecast period. Schools and institutions are providing music courses as a part of the curriculum to encourage the music profession. Many universities also offer graduate and post-graduate studies in music such as jazz studies and film scoring. In addition, Yamaha, one of the key players in this industry, operates Yamaha Music Schools in various regions, wherein students not only learn music but are also provided musical instruments by the company. Such initiatives are expected to boost the growth of the overall music industry, which will propel market growth.

Instrument Type Insights

Stringed and percussion musical instruments occupied the largest market share in 2018. These instruments cover a wide range of instruments such as guitars, pianos, and violins. The growth of this segment is attributed to an increase in sales of electric guitars and keyboards. A rise in the popularity of guitars has been witnessed in the millennial generation owing to the social desirability bias among many individuals. Moreover, due to rise in purchasing power, price of instruments has become relatively cheaper over time. This is expected to increase the sales of the products in this segment over the forecast period.

The music industry has witnessed a significant transformation in recent years due to the advent of digital musical instruments. These instruments can produce a variety of sounds with the help of the electronic circuits embedded inside them. As a result, musicians who do not have a knowledge of more than one instrument can also learn and make music as per their convenience. This is expected to draw the attention of the consumers towards the music industry, thereby creating product demand.

In many regions such as India, traditional folklore music still makes use of wind instruments such as flute, shehnai, and harmonium. Such music is mostly preferred by senior citizens, who are either retired or are passionate about classical music. Due to increase in demand for classical music, sales of wind instruments are expected to rise significantly in the projected period, thereby fueling overall market growth.

Regional Insights

Asia Pacific dominated the global music instruments market in 2018 owing to presence of many global players such as Yamaha, Kawai, and Guangzhou Pearl River Piano Group Ltd. in countries such as Japan and China. Moreover, due to increasing influence of western music in the developing countries of this region, the overall music industry is expected to witness significant transformation in terms of high-quality musical instruments and brand awareness. In addition, local music instrument manufacturers are focusing on providing more traditional music instruments, which are native to the country. This is expected to contribute to the growth of the market over the forecast period.

This region is expected to maintain its lead in the projected period owing to a large number of manufacturers setting up their production facilities in developing countries such as China and India. Labor and raw materials such as wood, metals, and land required for production are relatively cheap and easily available. As a result, manufacturers are using such expansion strategies to create brand and product awareness. This is expected to propel overall market growth.

Global musical instruments market

North America is expected to witness the fastest growth over the forecast period. Major global players are focusing on improving the product penetration in U.S. owing to high demand for high-quality digital musical instruments. As these instruments are easy to use and learn, majority of the young population is opting to purchase them at a premium price. In addition, many music concerts and live shows take place in U.S. owing to high demand among the young population for such shows. This has increased the growth of the overall music industry, propelling the growth of the market.

Europe and Central and South America are expected to witness steady growth over the forecast period. Low visibility of major brands is a key reason for the low revenue in these regions. However, due to increasing influence of western music culture, these regions are expected to witness improved brand and product penetration, which will fuel market growth in the projected period.

Musical Instruments Market Share Insights

The global market is highly fragmented and competitive with global players engaging in product innovation strategies. Major beauty brands are investing in research and development to optimize production and increase sales. In addition, manufacturers such as Yamaha organize musical training workshops and have music schools all over the world to encourage participation and improve sales of their product. Moreover, fierce competition is observed among specific products such as electric guitars and keyboards owing to high product demand. This is expected to contribute to the overall market growth.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million & CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa

Report coverage      

Revenue forecast, company share, competitive landscape, growth factors and trends

Country scope

U.S., Germany, France, China, Japan, India, and Brazil

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global musical instruments market report on the basis of instrument type and region:

  • Instrument Type Outlook (Revenue, USD Million, 2015 - 2025)

    • Stringed & Percussion

    • Digital Musical

    • Wind

  • Regional Outlook (Revenue, USD Million, 2015 - 2025)

    • North America

      • U.S.

    • Europe

      • Germany

      • France

    • Asia Pacific

      • China

      • Japan

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

Key questions answered by the report
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