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Musical Instrument Market Size, Share & COVID-19 Impact Analysis, By Type (Strings Instruments, Keyboards & DJ Equipment, Recording Equipment, Percussion Instruments, and Others), By Distribution Channel (Online Stores and Offline Stores), and Regional Forecast, 2023-2030

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI108706

 

KEY MARKET INSIGHTS

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The global musical instrument market size was valued at USD 18.63 billion in 2022 and is projected to grow from USD 19.25 billion in 2023 to USD 24.53 billion by 2030, exhibiting a CAGR of 3.52% during the forecast period. Asia Pacific dominated the musical instrument market with a market share of 38.7% in 2022.


Musical instruments are primarily used to create different types of music. Musicians use them to compose, perform, and record music across different genres and styles. These instruments also play a crucial role in music education, allowing students to learn about music theory, technique, and performance. They help individuals produce music, develop skills, improve coordination, and enhance their understanding of music. Therefore, the augmenting demand for these instruments in music classes and schools will foster the market’s growth. The integration of advanced technologies into music instruments, such as digital interfaces, smart instruments, and mobile applications for learning and composing is also boosting the music instrument market growth. Moreover, the rising popularity of specific musical equipment, including electric guitars, pianos, and percussion equipment, is expected to drive the global market’s growth.


COVID-19 IMPACT


Continuous Interruptions in Operations of Music Companies Hampered Market Expansion


The COVID-19 pandemic significantly impacted various industries, including the music instrument manufacturing sector. Lockdowns and movement restrictions led to disruptions in the global supply chains, affecting the availability of raw materials and components needed for instrument manufacturing. Many musical equipment production facilities were forced to shut down temporarily to comply with safety regulations and prevent the spread of the virus.


Moreover, economic uncertainties also led to decreased consumer spending on luxury items, affecting the demand for music instruments. With concerts and commercial events canceled, professional musicians also had less money to invest in new gear. Besides, halt in live performances and music education also impacted the demand for certain instruments, such as brass and woodwind instruments used in school bands, thereby restricting market development.


LATEST TRENDS


Rising Demand for Sustainable Music Equipment to Drive Market Growth


The rising demand for sustainable music instruments reflects a growing awareness of environmental concerns among musicians and consumers. Manufacturers are now focusing on using eco-friendly materials, such as sustainable wood, recycled metal, bamboo, and others, and production methods to create instruments that have a lower impact on the environment. Moreover, nowadays, people demand materials that can be disposed of easily. In this regard, sustainable instruments are being made from various ingredients that are responsibly sourced and have less carbon footprint, resonating with those who want to minimize their ecological footprint. For instance, in December 2021, Shimokura Musical Instruments, a Japan-based musical equipment retailer, took the initiative to upcycle waste music instruments into furniture products. This initiative assisted the company in reducing waste generation and attaining sustainability in its business operations.


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DRIVING FACTORS


Growing Popularity of Live Performances and Concerts to Augment Market Growth


The growing appeal of live performances and concerts can be attributed to several factors, such as social interaction, entertainment, closer artist-fan connection, and others. Attending a live music event offers a unique and immersive experience that cannot be replicated through recordings. Furthermore, attending music concerts provides an opportunity for social interaction and community engagement. People gather to share their passion for music and connect with like-minded individuals. These factors are expected to drive the demand for musical tools at the global level. For instance, according to U.K. Music, the voice of the U.K.'s world-leading music industry, the number of music tourists in the U.K. reached 12.6 million in 2019.


Increasing Technological Advancements in Musical Instruments to Drive Market Growth


The growing technological advancements in musical devices have led to significant changes and innovations in the music industry. Advancements in Digital Signal Processing (DSP) and the implementation of smart gadgets have accelerated the development of digital instruments that can replicate a wide range of sounds and tones. The instrument segment mainly consists of synthesizers, virtual instruments, and electric drum kits. Besides, musicians can now manipulate and enhance their instruments’ sound using a variety of electronic effects and pedals, offering a vast range of creative possibilities. This is, in turn, supporting the growth of the market. For instance, in July 2023, Artiphon, Inc., a designer of smart instruments, launched innovative smart musical equipment, ‘CHORDA,’ a synthesizer, smart MIDI controller, and looper that adapts to any type of tune and chord.


