Musical Instrument & Supplies Stores in the US - Industry Market Research Report

Strum the Guitar: as Consumer Sentiment Switches to Digital Services, the Industry Will Likely be Forced to Consolidate

The Musical Instrument and Supplies Stores industry has fallen out of tune as strong external competition has drowned out the sound made by independent stores. As large-scale retailers and online stores made their way into the musical equipment industry, accelerated by the pandemic, traditional brick-and-mortar retailers experienced revenue steadily fall over the past decade. Industry revenue is expected to fall at a CAGR of 2.9% to $5.2 billion in 2023, despite a dip of just 1.6% in the year. The Musical Instrument and Supplies Stores industry retails an extensive selection of musical instruments, sheet music and related supplies, such as microphones, amplifiers and audio systems. These products are usually sold directly to end consumers. Many industry operators also repair and rent these products and provide music instruction. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.