Piano Sales Global Market Report 2024

The piano sales market size has grown steadily in recent years. It will grow from $2.26 billion in 2023 to $2.32 billion in 2024 at a compound annual growth rate (CAGR) of 2.7%. The expansion observed during the historical period can be attributed to several factors, including economic conditions, demographic shifts, changes in education policies, evolving lifestyles, and effective marketing and branding strategies.

The piano sales market size is expected to see steady growth in the next few years. It will grow to $2.62 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The anticipated growth in the forecast period can be attributed to various factors, including the psychological benefits associated with piano ownership, trends in real estate that favor homes with musical amenities, events and cultural celebrations that drive interest in musical instruments, and evolving consumer preferences. Key trends expected during this period include the integration of smart features into pianos, the popularity of compact designs to accommodate smaller living spaces, increased demand for customization options, the emergence of subscription models for piano ownership, and a focus on personalized experiences for consumers.

The surge in live performances' popularity is anticipated to drive the piano sales market's growth in the future. Live performances encompass interactive entertainment events where musicians, artists, or actors engage with audiences directly. This rise in popularity stems from the increasing demand for genuine and immersive entertainment experiences amidst a digitally saturated landscape. Piano sales contribute significantly to the quality and variety of live performances by providing musicians with top-notch instruments tailored to their specific requirements, thus enriching the overall musical experience for both performers and spectators. For instance, in February 2024, Live Nation, a US-based live entertainment company, reported a significant revenue increase in its concert business, reaching $18.7 billion, with attendance rising by 20% and over 145 million fans attending more than 50,000 events in 2023. Hence, the burgeoning popularity of live performances is fueling the piano sales market's expansion.

Leading players in the piano sales sector are concentrating on developing innovative products like digital pianos to drive market growth. Digital pianos are electronic musical instruments designed to replicate the sound and feel of acoustic pianos while offering additional features and functionalities. For example, in January 2024, Casio Computer Co. Ltd., a Japan-based electronics company, unveiled the CELVIANO digital piano AP-750. This piano is engineered to deliver the rich resonance, playability, and expressive power of a grand piano while introducing new ways to enjoy playing, thanks to innovative functions developed by Casio. The piano features the Grandphonic Sound System, a novel technology that provides an unparalleled level of natural authenticity, simulating the resonance of a grand piano and immersing performers in the world of classical music.

In March 2024, the Music Department at the College of Lake County in the US partnered with the Rockley Family Foundation for an instrument sale event. This collaboration involves offering various pianos, including grand pianos, baby grands, digital player grands, upright pianos, and hybrid pianos, at significant discounts from manufacturer retail prices. The Rockley Family Foundation, a US-based nonprofit organization dedicated to supporting music education through scholarships and instrument donations, facilitates this event.

Major companies operating in the piano sales market are Kawai Musical Instruments Manufacturing Co Ltd., Yamaha Corporation, Casio Computer Co Ltd, Sweetwater Sound Inc., Roland Corporation, Steinway Musical Instruments, Thomann GmbH, Samick Musical Instruments Co Ltd, Petrof Piano a.s., Guangzhou Pearl River Piano, Hailun Piano Co Ltd, Andertons Music Co, Long & McQuade Limited, C. Bechstein Pianoforte AG, Kraft Music Ltd, Baldwin Piano Inc, Mason And Hamlin Company, Nord Keyboards AB, Normans Musical Instruments Ltd, Allegro Music Ltd, Schimmel Pianos GmbH, Mendelssohn Piano (Shanghai) Co., Ltd, Korg Inc, Kurzweil Music Systems, Hyundai Development Company Young Chang.

Asia-Pacific was the largest region in the piano sale market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the piano sales market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the piano sales market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A piano is a musical instrument equipped with a keyboard comprising black and white keys that produce sounds by striking strings with hammers upon key activation. Piano sales entail commercial transactions involving the exchange of pianos, encompassing the sale of both new and used instruments. These transactions are commonly facilitated through musical instrument stores, online marketplaces, or specialized piano dealerships.

The primary categories of piano sales include grand pianos and upright pianos. Grand pianos are distinguished by their large, elegant design featuring a horizontal frame and strings, often prized for their rich, resonant tones ideal for professional musicians and grand performances. These instruments are available for purchase through various distribution channels, both offline and online, and find applications in various settings such as performances, learning and teaching, and entertainment purposes.

The piano sales market research report is one of a series of new reports that provides piano sales market statistics, including piano sales industry global market size, regional shares, competitors with a piano sales market share, detailed piano sales market segments, market trends and opportunities, and any further data you may need to thrive in the piano sales industry. This piano sales 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 piano sales market consists of revenues earned by entities by providing services such as warranty and after-sales support, trade-in and upgrade programs, delivery and installation, instrument maintenance and tuning, and product demonstrations. The market value includes the value of related goods sold by the service provider or included within the service offering. The piano sales market also includes sales of digital pianos, hybrid pianos, electric pianos, and player pianos. 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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