Musical instrument insurance protects against any loss or damage to musical instrument in an actual or attempted robbery or burglary at insured premises. Insuring a musical instrument is a good idea if the instrument is cost-prohibitive to replace it, or if the instrument is needed regularly for performances or teaching. Musical instrument insurance often covers more than just the actual instrument, it might also cover the case, accessories and even sheet music.
Surge in demand for music instruments among consumers is a major driving factor for the musical instrument insurance. As the consumers are attracted towards playing instruments such as guitar, piano, drums and others. The need for insuring these instruments becomes a necessity. In addition, the cost of musical instruments are generally higher, and thus any damage caused to these instruments might cost huge amount of money to the owner for repairing it. Thus, to safeguard their instruments for any repair cost, consumers prefer to purchase musical instrument insurance. Therefore, this is a propelling factor for the market growth. Moreover, there is a rising awareness among musicians about the musical instrument insurance, thus these factors are driving the musical instrument insurance market growth. However, the cost of purchasing musical instrument insurance is generally higher since the risk factor of damage and theft is high which restricts consumers from purchasing musical instruments insurance. Hence, this is a major factor limiting the growth of musical instrument insurance market. On the contrary, the younger generation is interested towards taking up music as their profession. Moreover, the demand for professional music course have grown in the recent years. Therefore, as people take up music as their profession, the demand for musical instruments will grow which will eventually lead to the rise in demand for musical instrument insurance. Thus, this factor is expected to provide lucrative growth opportunities for the market in coming years.
The musical instrument insurance market is segmented on the basis of application, distribution channel, end user, and region. By application, it is segmented into music production/direction and personal use. The music production/direction segment is further sub segmented into digital instruments, guitar, piano/keyboard, and others. The digital instruments sub segment is further bifurcated into computers & tablets, and electronic wind instruments (EWIs). By distribution channel, it is bifurcated into direct response, musical stores, online channels, and others. Based on end user, it is segregated into professionals and amateur. By region, it is analyzed across Asia-Pacific, Europe, North America, and LAMEA.
The report analyzes the profiles of key players operating in the musical instrument insurance market such as Aon plc., AXA Insurance Ltd., Assetsure, Aston Lark, Anderson Musical Instrument Insurance Solutions, LLC, Allianz Insurance plc, Bajaj Finance Limited, EBM, Erie Indemnity Co., Front Row Insurance, Insurance Zebra, Insuranks.com, musicGuard, MusicPro Insurance Agency LLC, Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, and ValuePenguin. These players have adopted various strategies to increase their market penetration and strengthen their position in the musical instrument insurance industry.
Surge in demand for music instruments among consumers is a major driving factor for the musical instrument insurance. As the consumers are attracted towards playing instruments such as guitar, piano, drums and others. The need for insuring these instruments becomes a necessity. In addition, the cost of musical instruments are generally higher, and thus any damage caused to these instruments might cost huge amount of money to the owner for repairing it. Thus, to safeguard their instruments for any repair cost, consumers prefer to purchase musical instrument insurance. Therefore, this is a propelling factor for the market growth. Moreover, there is a rising awareness among musicians about the musical instrument insurance, thus these factors are driving the musical instrument insurance market growth. However, the cost of purchasing musical instrument insurance is generally higher since the risk factor of damage and theft is high which restricts consumers from purchasing musical instruments insurance. Hence, this is a major factor limiting the growth of musical instrument insurance market. On the contrary, the younger generation is interested towards taking up music as their profession. Moreover, the demand for professional music course have grown in the recent years. Therefore, as people take up music as their profession, the demand for musical instruments will grow which will eventually lead to the rise in demand for musical instrument insurance. Thus, this factor is expected to provide lucrative growth opportunities for the market in coming years.
The musical instrument insurance market is segmented on the basis of application, distribution channel, end user, and region. By application, it is segmented into music production/direction and personal use. The music production/direction segment is further sub segmented into digital instruments, guitar, piano/keyboard, and others. The digital instruments sub segment is further bifurcated into computers & tablets, and electronic wind instruments (EWIs). By distribution channel, it is bifurcated into direct response, musical stores, online channels, and others. Based on end user, it is segregated into professionals and amateur. By region, it is analyzed across Asia-Pacific, Europe, North America, and LAMEA.
