Musical Instruments Global Market Opportunities and Strategies to 2032

This report describes and explains the musical instruments market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global musical instruments market reached a value of nearly $13.6 billion in 2022, having grown at a compound annual growth rate (CAGR) of 1.7% since 2017. The market is expected to grow from $13.6 billion in 2022 to $16.7 billion in 2027 at a rate of 4.2%. The market is then expected to grow at a CAGR of 5.8% from 2027 and reach $22.2 billion in 2032.

Growth in the historic period resulted from strong economic growth in emerging markets, rise in disposable income, increase in popularity of live musical performances, and rise in number of self-employed musicians. Factors that negatively affected growth in the historic period was COVID-19 impact and regulatory challenges.

Going forward, growing e-commerce sales, rising urbanization and rising penetration of social media platforms will drive the growth. Factor that could hinder the growth of the musical instruments market in the future include high cost of musical instruments and Russia-Ukraine war.

The musical instruments market is segmented by type into stringed, brass and woodwind, percussion, and keyboard. The stringed market was the largest segment of the musical instruments market segmented by type, accounting for 44.2% of the total in 2022. Going forward, the percussion segment is expected to be the fastest growing segment in the musical instruments market segmented by type, at a CAGR of 4.48% during 2022-2027.

The musical instruments market is segmented by distribution channel into supermarkets/hypermarkets, specialty stores, and online sales channel. The specialty stores market was the largest segment of the musical instruments market segmented by distribution channel, accounting for 64.4% of the total in 2022. Going forward, the online sales channel segment is expected to be the fastest growing segment in the musical instruments market segmented by distribution channel, at a CAGR of 5.2% during 2022-2027.

The musical instruments market is segmented by application into commercial events, personal use, music production, and other applications. The commercial events market was the largest segment of the musical instruments market segmented by application, accounting for 46.9% of the total in 2022. Going forward, the commercial events segment is expected to be the fastest growing segment in the musical instruments market segmented by application, at a CAGR of 4.5% during 2022-2027.

Asia Pacific was the largest region in the musical instruments market, accounting for 40.3% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the musical instruments market will be Africa and Middle East where growth will be at CAGRs of 8.6% and 7.3% respectively. These will be followed by South America and Asia Pacific where the markets are expected to grow at CAGRs of 7.1% and 4.1% respectively.

The global musical instruments market is fairly concentrated, with a few large players operating in the market. The top ten competitors in the market made up to 34.67% of the total market in 2022. Yamaha Corporation was the largest competitor with 14.10% share of the market, followed by Fender Musical Instruments Corporation with 6.87%, Roland Corporation with 3.83%, Steinway Musical Instruments, Inc with 2.77%, Gibson Brands, Inc with 2.39%, Casio Computer Co., Ltd. with 1.44%, Guangzhou Pearl River Piano Group Co Ltd with 1.29%, HOSHINO GAKKI CO., LTD. with 1.06%, Eastman Music Company with 0.73%, and C.F. Martin & Co Inc with 0.21%.

The top opportunities in the musical instruments market segmented by type will arise in the stringed segment, which will gain $1.3 billion of global annual sales by 2027. The top opportunities in the musical instruments market segmented by distribution channel will arise in the specialty stores segment, which will gain $1.9 billion of global annual sales by 2027. The top opportunities in the musical instruments market segmented by application will arise in the commercial events segment, which will gain $1.6 billion of global annual sales by 2027. The musical instruments market size will gain the most in China at $682.6 million.

Market-trend-based strategies for the musical instruments market include focusing on sustainable and eco-friendly musical instruments, using sensors on instruments to develop advanced instruments, focusing on smart digital instruments, and strategic partnerships and collaborations.

Player-adopted strategies in the musical instruments market include focusing on expanding business capabilities through strategic acquisitions, enhancing operational capabilities and strengthening business operations through the launch of new products.

To take advantage of the opportunities, the recommends the musical instruments companies to focus on sustainable and eco-friendly musical instruments, focus on smart digital instruments, focus on fast-growing product types, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use b2b promotions, continue to target fast-growing applications and focus on urban population.