The global electronic & electromechanical musical instruments market size was valued at USD 6.89 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.1% from 2021 to 2028. The increasing number and popularity of live events and concerts creating a high demand for musical instruments are expected to drive the market growth. Increasing consumer inclination towards learning musical instruments as a hobby further propels the product demand, thereby augmenting the market growth. In addition, the growing popularity of multiday live concerts will create growth opportunities for market participants. Increased disposable income and consumer inclination towards leisure activities, such as learning music, boost the market growth.
A lot of music enthusiasts are ready to invest in musical instruments and learn new skills, which augments the product demand. In addition, the high influence of music and reality shows on people motivates them to enroll in music classes and pursue a career in the same. All these factors are expected to drive the product demand over the coming years.
The integration of advanced technologies in these instruments will also fuel market growth. Furthermore, rapidly growing music, entertainment, and media industries have been the major factor boosting the demand for musical instruments. A growing number of official retail stores and the rising importance of internet retailing will propel product sales.
The COVID-19 pandemic has adversely affected the global market. Many countries imposed strict lockdown, which resulted in the cancellation of concerts, live musical events, restrictions on imports and exports, and temporary closure of production facilities and retail stores. All these factors resulted in a decline in product demand, which hampered the market growth.
The commercial application segment accounted for the highest revenue share of more than 71% of the global market in 2020. The segment is expected to grow significantly over the forecast period retaining its market position. Music events are popular among all age groups, especially youngsters, and are willing to pay premium prices for the tickets. This will create huge product demand from professionals, thereby augmenting the commercial application segment.
The rising popularity of multiday music events among millennials will propel the segment growth. The personal use application segment is estimated to register the fastest CAGR of more than 4% from 2021 to 2028. The increasing popularity of music events has boosted the demand for digital pianos, drums, synthesizers, and others from music enthusiasts, individual performers, and beginners. This factor will drive the growth of the personal use application segment.
On the basis of type, the segment is divided into digital & electronic player pianos, keyboard synthesizers, instrument amplifiers, portable keyboards, pro audio, DJ gear, and others. The pro audio type segment accounted for the highest revenue share of more than 31% of the global market in 2020. The segment is estimated to expand further at a steady growth rate over the forecasted period.
These equipment types have a rising demand from professionals, such as sound and audio engineers, for sound recording and audio mixing. The rapidly growing global music and media industries and rising demand for pro audio will drive the segment growth during the forecast period. The digital and electronic player piano type segment is estimated to register the fastest CAGR of more than 4.5% from 2021 to 2028. Digital pianos have a rising demand in the global market due to their cost-effectiveness and ability to produce sounds like acoustic pianos.
North America accounted for the largest revenue share of more than 44% of the global market in 2020. The segment is expected to expand further at a steady growth rate over the forecast period. This growth can be credited to the high purchasing power and the presence of top musicians in this region.
Asia Pacific is estimated to be the fastest-growing regional market growing at a CAGR of over 4.5% from 2021 to 2028. The increasing number and popularity of live music concerts, rise in consumer disposable income levels, inclination towards learning musical instruments at an early age, and the rapidly growing music industry in the APAC region will propel the market growth in the years to come.
The global market is highly fragmented due to the presence of a large number of global and regional companies. Manufacturing companies are adopting various business strategies to strengthen their industry position. Some of these strategies include providing software-related support, expansion of distribution channels, customization facility, and offering discounts on products for a limited time. The prominent players operating in the global electronic & electromechanical musical instruments market include:
Report Attribute |
Details |
Market size value in 2021 |
USD 7.11 billion |
Revenue forecast in 2028 |
USD 9.43 billion |
Growth rate |
CAGR of 4.1% from 2021 to 2028 |
Base year for estimation |
2020 |
Historical data |
2017 - 2019 |
Forecast period |
2021 - 2028 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Type, application, and region |
Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
Country scope |
U.S.; Canada; Germany; U.K.; France; Russia; Italy; China; Japan; India; Brazil; Argentina; South Africa; Saudi Arabia |
Key companies profiled |
Casio Computer Co., Ltd.; Yamaha Group; in Music, Inc.; Fender Musical Instruments Corp.; Samick Musical Instruments Co. Ltd.; Kawai Musical Instruments Manufacturing Co., Ltd.; Korg Inc.; Numark; Roland Corp.; Guangzhou Pearl River Piano Group Co., Ltd.; AlphaTheta; Audiotonix |
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 global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Million Insights has segmented the global electronic & electromechanical musical instruments market report on the basis of type, application, and region.
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