The report analyzes the profiles of key players operating in the musical instrument insurance market such as Aon plc., AXA Insurance Ltd., Assetsure, Aston Lark, Anderson Musical Instrument Insurance Solutions, LLC, Allianz Insurance plc, Bajaj Finance Limited, EBM, Erie Indemnity Co., Front Row Insurance, Insurance Zebra, Insuranks.com, musicGuard, MusicPro Insurance Agency LLC, Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, and ValuePenguin. These players have adopted various strategies to increase their market penetration and strengthen their position in the musical instrument insurance industry.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the musical instrument insurance by market analysis from 2021 to 2031 to identify the prevailing musical instrument insurance by market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the musical instrument insurance by market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global musical instrument insurance by market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- Music Production/Direction
- Personal Use
By Distribution Channel
- Direct Response
- Musical Stores
- Online Channels
- Others
By End User
- Professionals
- Amateur
By Region
- North America
- U.S.
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Singapore
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Aon plc
- AXA Insurance Ltd.
- Assetsure
- Aston Lark.
- Anderson Musical Instrument Insurance Solutions, LLC
- Allianz Insurance plc
- Benzinga
- Bajaj Finance Limited
- EBM
- Erie Indemnity Co.
- Front Row Insurance
- Insurance Zebra
- Insuranks.com
- MusicPro Insurance Agency LLC
- Nationwide
- Progressive Casualty Insurance Company
- ValuePenguin
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MUSICAL INSTRUMENT INSURANCE MARKET, BY APPLICATION
CHAPTER 5: MUSICAL INSTRUMENT INSURANCE MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 6: MUSICAL INSTRUMENT INSURANCE MARKET, BY END USER
CHAPTER 7: MUSICAL INSTRUMENT INSURANCE MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Musical Instrument Insurance Market," the musical instrument insurance market size was valued at $1,650.00 thousand in 2021, and is estimated to reach $2,475.33 thousand by 2031, growing at a CAGR of 4.3% from 2022 to 2031.In the case of household insurance, instruments are only insured while inside the home, or, if supplemental off-premises coverage has been taken out, in other closed rooms (e.g., hotel room). Furthermore, since such policies only cover a limited percentage of the value of the item insured, very expensive clarion instruments may not be protected sufficiently. Music equipment insurance, on the other hand, also includes transport damage, simple theft and carelessness on the part of the owner at concerts, on the road and in the rehearsal space. It offers protection for music equipment instruments of any kind as well as accessories, such as cases, sheet music, or music stands.
On the basis of application, the music production/direction segment is the highest growing segment. This is attributed to the fact that as the music industry is evolving, new techniques and instruments are being used to make music. Therefore, having a musical instrument insurance coverage protects the instruments from damage, the demand for musical instrument insurance is growing. Therefore, this is a major growth factor for the musical instrument insurance for music production/direction.
Based on region, North America attained the highest growth in 2021. This is attributed to the fact that Consumers in North America are increasingly purchasing musical instruments are amateur musicians have been growing in the region. In addition, availability of music classes has further increased the purchase of musical instruments such as guitars and piano. Moreover, parents have been more supportive towards their child pursuing musical careers, thus increasing the demand for musical instruments in the region.
The COVID-19 had a moderate impact on the musical instrument insurance market trends, this is attributed to the fact that music concerts and events came to halt which reduced the demand for musical instruments insurance market trends. However, many people took music classes during the pandemic and there was a significant increase in the amateurs. Thus, to avoid any kind of mishaps on the costly instrument, they purchased musical instrument insurance. Therefore, the COVID-19 pandemic had a moderate impact on the musical instrument insurance market growth.
Key Findings of the Study
- By distribution channel, the direct response segment led the musical instrument insurance market in terms of revenue in 2021.
- By end user, the professionals segment accounted for the highest musical instrument insurance market share in 2021.
- By region, North America generated the highest revenue in 2021.
- The key players profiled in the musical instrument insurance market analysis are Aon plc., AXA Insurance Ltd., Assetsure, Aston Lark, Anderson Musical Instrument Insurance Solutions, LLC, Allianz Insurance plc, Bajaj Finance Limited, EBM, Erie Indemnity Co., Front Row Insurance, Insurance Zebra, Insuranks.com, musicGuard, MusicPro Insurance Agency LLC, Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, and ValuePenguin. These players have adopted various strategies to increase their market penetration and strengthen their position in the musical instrument insurance industry.
Companies Mentioned
- Aon plc
- Axa Insurance Ltd.
- Assetsure
- Aston Lark.
- Anderson Musical Instrument Insurance Solutions, LLC
- Allianz Insurance plc
- Benzinga
- Bajaj Finance Limited
- Ebm
- Erie Indemnity Co.
- Front Row Insurance
- Insurance Zebra
- Insuranks.Com
- Musicpro Insurance Agency LLC
- Nationwide
- Progressive Casualty Insurance Company
- Valuepenguin
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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