RESTRAINING FACTORS


Fluctuations in Raw Material Costs to Hinder Market Growth


Variations in the prices of raw materials used for music instrument production affect companies' profit margin levels to a great extent. Changes in the availability of raw materials, whether due to scarcity or abundance, can lead to fluctuations in the price of the end product, thereby hindering the musical instrument market growth. Moreover, economic shifts, such as recessions or economic booms, can impact the costs of raw materials, such as wood, steel, plastic, and others. During economic downturns, demand for certain materials might decrease, leading to lower price and value of the final product. This factor is predicted to restrict the growth of the market for musical tools. For instance, in August 2023, according to Trading Economics, Lumber prices fell below the USD 500/1,000 feet benchmark, hovering around their lowest level since mid-August, due to signs of slowing demand.


SEGMENTATION


By Type Analysis


Strings Instruments Leads Due to their Thrusting Demand Owing to its Flexibility and Expressiveness Advantages


On the basis of type, the market has been divided into strings instruments, keyboards & DJ equipment, recording equipment, percussion instruments, and others. The string instrument segment is expected to lead the market growth owing to their versatility and expressiveness features, which will increase their demand in the long run.


String instruments, such as violins, guitars, and cellos offer a wide range of musical possibilities. They can be used in various genres, from classical to rock, pop, folk, jazz, and more. These types of instruments allow for nuanced expressions through techniques, such as vibrato, bowing, and fingerpicking. This expressiveness makes them ideal for conveying emotions and feelings through music, thereby boosting the segment’s growth.


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By Distribution Channel Analysis


Offline Store Segment Leads Due to Wide Selection and Quality Assurance Offered to Increase Customer Footfall


The market is segregated into offline and online stores on the basis of distribution channels. The offline store segment is estimated to capture the largest musical instrument market share during the forecast period due to the wide product variety and quality assurance offered by these stores. Moreover, offline stores, such as specialty stores and hypermarkets hire knowledgeable and passionate individuals who specialize in musical devices and accessories. Hence, their expertise can guide customers in making informed purchasing decisions based on their needs and preferences.


The online store segment is predicted to be the fastest-growing segment as these stores are easily accessible and offer hassle-free delivery systems. Besides, e-commerce stores may sell niche or unique instruments that are not commonly found in general local stores. This aspect may prompt consumers to shop from online channels, leading to the segment's growth.


REGIONAL ANALYSIS


In terms of region, the global market is studied across Asia Pacific, North America, Europe, South America, and the Middle East & Africa.


Asia Pacific Musical Instrument Market Size, 2022 (USD Billion)

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Asia Pacific had the largest share of 38.71% in the global market during 2022. The importance of music education has been recognized in many Asian cultures. Parents encourage their children to learn to play musical instruments, leading to a steady demand for these equipment in schools and private classes. Moreover, strong economic growth in many Asia Pacific countries has led to an increase in the disposable income of individuals and families. This enables more people to buy musical devices as a form of leisure and self-expression, thereby fostering the region’s demand for these instruments. For instance, according to Global Times, a newspaper company in China, Luoshe City, a small town in Zhejiang province, eastern China, manufactures more than 50,000 pianos every year, comprising one-seventh of China's total piano production. Pianos produced here are exported to over 20 countries including Germany, the U.S., France, Thailand, and Russia.


