Musical Instruments Market Size, Share & Industry 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, 2025-2032

The global musical instrument market size was valued at USD 19.82 billion in 2024. The market is projected to grow from USD 20.94 billion in 2025 to USD 31.97 billion by 2032, exhibiting a CAGR of 6.23% over the forecast period.

The global musical instrument market includes a wide variety of instruments such as guitar, electric guitars, digital instruments, designed to produce sounds. These devices are highly used in concerts, bars, and events for entertainment purposes, further surging demand for music instruments. Rising consumer interest in musical education and the integration of innovative technologies in musical equipment trigger global market growth. Furthermore, key players in the market are operating, including Casio Computer Co., Ltd, C.F. Martin & Co. Inc., Cortek (Cort guitars), Eastman Music Company, and Roland Corporation, contributing to global musical instrument market growth.

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MARKET DYNAMICS

Market Drivers

Rapidly Evolving Recorded Music Market to Drive Product Sales

Recorded music refers to the representation of sounds generated by various musical equipment, computers, or voices. The rapidly growing recorded music industry worldwide boosts demand for various musical devices, such as, wind instruments, string instruments and drives global musical instrument market share.

Recent years have witnessed increasing consumer interest in music as an art form that reduces stress, depression, and anxiety and improves mental health. It can also assist in improving the listener’s emotional state and sleep quality. For instance, according to Engaging with Music 2023, a global study released by the International Federation of the Phonographic Industry (IFPI), an organization providing data regarding the global recording industry, around 71% of individuals consider music significant for their mental health and nearly 78% individuals say that it assists them to cope with stress and relax. In addition, the average time spent by individuals listening to music weekly was around 20.7 hours, a rise from nearly 20.21 hours in 2022. In this respect, the growing consumer inclination toward music accelerates the expansion of the global recorded music market. It escalates product sales, which are the main tools that assist in creating music.

Growing Popularity of Live Performances & Concerts to Trigger Market Growth

Multiple professional and high-quality musical devices such as drums, trumpets, flutes, concert harps, guitars, saxophones, euphonium, cello, and tuba are used in various live performances and concerts, including classical, jazz, opera, and rock. These products create various kinds of music and entertain audiences. Moreover, several instruments are used in these events as they help generate a richer sound. The increasing popularity of such events escalates product demand. In recent years, consumer spending on entertainment, cultural, and recreational services such as musical concerts, live shows, and music festivals has increased. Millennials and Gen Z are notably more interested in musical engagements, such as events and live music, as it gives them a positive experience and offers an opportunity to socialize.

In addition, expanding music infrastructure with the opening of new music and concert halls will escalate market growth. For instance, in February 2022, Texas Christian University announced that it would mark the opening of its Van Cliburn Concert Hall with a celebration in April 2022. The new hall provides learning resources and rehearsal space of over 7,500 square feet to the university’s orchestras and bands. Furthermore, easy access to music education, which includes learning various instruments, boosts global musical instrument market trends in the near term.

Market Restraints

Environmental Impact of Product & Fluctuations in Raw Material Costs to Impede Market Growth

Numerous broken and discarded musical tools such as guitars, violins, and cellos end up in landfills across countries worldwide, emitting harmful pollutants and taking up space. Moreover, these products are typically not designed for easy repairs and mostly need to be disposed off and replaced. The rising awareness regarding the increasing amount of waste, which includes disposed musical tools and contributing to pollution, can impede global market growth. For instance, according to the UN Environment Programme, a Kenya-based authority focusing on environmental issues, in 2023, around 2.1 billion tonnes of municipal solid waste was generated across the globe, which is expected to rise to nearly 3.8 billion tonnes by 2050.

Musical equipment includes materials such as plastic, metals, and rubber, which negatively impact the environment. In addition, products such as string instruments are typically developed using materials from animals and plants. In this respect, the mass manufacturing of these products depletes natural resources. These environmental impacts of the product can hamper the demand among eco-conscious consumers throughout countries and affect market expansion. Furthermore, various raw materials such as metals, wood, and plastics are utilized in the development of musical equipment. Fluctuations in the costs of these raw materials due to factors including economic and geographic conditions can further impact the overall cost of the product and affect the profitability of the manufacturer. 

