What is Musical Instrument Market?
Musical instruments is known as the tools or devices which are used to create musical sounds. Musical instruments are made up of the materials such as metal, wood, string, and some of the non-durable materials. Some of the very commonly used musical instruments are piano, guitar, wind instruments, keyboard, and percussion. The market of the musical instrument is growing rapidly due to rising inclination of population towards the western music in developing region, also the live concerts and musical performance is increasing, while due to higher cost associated with the musical instrument can hamper the overall market
The market study is being classified by Type (Guitar Amplifiers, Keyboard Amplifiers and Bass Amplifiers), by Application (Commercial events, Personal use and Music production) and major geographies with country level break-up. According to AMA, the Global Musical Instrument market is expected to see growth rate of 3.0%
Yamaha (Japan), Roland (Japan), Marshall (United Kingdom), Ampeg (United States), Blackstar (United Kingdom), Behringer (Germany), Fender (United States), Korg (Japan), Hughes & Kettner (Germany), Johnson (United States), Orange (South Africa) and Laney (United Kingdom) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Rivera (India), MESA/Boogie (United States), Acoustic (United Kingdom) and Randall (United States).
Japanese manufacturers with their technologically advanced processes have been aiming at the upper-end markets as compared to other region while leading companies have been shifting operations to Asia Pacific region due to low labor and production costs Research Analyst at AMA predicts that United States, Japanese and United Kingdom Vendors will contribute to the maximum growth of Global Musical Instrument market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Musical Instrument market by Type, Application and Region.
On the basis of geography, the market of Musical Instrument has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing popularity of live musical performances and concerts
- Growing popularity and influence of western music in developing regions
Market Trend
- Electronic organs and pianos are expected to take over traditional instruments
- Growing popularity of online retail
- Traditional pianos, which hold a substantial market share, are expected to face strong competition by self-playing pianos
Restraints
- High cost associated with the musical instruments
- Insufficient marketing activities for the product to reach globally
Opportunities
- Availability of strong and reliable online retailers is expected to play a crucial role in generating new revenue channels
Challenges
- An increasing use of mobile devices
Yamaha to open up the musical instrument plant of Rs 3,800 crore next year near Mahabs
Key Target Audience
Musical Instrument Manufacturer, Percussion, woodwind, string, brass and keyboard manufacturer, Product Suppliers/ Buyers, Channel partners, Industry association, Downstream vendors, Government and investment communities and Research organisation and associations