Musical Instruments Global Market Report 2024

The musical instruments market size has grown steadily in recent years. It will grow from $14.18 billion in 2023 to $14.81 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The expansion observed in the historical period can be attributed to strong economic growth in emerging markets, a rise in disposable income, an increase in the popularity of live musical performances, and a rise in the number of self-employed musicians.

The musical instruments market size is expected to see steady growth in the next few years. It will grow to $17.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The anticipated growth in the forecast period can be attributed to increasing e-commerce sales, rising urbanization, and a growing penetration of social media platforms. Key trends projected for the forecast period include a focus on sustainable and eco-friendly musical instruments, the integration of sensors on instruments to develop advanced versions, an emphasis on smart digital instruments, and strategic partnerships and collaborations.

The musical instruments market is anticipated to witness growth, driven by the increasing prevalence of social media platforms throughout the forecast period. These platforms offer musicians an expansive network to showcase their talents, connect with a global audience, and cultivate a dedicated fan base, thereby boosting the demand for musical instruments among aspiring artists. Furthermore, influencers, content creators, and music communities on social media contribute to the visibility of various instruments, leading to heightened interest and increased sales. Additionally, social media platforms serve as effective marketing channels for musical instrument manufacturers and retailers, enabling them to reach targeted audiences through product demonstrations, promotions, and customer reviews. For instance, according to Smart Insights, a UK-based company specializing in digital marketing skills, global social media users reached 4.62 billion in January 2022 and 4.72 billion in January 2023. Consequently, the growing prevalence of social media platforms is poised to drive the expansion of the musical instruments market.

The surge in e-commerce sales is expected to further propel the growth of the musical instruments market in the forecast period. E-commerce, denoting the online purchase and sale of products and services, provides consumers with the convenience of exploring a wide array of musical instruments, including rare and specialized products, from the comfort of their homes. The rise of e-commerce encourages manufacturers and retailers to leverage digital platforms for showcasing new products, presenting customer reviews, and offering personalized recommendations, thereby stimulating consumer interest and engagement. For example, according to the International Trade Administration, e-commerce sales in Canada were estimated at approximately $2.34 billion in March 2022, with a projected retail e-commerce sales figure of $40.3 billion by 2025. Additionally, the Russian e-commerce market is anticipated to grow by 67.2% in 2023, contributing to the global growth rate of 10.4% in the same year. Consequently, the increasing prevalence of e-commerce sales is expected to drive the growth of the musical instruments market.

Technological advancements represent a significant trend gaining momentum in the musical instruments market. In April 2021, the Japanese multinational electronics manufacturing corporation, Casio Computer Company Ltd., introduced the Casiotone CT-S1, a digital keyboard designed with the concept of enabling music-making anytime and anywhere. The goal is to create digital keyboards suitable for various needs and situations, especially targeting adult users interested in incorporating music into their daily lives. This keyboard features a row of keys, built-in speakers, and a limited section of buttons, seamlessly blending with users' lifestyles.

Companies within the musical instruments market are directing their efforts toward incorporating sensors into instruments to develop advanced offerings. These sensors can capture various performer gestures, such as free-space movements, hand positions, or body movements, allowing musicians to control and manipulate electronic and digital music in real-time during live performances. For example, in May 2021, Sony, a Japan-based company manufacturing musical instruments, introduced the Motion Sonic, a motion-sensing music effects controller. This device enables users to control music through hand motions, capturing gestures such as waving, rolling, up/down, left/right, and twisting motions to trigger pitch changes, vibrato, and modulation effects.

In November 2021, Fender Musical Instruments Corporation (FMIC), a leading musical instrument manufacturer, acquired PreSonus Audio Electronics, Inc., an American manufacturer of professional audio equipment and software. The acquisition aims to expand both companies' product portfolios in pro and prosumer audio equipment, enhancing their overall offerings in the market.

Major companies operating in the musical instruments market report are Yamaha Corporation, Fender Musical Instruments Corporation, Roland Corporation, Steinway Musical Instruments Inc., Gibson Brands Inc., Casio Computer Co Ltd., Guangzhou Pearl River Piano Group Co Ltd., HOSHINO GAKKI CO Ltd., Eastman Music Company, C.F. Martin & Co Inc., Aria Guitars Co, Ishibashi Music Corporation, Shimokura Musical Instruments, GT Mfg. Inc., Bhatia Musicals, National Musical Instruments Factory Ltd., Zhangqiu Tongxiang Musical Instrument Factory, Tianjin Leo Musical Instruments Co., Ltd., Jiyi Musical Instruments Co Ltd., Shenzhen Gmax Musical Instrument Ltd., Medeli Electronics (Shanghai) Co Ltd., Wuhan Eleca Electronics Co Ltd., Ridenour Clarinet Products U.K. Ltd., Clarinet Company, Andertons Music Co, Ackerman Music Ltd., John Packer Ltd., London Musical Instruments Ltd., Normans Musical Instruments, Presentation Rentals Ltd., Tony Bingham, Wharfedale, Centrum Muzyczne LEMAŃSKI, da capo - galeria instrumentów, Gitary Mayones s.c, Strunal Schönbach s.r.o, K&W MEYER Sp. z o.o, ŠIBA s.r.o, Portland Music Company, Strait Music Company, Harman International Industries, Shure Incorporated, Gemini Machines Export, Fabiollo Peselimaare, Central do, Borb Oliver Importacao e Comercio de Instrumentos Musicais Ltda, Drum Lugs International, Gope Instrumentos Musicais Ltda, POWER MUSIC, MusicMajlis, Ethnic Musical Instruments, Aiwa, X8 Drums, Avedis Zildjian Company, Agean Cymbals, Ase Müzik - Aydın Saz Evi, Show Gear Network, Am Discovery Musical Instruments, Musiekwêreld, Polliacks Music Instruments, Saramonic Music Instruments.

Asia-Pacific was the largest region in the musical instruments market in 2023. The regions covered in the musical instruments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the musical instruments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of musical instruments are stringed, brass and woodwind, percussion, and keyboard. Stringed instruments produce sound through vibrating strings. Common examples in the string family include the guitar, electric bass, violin, viola, cello, double bass, banjo, mandolin, ukulele, and harp. Musical instruments are distributed through various channels, including supermarkets/hypermarkets, specialty stores, and online sales channels.

The musical instrument market research report is one of a series of new reports that provides musical instrument market statistics, including musical instrument industry global market size, regional shares, competitors with a musical instrument market share, detailed musical instrument market segments, market trends and opportunities, and any further data you may need to thrive in the musical instrument industry. This musical instrument market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The musical instrument market consists of sales of piano, drum, and flute. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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