Musical Instruments Market Trends

Increasing Development of Technologically Advanced Instruments to Boost Market Growth

The global music industry is going through transformations triggered by technological advancements in musical devices, such as, midi controllers, parts accessories of musical instruments that assist in producing high-quality music. Musicians are highly using these innovative instruments that streamline sound production and enhance creative processes. Using advanced tools also helps music creators stay ahead of the highly competitive music industry.

The growing consumer inclination toward technologically advanced products, such as, acoustic pianos stringed keyboard instruments that enhance efficiency has resulted in the increased development of musical devices with smart and intelligent features that assist musicians in generating high-quality music. For instance, in October 2024, ROLI, a London, U.K.-based music technology company, launched Airwave, an intelligent practice assistant designed to turn the company’s keyboards into a smart piano with voice capabilities. The product is designed for both music creators and learners and features the company’s new Vision technology and 3D infrared cameras.

Impact of COVID-19

The COVID-19 pandemic negatively influenced the expansion of the global musical equipment market due to restrictions on public gatherings and the cancellation of several events, concerts, and weddings across countries, which declined the adoption of the product. Furthermore, supply chain interruptions and halted production activities negatively impacted product availability. The provisional closure of physical stores also caused product sales to decline worldwide.

SEGMENTATION ANALYSIS

By Type

Increasing Use of String Instruments in Concerts & Performances to Increase Product Sales

Based on type, the global market is divided into string instruments, keyboards & DJ equipment, recording equipment, percussion instruments, and others.

The string instruments segment dominated the market in 2024. String instruments are available in a broad variety, including guitar, harp, and violin. They produce a range of sounds and are used for multiple music genres, including jazz, folk music, and classical music. Furthermore, the increasing use of these instruments in concerts and performances throughout various countries drives segmental growth.

The keyboards and DJ equipment segment will grow at the highest CAGR in the forthcoming years. Various features of keyboards, such as lightweight, portability, and multiple features, make them suitable for traveling musicians and increase their demand. Furthermore, rising demand for DJ equipment in musical festivals, parties, and clubs drives segmental growth.

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By Distribution Channel

Option to Compare Product Performance & Quality Personally at Offline Stores to Fuel Segmental Growth

Based on distribution channels, the global market is bifurcated into online stores and offline stores.

The offline stores segment will hold the largest market share throughout the forecast period. The segment includes stores such as brand outlets, instrument stores, and hypermarkets. These stores typically have knowledgeable staff that provide efficient customer service and assist individuals in making informed decisions. They also allow customers to compare product performance and quality, increasing interest in offline stores and escalating segmental growth.

The online stores segment will grow at a higher rate, backed by the increasing opening of new online stores and the easy availability of a diversified range of musical tools at discounts on e-commerce platforms. Moreover, factors such as secure payment options, convenience, and home delivery increase consumer inclination toward online shopping.

Musical Instruments Market Regional Outlook

Geographically, the global musical instrument market analysis is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Asia Pacific

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Asia Pacific dominated the global market throughout the forecast period. Musical tools are highly produced and exported in countries such as China and India, owing to multiple factors, such as government support, easy availability of raw materials, and the presence of numerous manufacturers, including Now Roland Corp, Yamaha Corporation, and Yanagisawa Wind Instruments Co., Ltd. Government initiatives to enhance the quality and safety of music equipment supports regional growth. For instance, in January 2024, China implemented new regulations for musical equipment that product importers and manufacturers in the country must follow. The new standards are designed to enhance the quality and safety of the products in the country. They include strict requirements for testing methods and the use of harmful substances in various musical devices.

North America

North America held the second largest musical instrumements market share in 2024, backed by the growing popularity of various kinds of music, such as pop music, country blues, hip hop, jazz, and contemporary classics, notably among youth throughout the region, which fuels the adoption of musical tools. Rising initiatives to increase music education, including learning to play various instruments, further trigger North American market expansion. For instance, in June 2023, MusiCounts, a Canada-based music education charity, announced that around 73 schools nationwide would receive musical equipment and resources worth USD 825,000 through its MusiCounts Band-Aid Program.

The U.S. is one of the prominent markets for musical equipment. Numerous retailers in the country prioritize expanding their business through partnerships and collaborations with other key brands, escalating the country’s growth. For instance, in June 2024, Manny’s, a U.S.-based musical devices store, collaborated with BandLab, a Singapore-based social music creation platform, to introduce Manny’s digital pop-up store, which provides access to various musical tools with special discounts for U.S. consumers.