The market’s growth in North America and Europe is attributed to factors, such as cultural significance, Western music influence, and others. Music holds deep cultural significance in the U.S., the U.K., Spain, Italy, and others. Jazz, acoustic, and traditional stringed music are an integral part of these countries’ cultures, thereby contributing to the demand for musical instruments in these regions. Additionally, Western music genres, such as pop, rock, and classical music have gained significant popularity in these regions, resulting in the increased demand for music instruments. For instance, according to U.K. Music, the voice of the U.K.'s world-leading music industry, the revenue generated by music tourism in the U.K. touched USD 5.37 billion in 2019.


Moreover, in regions, such as South America, and the Middle East & Africa, the high demand for these instruments is driven by several factors, such as robust growth of the entertainment industry, rise in online learning, and others. These regions have witnessed substantial growth in various forms of entertainment, including music festivals, concerts, and live performances. Furthermore, the accessibility of online music tutorials and resources has made it easier for aspiring musicians to learn and play instruments. These factors have contributed to the increased interest and demand for musical instruments in these regions.


KEY INDUSTRY PLAYERS


Rapid Penetration of Social Media Platforms to Strengthen Market Growth


The rapid penetration of social media platforms can significantly increase the sales of music instruments by implementing various virtual business strategies in the long run. Social media platforms have a global reach, allowing music instrument sellers to connect with potential customers worldwide, thereby expanding their customer base beyond local markets. Moreover, instruments are visually appealing products, and social media platforms are designed for sharing images and videos. Therefore, high-quality visuals showcasing the instrument’s design, craftsmanship, and sound can captivate prospective buyers, thereby fueling market growth. For instance, in June 2023, Viberate, a Slovenia-based music data organization, launched a new and innovative platform for independent musicians. The launch of this platform will help musicians showcase their talent at the global level.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • March 2023: Roland Corporation, a Japan-based music instrument manufacturer, launched ‘The GP Digital Piano Series’, equipped with advanced features along with finely crafted piano designs.

  • April 2023 – Yamaha Corporation, a renowned manufacturer of music instruments based in Japan, announced its exhibition at the 2023 NAMM Show in California. In this show, the company will unveil its range of music instruments, including synthesizers, pianos, guitars, and percussion.

  • June 2023 – Gear4Music, a U.K.-based music instrument company, launched a new range of premium spec musical instruments, ‘G4M’, which are suitable for intermediate and professional musicians.

  • October 2022 – Bothners-Centurion, a South Africa-based music instrument company, launched a new collection of electric guitars, ‘Fender American Vintage II Guitars’ crafted with a classic body, neck, and hardware.

  • July 2021: Sampleson, a popular virtual instrument company, launched a new range of pianos, ‘Reed106 Virtual Piano’, fitted with electric and smart features.


REPORT COVERAGE


An Infographic Representation of Musical Instrument Market

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The market report analyzes the market in-depth and highlights crucial aspects, such as prominent companies, product types, sales channels, and application areas. Besides this, it provides insights into the musical instrument market trends and highlights significant industry developments. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the market's growth in recent years.


Report Scope & Segmentation










































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 3.52% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Type



  • Strings Instruments

  • Keyboards & DJ Equipment

  • Recording Equipment

  • Percussion Instruments

  • Others


By Distribution Channel



  • Online Stores

  • Offline Stores


By Region



  • North America

  • Europe

  • Asia Pacific

  • South America

  • Middle East & Africa






Frequently Asked Questions

Fortune Business Insights says that the global market size was valued at USD 18.63 billion in 2022 and is anticipated to reach USD 24.53 billion by 2030.

The global market will exhibit a CAGR of 3.52% over the forecast period of 2023-2030.

By type, the string instruments segment is predicted to dominate the market during the forecast period of 2023-2030.

The growing popularity of live music performances and concerts is likely to drive market growth.

Casio Computer Co. Ltd., C.F. Martin & Co., Inc., D'addario & Company, Inc., Eastman Music Company, and Fender Musical Instruments Corporation are the leading market players.

Asia Pacific dominated the global market in 2022.

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