Musical Instruments Industry | Forecast 2030
Musical Instruments Industry Data Book – Stringed, Percussion, Wind and Keyboard Instruments Market
The increasing interest in music and its widespread popularity across the globe have fueled the demand for musical instruments. Furthermore, the growing number of music enthusiasts, both amateurs & professionals, has significantly contributed to the market growth.
Musical Instruments Industry Data Book Coverage Snapshot
- Musical Instruments Industry USD 14,117.9 million in 2022 7.3% CAGR (2023-2030)
- Stringed Instruments Market Size USD 8,958.3 million in 2022 7.4% CAGR (2023-2030)
- Percussion Instruments Market Size USD 1,005.3 million in 2022 6.9% CAGR (2023-2030)
- Wind Instruments Market Size USD 1,310.9 million in 2022 6.7% CAGR (2023-2030)
- Keyboard Instruments Market Size USD 2,843.5 million in 2022 7.5% CAGR (2023-2030)
Access the Global Musical Instruments Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Stringed Instruments Market Growth & Trends
The stringed instruments market held the largest market share in the overall musical instruments market. This growth is primarily driven by the increased sales of electric guitars. Electric guitars have gained immense popularity among musicians and enthusiasts for their distinct and versatile sound, well-suited for various music genres such as rock, pop, blues, and jazz. The unique tonal characteristics and the ability to manipulate sound using effects pedals and amplifiers have made electric guitars essential in modern music production. These factors have significantly contributed to the sales of electric guitars, thereby driving the overall stringed instruments market’s growth.
Stringed instruments offer a wide range of tonal possibilities and can be used in various music genres and styles, from classical to rock, folk to jazz. Guitars, violins, cellos, and ukuleles are found in diverse musical landscapes. Their versatility attracts musicians from different backgrounds, expanding the market reach of these instruments and driving growth.
Percussion Instruments Market Growth & Trends
The global percussion instruments market size is expected to reach USD 1.6 billion by 2028, registering a CAGR of 1.1% over the forecast period, according to a new report by Grand View Research, Inc. The market for percussion instruments is expected to grow due to an increase in the number of live concerts and multiday musical events. Furthermore, the business is being fueled by the stage performances of leading companies and musicians.
Percussion instruments are considered a backbone of the music industry as it is one of the oldest instruments played. The coronavirus pandemic adversely affected the percussion instruments business. School closures canceled musical events and live orchestras, and disruptions in the supply chain led to reduced demand for musical instruments at a global level. Yamaha created disinfection guidelines for digital pianos, drums and percussion instruments, keyboards, guitars, pianos, and wind and string instruments.
Order your copy of the Free Sample of “Musical Instruments Industry Data Book – Stringed, Percussion, Wind and Keyboard Instruments Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030, published by Grand View Research
Wind Instruments Market Growth & Trends
The increasing adoption of wind instruments across diverse musical genres is contributing to the growth of the wind instrument market. For instance, in the jazz genre, the saxophone continues to be a prominent instrument, with renowned musicians incorporating its soulful tones into their compositions. Similarly, in contemporary pop and rock music, wind instruments such as the trumpet and flute are gaining popularity for their unique and expressive qualities. This trend not only expands the market reach of wind instruments but also creates new opportunities for instrument manufacturers and retailers.
Modern wind instruments incorporate improved materials, manufacturing techniques, and design features that enhance playability and sound quality. For instance, the development of advanced key mechanisms and ergonomic designs in saxophones and clarinets has made them more accessible to musicians of all skill levels. These technological advancements attract both beginners and professionals who are seeking instruments that are easier to play and offer enhanced performance capabilities, thus contributing to the growth of the wind instrument market.
Keyboard Instruments Market Growth & Trends
Advancements in technology have revolutionized the keyboard instruments market. Digital keyboards now offer a wide range of features, including realistic piano sounds, multiple instrument voices, recording capabilities, and built-in learning tools. These technological advancements have made keyboards more accessible and appealing to beginners and professionals alike, contributing to market growth.
For instance, in January 2023, Yamaha, the world’s largest manufacturer of musical instruments, announced the launch of the P-S500, a digital piano designed for beginners. The new P-S500 is equipped with Stream Lights technology, which uses red and blue lights above each key to visually guide the pianist on which notes to play and when to play them. Additionally, the P-S500 pairs with the Smart Pianist app, providing users with a seamless connection to a smart device and granting full access to instrument controls and configuration tools.
The manufacturers in the musical instruments market aim to achieve optimum business growth and a strong market position through the implementation of various strategies such as acquisitions, new product launches, collaborations, and strengthening of distribution networks in the global as well as regional markets. Musical instrument manufacturers aim to strengthen their market positions by expanding their customer base through diversification of their product portfolios and incorporating a wide range of musical instruments.