The global musical instruments market size was valued at USD 7.5 billion in 2018. An increase in the penetration of digital musical instruments is anticipated to drive the market over the forecast period. Musicians who are accustomed to playing a single instrument can take advantage of a full studio setting owing to a range of sounds produced by the electronic circuits present in the instrument. This factor is influencing the millennial generation to pursue music as a hobby or profession, which will propel market growth over the next few years.
The rise in the number of music hobbyists is expected to propel the demand for this market. Approximately, 63% of the consumers in this market are hobbyists. Students, parents of students, recreational players, and aspiring professionals are included in this category. Children who start learning musical instruments from a very young age tend to have an affinity towards the music during the long-run. This affinity tends to drive such users towards choosing music as their career. Such consumers are expected to increase the demand for musical instruments.
Professional musicians who have been in the industry for a long period prefer learning different instruments as a hobby in their leisure time. As a result, they own multiple instruments for personal use as well. Moreover, such consumers are less price-sensitive and prefer using the highest quality products, which require regular maintenance. This is anticipated to contribute to the growth of the market in the next few years.
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The education sector is expected to be a significant consumer category for this market over the forecast period. Schools and institutions are providing music courses as a part of the curriculum to encourage the music profession. Many universities also offer graduate and post-graduate studies in music such as jazz studies and film scoring. Also, Yamaha, one of the key players in this industry, operates Yamaha Music Schools in various regions, wherein students not only learn music but are also provided musical instruments by the company. Such initiatives are expected to boost the growth of the overall music industry, which will propel market growth.
Regional Insights:
The Asia Pacific dominated the global musical instruments market in 2018 owing to the presence of many global players such as Yamaha, Kawai, and Guangzhou Pearl River Piano Group Ltd. in countries such as Japan and China. Moreover, due to the increasing influence of western music in the developing countries of this region, the overall music industry is expected to witness significant transformation in terms of high-quality musical instruments and brand awareness. Besides, local music instrument manufacturers are focusing on providing more traditional music instruments, which are native to the country. This is expected to contribute to the growth of the market over the forecast period.
This region is expected to maintain its lead in the projected period owing to a large number of manufacturers setting up their production facilities in developing countries such as China and India. Labor and raw materials such as wood, metals, and land required for production are relatively cheap and easily available. As a result, manufacturers are using such expansion strategies to create brand and product awareness. This is expected to propel overall market growth.
North America is expected to witness the fastest growth over the forecast period. Major global players are focusing on improving product penetration in the U.S. owing to the high demand for high-quality digital musical instruments. As these instruments are easy to use and learn, the majority of the young population is opting to purchase them at a premium price. Also, many music concerts and live shows take place in the U.S. owing to high demand among the young population for such shows. This has increased the growth of the overall music industry, propelling the growth of the market.
Europe and Central and South America are expected to witness steady growth over the forecast period. Low visibility of major brands is a key reason for the low revenue in these regions. However, due to the increasing influence of western music culture, these regions are expected to witness improved brand and product penetration, which will fuel market growth in the projected period.
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