Dublin, Jan. 28, 2024 (GLOBE NEWSWIRE) — The “Musical Instruments Global Market Opportunities and Strategies to 2032” report has been added to ResearchAndMarkets.com’s offering.
The latest comprehensive research on the global musical instruments market unveils critical insights into the industry and its future trajectory. According to the study, the market, which was valued at approximately $13.6 billion in 2022, is anticipated to expand significantly and is projected to reach a notable value of $22.2 billion by the year 2032. The report highlights the market dynamics across various regions with a detailed outlook on the economic performance of each sector within those regions.
During the timeline from 2017 to 2022, termed the historical period in the report, the industry experienced a compound annual growth rate of 1.7%. The momentum is expected to pick up, resulting in a growth rate of 4.2% from 2022 to 2027. Following this period, the forecast suggests an even more accelerated growth pattern, with the market expanding at a CAGR of 5.8% up until 2032.
Growth Facilitators and Market Segmentation
The increase in the market size has been attributed to several factors, including the expanding e-commerce presence, urbanization, and the growing influence of social media platforms. The comprehensive analysis includes a breakdown of the musical instruments market into key segments, including type, distribution channel, and application, providing a granular view of the industry.
The stringed instrument category is highlighted as the most significant market segment by type, claiming a dominant 44.2% of the market in 2022. Remarkably, the percussion sector is showing signs of becoming the fastest-growing segment for the coming years.
Regional Market Trends and Leading Players
Geographically, the report identifies Asia Pacific as the largest region within the musical instruments market, accounting for 40.3% of the overall market share in 2022. Meanwhile, Africa and the Middle East are emerging as the fastest-growing regions, showcasing impressive CAGRs of 8.6% and 7.3%, respectively.
The study also positions the global market as fairly concentrated, with a few key players at its forefront. The report lists the current market leaders while also projecting top opportunities by segments— pinpointing the stringed segment, specialty stores, and commercial events as key areas poised for significant gains.
A selection of companies mentioned in this report includes
- Yamaha Corporation
- Fender Musical Instruments Corporation
- Roland Corporation
- Steinway Musical Instruments Inc
- Gibson Brands Inc.
- Casio Computer Co Ltd.
- Guangzhou Pearl River Piano Group Co Ltd
- HOSHINO GAKKI CO LTD.
- Eastman Music Company
- C.F. Martin & Co Inc
- Aria Guitars Co
- Ishibashi Music Corporation
- Shimokura Musical Instruments
- GT Mfg. Inc.
- Bhatia Musicals
- and more
For more information about this report visit https://www.researchandmarkets.com/r/tx27p6
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- Global Musical Instruments Market