Musical Instruments Market Report 2023 – Market Size, Trends, And Forecast 2023-2027

The Business Research Company’s Musical Instruments Global Market Report 2023 – Market Size, Trends, And Forecast 2023-2027

LONDON, GREATER LONDON, UK, November 13, 2023 /EINPresswire.com/ -- The global musical instruments market is expected to expand from $13.25 billion in 2022 to $13.57 billion in 2023, demonstrating a steady compound annual growth rate (CAGR) of 2.4%. Despite disruptions stemming from the Russia-Ukraine conflict and the residual impacts of the COVID-19 pandemic, the market is poised for a continued upward trajectory, with estimates projecting a rise to $14.92 billion by 2027, at a CAGR of 2.4%.

Driver: Striking a Chord with Live Musical Performances

The surging popularity of live musical performances and concerts stands as a key driver for the growth of the musical instruments market. These events not only enhance mood and emotional well-being but also serve as a social platform, fostering connections among individuals with similar musical tastes and experiences. According to Bandsintown, a live music discovery and ticket purchasing app, ticket sales in January 2022 doubled compared to 2019, representing a 100% increase from 2019. This significant surge in live music performances has led to a corresponding increase in the demand for musical instruments, driving the market's growth.

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Players: Leading the Melodic Ensemble

Prominent players in the musical instruments market include Casio Computer Co. Ltd., C.F. Martin & Co. Inc., D'addario & Company Inc., Eastman Music Company, Fender Musical Instruments Corporation, Kawai Musical Instruments Mfg. Co. Ltd., Steinway & Sons, Yamaha Corporation, Yanagisawa Wind Instruments Co., Ltd., Roland Corporation, Guangzhou Pearl River Piano Group Ltd., HMI Guitars, Cort, Gibson Brands Inc., and Hoshino Gakki Co. Ltd.

Trends: Innovating the Musical Experience

Technological advancements represent a significant trend gaining momentum in the musical instruments market. For instance, in April 2021, Casio Computer Company Ltd., a Japanese multinational electronics manufacturing corporation, launched the Casiotone CT-S1, a digital keyboard designed for seamless music creation anytime, anywhere. This keyboard caters to the needs of adult users interested in integrating music-making into their daily lives, featuring a user-friendly interface comprising keys, built-in speakers, and a limited set of buttons that seamlessly blend with users' lifestyles.

Segments: Unveiling the Musical Market Segments

The global musical instruments market is segmented as follows:

• Type: Stringed, Brass And Woodwind, Percussion, Keyboard
• Distribution Channel: Supermarkets/Hypermarkets, Specialty Stores, Online Sales Channel
• Application: Commercial Events, Personal Use, Music Production, Other Applications

Region: A Symphony Across Continents

Asia-Pacific held the largest share of the musical instruments market in 2022. The analysis report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Access the complete report for an in-depth analysis of the global musical instruments market:
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Musical Instruments Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Musical Instruments Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on musical instruments market size, musical instruments market drivers and trends, musical instruments market major players, competitors' revenues, market positioning, and market growth across geographies. The musical instruments market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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