According to the latest report by IMARC Group, titled, “Musical Instrument Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global musical instrument market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
The global musical instrument market size reached US$ 13.85 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.88 Billion by 2028, exhibiting a growth rate (CAGR) of 3.23% during 2023-2028.
A musical instrument encompasses a wide range of objects, including violin, guitar, cello, harp, veena, sitar, viola, mandolin, etc. It is usually categorized based on various sound production methods, such as percussion, string, keyboard, wind, electronic, etc. Engaging with musical instruments increases cognitive growth through the development of complex rhythmic, tonal, and practical skills. They even sharpen concentration, foster social skills, and promote self-expression among artists. Musical instruments are mostly used for entertainment purposes at concerts, accompanying dancers, and during work or rituals. They are also utilized in music therapy for children with autism, depression, and other disorders.
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The musical instrument market is primarily driven by the growing product requirement in educational institutions, such as schools, colleges, universities, etc., across the globe. Moreover, the elevating focus of leading manufacturers on employing advanced technologies to develop objects that enhance playability and offer improved volume control is acting as another significant growth-inducing factor. Apart from this, the rising availability of musical instruments through both online and offline distribution channels and the increasing consumer inclination towards customized electronic guitars and pianos, which can be tailored in terms of shape, size, design, the option of premium exotic and traditional hardwoods, etc., are also positively influencing the market growth. Additionally, the escalating prevalence of live musical performances and concerts is bolstering the market growth. Besides this, the inflating need for digital product variants that offer easier playability as compared to their traditional counterparts and the expanding community of music enthusiasts are expected to catalyze the musical instrument market over the forecasted period.
The report has segmented the market into the following categories:
Instrument Type Insights:
Price Range Insights:
Distribution Channel Insights:
Breakup by Region:
The report covers the major market players including:
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