Musical Instrument & Supplies Stores in Canada - Industry Market Research Report

Musical Instrument & Supplies Stores in Canada - Industry Market Research Report

Musical Instrument & Supplies Stores in Canada

Revenue for the Canadian Musical Instrument and Supplies Stores industry has fallen over the past five years. The industry, which relies on steady levels of consumer spending, has experienced tepid sales during the period and was especially pressured in 2020 because of the coronavirus. The industry has also experienced increased external competition from mass merchandisers and online retailers that offer lower price. This has resulted in wavering sales of new musical instruments, sheet music and music supplies, with an increased emphasis on used instrument sales and personal instruction. Industry revenue is expected to decrease at a CAGR of 2.4% to $962.7 million over the past five years, including an increase of 3.8% in 2023 alone.

The Musical Instrument and Supplies Stores industry in Canada 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.