Musical Instruments Market Analysis Report By Instrument Type, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global musical instruments market size was estimated at USD 7.5 billion, in 2018 and is projected to grow at a significant rate over the forecast period. The growing penetration of digital instruments in music is expected to drive market growth. Musicians who used to play single instruments are expected to benefit more due to the wide range of sound offered by the instruments. This is primarily attracting the youth generation who are having an interest in music, which is projected to proliferate the market growth. 

The growth in the number of music hobbyists is expected to increase the demand for the instruments in the next few years. According to the study, 63% of customers of musical instruments are music hobbyists which include, students, aspiring professionals, recreational players, and others. Children in the younger age group are getting more attracted to music and musical instruments.

Professional players and musicians prefer various types of instruments as they pursue their careers in the music industry. They own various instruments and are less sensitive to price and tend to spend huge money on musical instruments for their musical interest. This is expected to increase market growth. 

The education industry is also expected to contribute the market growth in the next few years. Various musical institutions and schools offer music courses as a part of the curriculum to train their students. The universities in music provide post-graduate studies in music such as film scoring, and Jazz. For example, Yamaha music school offers music education with the help of musical instruments. 

Instrument Type Insights

Based on instrument type, the musical instruments market is bifurcated into a digital musical, stringed & percussion, and wind. In 2018, strung & percussion, held the highest share in the overall market owing to the high demand for instruments such as pianos, violins, and guitars. The millennial generation is more attracted towards guitars which in turn is expected to propel the segmental growth. Moreover, the rising disposable income has increased the purchasing power of the consumer base. This is anticipated to propel the demand for the products in the next few years.

The advancement in the music industry can be attributed to rapid development in instruments with a digital interception. The digital instruments are capable of producing different sounds using embedded circuits. These instruments are also easier to learn and convenient to operate which is gaining more traction among consumers. 

Wind instruments such as shehnai, harmonium, and flute are also expected to have significant growth in the coming few years. In India, where traditional folklore music is more popular is expected to boost the demand for wind instruments. Furthermore, the growing preference towards classical music is projected to surge the music instrument market growth. 

Regional Insights

In 2018, Asia Pacific accounted for the largest market share in the overall market. The presence of top players in the region such as Kawai, Guangzhou Pearl River Piano Group Ltd, Yamaha is contributing to major growth in the market. In addition, the rising trend of western music especially in developing countries is expected to grow significantly over the forecast period.

The raw materials such as metals, land required for production, and wood are available at low cost which is encouraging for the manufacturers to increase the sales and brand awareness among consumers. Owing to these factors, the Asia Pacific region is estimated to be the leader in terms of CAGR in the market.

North America is projected to grow at the fastest CAGR rate in the market. In the U.S. growing demand for high-quality and advent featured digital instruments is expected to foster market growth.

Central & South America and Europe are anticipated to grow substantially over the forecast period. Lower visibility of the top brands in the region impacting regional growth. However, the rising western culture is expected to drive the growth of the musical brands & their instruments.

Musical Instruments Market Share Insights

The market is highly competitive owing to the manufacturers’ growing focus on new product innovation. The market is observing high demand for instruments such as keyboards, and electric guitars. Leading players in the market include Eastman Music Company; Roland Corporation; Steinway & Sons; Yamaha Corporation; Fender Musical Instruments Corporation; Casio Computer Co., Ltd.; C.F. Martin & Co., Ltd.; and others. 

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For this study, Million Insights has segmented the global musical instruments market report based on instrument type and region:

• Instrument Type Outlook (Revenue, USD Million, 2015 - 2025)
    • Stringed & Percussion
    • Digital Musical
    • Wind

• Regional Outlook (Revenue, USD Million, 2015 -2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • France
    • the Asia Pacific
        • China
        • Japan
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa (MEA)