The global musical instruments market size was valued at USD 18.58 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% from 2021 to 2028. The growing popularity of live music festivals and concerts is one of the major factors influencing the market growth. Increased consumers’ inclination toward attending live concerts and not restricting to recorded music is positively influencing the growth of the market. Social media is playing a key role in increasing the popularity of live concerts and musical events. This will eventually open up immense growth opportunities for the market in the near future. Furthermore, the rising popularity of western culture and music in developing countries will boost the sale of musical instruments.
Technological innovations by manufacturing companies and increased consumer spending on music-related activities are driving the market. The growing importance of music in movie production and direction is also anticipated to boost the demand for musical instruments. High investment in R&D by manufacturing companies for providing advanced musical instruments is further propelling the market growth.
The growing popularity of musical instruments among millennials is fueling the market growth. An increase in disposable income is the major reason behind the growing number of live concerts as people are ready to spend on these events, further driving the sales of musical instruments and helping to grow the market. Furthermore, the growing inclination of music-loving individuals and hobbyists toward opting for musical instruments in their free time is facilitating the market growth.
The rising number of musical schools and institutions and growing participation in music will propel the market growth in the near future. The growing participation of children in learning musical instruments and increased parental encouragement will further create growth opportunities for the market.
The Covid-19 pandemic adversely affected the market globally. In order to break the chain of Covid-19 spread, many governments imposed country-wide lockdowns, resulting in canceled live concerts and musical events, restrictions on import and export of products, and closed production facilities and retail stores. All these factors led to a drop in the demand for musical instruments. The rising popularity of the e-commerce domain and the high demand for musical instruments in the pandemic through these channels are positively influencing the market growth. However, as things get normal, it is expected that musical instruments will witness high demand over the forecast period.
The commercial use segment accounted for the largest revenue share of over 55.0% in 2020 and is expected to grow significantly over the forecast period. Rising musical tours, the growing music industry, and the increased importance of music in movie production and direction will propel the segment growth. The growing multiday music events and the rising popularity of these events among millennials will propel the segment growth.
The personal use segment is estimated to register the fastest CAGR of 5.5% from 2021 to 2028. The growing digitization is positively influencing the segment growth. Many individuals pick musical instruments for fun or to spend their free time learning new instruments, which, in turn, will drive the segment. Digital and acoustic pianos and guitars are highly popular among individuals.
The electronic and electromechanical musical instruments segment accounted for the largest share of over 35.0% in 2020 and is estimated to grow at a substantial growth rate over the forecast period. Digital keyboards, synthesizers, digital pianos, and guitars are witnessing significant demand in the global market. Digital and electronic musical instruments have a rising demand among professionals and individuals, which, in turn, drives the segment demand. The growing popularity of musical shows and the rising demand for digital instruments will propel the segment growth.
String instruments are estimated to register the fastest CAGR of 7.1% from 2021 to 2028. A wide range of instruments come under string instruments but guitar, cello, and violin are highly popular. Demand for string instruments is high among professionals and individuals. The increased popularity of western music among the younger population around the globe is expected to surge the demand for string instruments.
North America accounted for the largest share of over 40.0% in 2020 and will continue to expand at a substantial growth rate over the forecast period. The presence of a highly popular music industry, the growing musical events, and consumers’ high purchasing power will drive the regional market. In addition, the rising number of individual learners and growing demand among them for musical instruments will boost the sale of musical instruments in this region.
Asia Pacific is estimated to exhibit the fastest CAGR of 5.7% from 2021 to 2028. Rising demand for musical instruments among the younger population, increased live concerts and musical shows, a rise in disposable income, and an inclination toward adopting musical instruments at an early age will propel the market growth in this region.
The industry is fragmented with a large number of global and regional players. Various marketing strategies are adopted by manufacturing companies to capture a significant share in the market. The growing popularity of musical shows will create immense opportunities for the manufacturers of musical instruments in the coming years. However, the high penetration of musical apps may challenge the market growth. Some prominent players in the global musical instruments market include: -
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Report Attribute |
Details |
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Market size value in 2021 |
USD 19.35 billion |
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Revenue forecast in 2028 |
USD 27.77 billion |
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Growth Rate |
CAGR of 5.3% from 2021 to 2028 |
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Base year for estimation |
2020 |
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Historical data |
2017 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Type, application, region |
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Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
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Country scope |
U.S.; Canada; Germany; U.K.; France; Russia; Italy; China; Japan; India; Brazil; Argentina; South Africa; Saudi Arabia |
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Key companies profiled |
Casio Computer Co., Ltd.; Yamaha Group; inMusic, Inc.; Fender Musical Instruments Corp; Samick Musical Instruments Co. Ltd.; Kawai Musical Instruments Manufacturing Co., Ltd.; Korg Inc.; C. F. Martin & Co. Inc.; Roland Corporation; Guangzhou Pearl River Piano Group Co., Ltd.; AlphaTheta; Audiotonix; Conn-Selmer, Inc.; Henri Selmer Paris; D'Addario; Steinway & Sons; Young Chang; Taylor-Listug Inc.; Hoshino Gakki Co. Ltd.; Gibson Brands, Inc.; Ludwig Drums |
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Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global musical instruments market report on the basis of type, application, and region:
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