The global musical instruments market size is anticipated to reach USD 9.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.2% over the forecast period. Increasing awareness related to various types of music, along with high product visibility of electronic music instruments, is expected to drive the market over the forecast period.
The string and percussion segment dominated the global market with a share of 79.2% in 2018. High product visibility of guitars, violins, and pianos is a major factor contributing to the growth of this segment. Electric guitars have gained significant popularity among the youth population because they are easy to learn and play. However, digital musical instruments are expected to expand at the fastest CAGR of 4.1% from 2019 to 2025. They are capable of producing studio sound effects with a single instrument that has an electronic circuit embedded inside it. This is expected to drive the music industry, which will fuel the product demand.
Asia Pacific occupied the largest market share in 2018 owing to high demand in countries such as Japan and China. China is one of the major countries contributing to the growth of the global market as major manufacturers are leveraging the high influence of western culture in this country. Moreover, production facilities are set up in various developed countries of this region, which, in turn, will improve the production capacity and increase sales. This is expected to positively influence the music instruments market growth in this region.
North America is anticipated to witness the fastest growth from 2019 to 2025 owing to rising popularity of electronic instruments. Majority of the parents in U.S. encourage their children to learn music from a very young age, which helps in developing their taste for music. Such individuals tend to take up music as their profession, which, in turn, will the improve the market demand in this region. This is further expected to contribute to the overall growth of the market over the forecast period.
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Further key findings from the study suggest:
- The wind instruments segment in music instruments market is projected to ascend at a CAGR of 3.1%, on account of high availability and growing preference for traditional music among senior citizens
- Europe is expected to expand at a CAGR of 3.5% owing to significant product demand in major countries like Germany and France, which are expected to witness a significant influence of western music culture in the projected period
- In April 2018, as per revised trade rules for shipping musical instruments, instruments containing rosewood require a separate documentation. Illegal rosewood smuggling is carried in out in China, which will hamper use of rosewood in production of high-quality guitars.