Europe

Initiatives to promote music careers and education in Europe are expected to increase product sales in the near term. Furthermore, key market players in the region expand products and services at their stores to attract potential customers. For instance, in December 2023, Yamaha Corporation’s (Japanese musical equipment manufacturer) European Flagship Store, Yamaha Music London reopened after renewal. The renewed store features Yamaha digital pianos, an event space, a basement floor for guitars, and a display of acoustic pianos.

South America

The high popularity of musical devices such as flutes, whistles, charangos, and legüero in Brazil and Argentina contributes to regional growth. These instruments generate unique sounds and are used in religious ceremonies, dances, and celebrations. Numerous market players, such as Bamboo Música, KALANGO Brazilian Instruments, and Tagima Guitars, provide various high-quality musical tools across the region. Moreover, consumer inclination toward learning musical equipment to enhance creativity and improve mental health triggers product adoption.

Middle East & Africa

The increasing organization of music concerts and live performances by popular bands for music enthusiasts in the Middle East & African countries fuels the demand for high-quality musical equipment used in these concerts to support the singers and entertain the audience. For instance, in September 2024, Coldplay, a British music band, announced its performance in Abu Dhabi, UAE, as part of its tour. The band’s concert in the city was scheduled for January 2025. In addition, introducing music instrument training and music learning classes increases product demand across the region.

COMPETITIVE LANDSCAPE

Key Market Players

Prominent Players Focusing on Technological Innovations & Collaborations to Enhance Growth

The global musical instruments market is highly competitive, with numerous players emphasizing adopting multiple strategies and expanding their market share. Industry participants focus on advanced features and technological innovations to appeal to more customers and accelerate product sales. Furthermore, partnerships and collaborations with event organizers and other key players assist companies in reaching potential customers worldwide. Opening brand stores and expanding online presence also provide significant growth opportunities.

Major Players in the Global Musical Instruments Market

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Yamaha Corporation, Roland Corporation, Fender Musical Instruments Corporation, Kawai Musical Instruments Mfg. Co., Ltd, and Steinway & Sons are the prominent players in the market. The market is fragmented, with the top 5 players accounting for around 35% of the market share.

List of Key Musical Instrument Companies Profiled:

• Yamaha Corporation (Japan)


• Roland Corporation (Japan)


• Fender Musical Instruments Corporation (U.S.)


• Kawai Musical Instruments Mfg. Co., Ltd. (Japan)


• Steinway & Sons (U.S.)


• Casio Computer Co., Ltd (Japan)


• C.F. Martin & Co. Inc. (U.S.)


• Cortek (Cort guitars) (South Korea)


• Eastman Music Company (U.S.)


• Yanagisawa Wind Instruments Co., Ltd. (Japan)

KEY INDUSTRY DEVELOPMENTS

• September 2024: John Packer Musical Instruments, a Somerset, U.K.-based musical devices company, acquired Taylor Trumpets, a U.K.-based brass musical equipment manufacturer.


• August 2024: Roland Corporation, a Japan-based musical equipment manufacturer, unveiled its Roland Future Design Lab, a dedicated research and development group aimed at driving innovation in music technology.


• November 2023: Now Roland Corp., a Japan-based electronic musical tools manufacturer, launched its new store in Harajuku district, Tokyo, Japan. The three-story store offers products, including synthesizers, guitars, and electronic pianos.


• July 2023: Fender Musical Instruments Corporation (FMIC), a U.S.-based musical tools company, introduced its online store on JD.com, a China-based e-commerce company, to expand its presence in China.


• December 2021: Shimamura Musical Instruments, a Japan-based music chain store, unveiled its Musical Instruments Upcycling Project, under which it upcycles waste and discarded music instruments and transforms them into home products such as stand lights and tables.

Investment Analysis and Opportunities

The report provides comprehensive investment analysis and opportunities in the global musical instruments market to provide investors and business leaders with actionable insights. The report also highlights potential investment opportunities, including innovations, technology integration, and geographic expansion.

REPORT COVERAGE

The global musical instruments market report analyzes the market in-depth and highlights crucial aspects such as prominent companies, types, and distribution channels analysis. Besides this, it also provides insights into the market and highlights significant industry developments.

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Report Scope & Segmentation