Musical Instruments Market Size Worth $9.4 Billion By 2025 “The global musical instruments market is estimated to reach USD 9.4 billion by the end of 2025, growing with a CAGR of 3.2%, over the forecast period. The high product visibility of music instruments owing to advent technology is expected to propel the market growth.”
The global musical instruments market is estimated to reach USD 9.4 billion by the end of 2025, growing with a CAGR of 3.2%, over the forecast period. The high product visibility of music instruments owing to advent technology is expected to propel the market growth. The rising awareness among consumers especially in younger generation for the music is also projected to proliferate the demand for the product. The stringed & 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 to guitars which in turn is expected to propel the segmental growth. The digital instruments are anticipated to grow at the fastest CAGR of 4.1% during the forecast period. Digital instruments are capable of producing different sounds using embedded circuits. The Asia Pacific accounted for the largest market share in the overall market, due to the high demand from countries such as China and Japan. In addition, the rising trend of western music, especially in developing countries, is expected to grow significantly over the next few years. This factor is encouraging manufacturers to set up new production facilities in these regions and expand their business. North America is projected to grow at the fastest CAGR rate in the market. In the U.S. the growing demand for the high quality and advent featured digital & electronic instruments is expected to foster musical instrument market growth. The majority of people in the region encourage their children to learn music which in turn is driving the growth of the market. Major players in the market include Roland Corporation, Steinway & Sons, Yamaha Corporation, Fender Musical Instruments Corporation, Casio Computer Co., Ltd., C.F. Martin & Co., Ltd.
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