Global Musical Instruments Market Size, Share & Industry Trends Analysis Report By Type (Stringed, Keyboard, Brass & Woodwind, and Percussion), By Distribution Channel, By Regional Outlook and Forecast, 2023 - 2030

Global Musical Instruments Market Size, Share & Industry Trends Analysis Report By Type (Stringed, Keyboard, Brass & Woodwind, and Percussion), By Distribution Channel, By Regional Outlook and Forecast, 2023 - 2030

The Global Musical Instruments Market size is expected to reach $16.7 billion by 2030, rising at a market growth of 4.7% CAGR during the forecast period.

Major global participants focus on increasing product penetration in the United States in response to the high demand for premium digital instruments, driving this expanded market. Consequently, the North American region would acquire nearly 20% of the total market share by 2030. Due to the youthful population's tremendous interest, many music events and live performances occur in the United States. Accelerating the expansion of the audio industry has contributed to the expansion of the market. Some of the factors impacting the market are Increase in adoption of advanced technology, Rise in popularity of music concerts and live performances and High cost of electronic instruments.

The development of digital technology has led to the creation of digital pianos, electronic keyboards, and synthesizers. These instruments offer a broad range of sounds, effects, and features impossible with traditional analog instruments. Moreover, integrating smart technology into instruments has given rise to smart guitars, pianos, and other instruments connected to smartphones and tablets. Additionally, various apps are designed to aid musicians in learning, practicing, and creating music. Thus, integrating advanced technology is expected to expand market growth. Additionally, the demand for these instruments often increases in response to the popularity of live performances. Musicians, both amateurs and professionals, may invest in new instruments or upgrade their existing ones in preparation for live shows. As live performances inspire more people to take up music, there is often an increased demand for entry-level instruments. Beginners and aspiring musicians purchase instruments to start their musical journey. Therefore, the popularity of music concerts and live performances drives the growth of the market.

However, Electronic instruments, especially advanced synthesizers, digital keyboards, and electronic drum kits can be expensive. This high cost may deter beginners or casual musicians from entering the market, limiting the growth of the entry-level segment. Small recording studios and independent artists may face financial challenges acquiring high-end electronic instruments and recording gear. This limitation may impact the quality of productions and hinder the growth of certain segments within the music production industry. Due to the above factors, market growth will be hampered in the coming years.

Type Outlook

On the basis of type, the market is segmented into stringed, brass & woodwind, percussion, and keyboard. The keyboard segment acquired a substantial revenue share in the market in 2022. As the number of musical performances and concerts has increased substantially, keyboard instruments, including the piano, accordion, and keyboard, have gained immense popularity. Keyboards are often recommended for beginners due to their relatively straightforward layout and the ability to produce a full range of musical notes with a single key press. This accessibility makes keyboards a popular choice for individuals starting their musical journey.

Distribution Channel Outlook

Based on distribution channel, the market is fragmented into supermarkets/hypermarkets, speciality stores, and online sales channel. The online sales channel segment garnered a significant revenue share in the market in 2022 The increasing consumer inclination towards online channels and the convenience of accessing instruments are expected to contribute to a surge in online sales of these instruments. The burgeoning online marketplaces Reverb.com and KADENCE.in, among others, and the rising prominence of vintage instruments are anticipated to sustain guitar sales growth over the next few years. Furthermore, the ongoing commitment of the primary manufacturer to introducing innovations to its guitar variants via company-owned websites will generate fresh prospects for the online distribution channel.

Regional Outlook

Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region registered the largest revenue share in the market. In developing nations like India and China, the expanding influence of Western music is anticipated to cause substantial transformations in the music industry at large, particularly in brand recognition and premium instruments. Furthermore, regional manufacturers of these instruments are placing greater emphasis on providing traditional instruments specific to their respective regions. This will contribute to the market's growth in the forthcoming years. As many manufacturers establish manufacturing skills in developing countries like China and India, the region is anticipated to retain its lead throughout the projection period.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Eastman Music Company, Fender Musical Instruments Corporation (Servco Pacific Inc.), Casio Computer Co., Ltd., Steinway, Inc. (Paulson & Co. Inc.), Kawai Musical Instruments Manufacturing Co., Ltd., Yamaha Corporation, Guangzhou Pearl River Piano Group Co., Ltd., Yanagisawa Wind Instruments Co., Ltd., C. F. Martin & Co., Inc. and Roland Corporation

Strategies Deployed in Musical Instruments Market

Product Launches and Product Expansions:

Sep-2023: Fender Musical Instruments Corporation released VINTERA II SERIES, a range of electric guitars. The Vintera II Series features era-correct neck shapes that provide a comfortable wearing experience to the user and also includes vintage-voiced pickups that facilitate the users to play the sounds of previous eras.

May-2023: Roland Corporation released S-1 Tweak Synth. The S-1 features wave manipulation features and onboard sequencing. Additionally, it contains a wide range of unique performance features.

Nov-2022: Steinway, Inc. unveils Gran Nichetto designer piano. The piano features Steinway’s latest technological innovation along with an aesthetic body design.

Jan-2022: Casio Computer Co., Ltd. announced the launch of the CT-S1000V electronic keyboard. The keyboard has several features that allow the users to play singing voices on the keyboard without any requirement for special playing skills.

Jan-2022: C. F. Martin & Co., Inc. SC-10E acoustic electric guitar. The guitar features C. F. Martin's Sure Align neck system and a low-profile velocity neck barrel. Additionally, it has a satin-finished Sitka spruce top and koa fine veneer back and sides.

Jul-2020: KAWAI Musical Instruments Mfg. Co., Ltd. announced the launch of the DG30 piano. The piano features an Ebony Polish finished body and a wooden soundboard. Additionally, the piano stands at a height of 87 cm for accommodation in smaller spaces.

Mergers & Acquisition:

Feb-2023: Yamaha Corporation acquired Córdoba Music Group, an electric guitar manufacturer. The acquisition enhances the music instruments portfolio of Yamaha.

Sep-2022: Roland Corporation took over Drum Workshop, Inc., an American drum kit manufacturer. The acquisition enhances Roland's brand presence and reputation among the acoustic drums community.

Nov-2021: Fender Musical Instruments Corporation took over PreSonus Audio Electronics, Inc., a professional audio equipment manufacturer. The acquisition would allow Fender to achieve its aim of creating a united hardware and software ecosystem for its musician user base.

Partnerships, Collaborations & Agreements:

Jul-2022: Yamaha Corporation signed a partnership with Tombooks, an Interactive Sheet Music provider, to provide its customers with free three-month Premium access to the Tomplay app. The partnership would allow the musician customers of the two companies to enjoy their instruments to the maximum extent.

Scope of the Study

Market Segments covered in the Report:

By Type

• Stringed
• Keyboard
• Brass & Woodwind
• Percussion

By Distribution Channel

• Specialty Stores
• Online Sales Channel
• Supermarkets/Hypermarkets

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• Eastman Music Company
• Fender Musical Instruments Corporation (Servco Pacific Inc.)
• Casio Computer Co., Ltd.
• Steinway, Inc. (Paulson & Co. Inc.)
• Kawai Musical Instruments Manufacturing Co., Ltd.
• Yamaha Corporation
• Guangzhou Pearl River Piano Group Co., Ltd.
• Yanagisawa Wind Instruments Co., Ltd.
• C. F. Martin & Co., Inc.
• Roland Corporation

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