Electronic And Electromechanical Musical Instruments Market Worth $9.43 Billion By 2028

Electronic & Electromechanical Musical Instruments Market Growth & Trends

The global electronic & electromechanical musical instruments market size is expected to reach USD 9.43 billion by 2028, registering a CAGR of 4.1% over the forecast period, according to a new report by Million Insights. Growing live concerts and multiday music festivals will drive the electronic and electromechanical musical instruments market growth. 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. 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.

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.

However, 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 report “Electronic And Electromechanical Musical Instruments Market Size, Share & Trends Analysis Report By Type (Pro Audio, DJ Gear), By Application (Commercial, Personal Use), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights

Electronic & Electromechanical Musical Instruments Market Report Highlights

• The digital and electronic player pianos segment is estimated to register the fastest CAGR from 2021 to 2028
• This growth can be attributed to the cost-effectiveness of these instruments and their ability to produce sounds like acoustic pianos
• North America accounted for the largest market share in 2020 and is estimated to retain the leading position growing at a steady CAGR over the forecast period
• This growth can be credited to the high purchasing power and the presence of top musicians
• Asia Pacific is estimated to be the fastest-growing regional market from 2021 to 2028 due to the increasing number and popularity of live music concerts, rise in consumer disposable income levels, and inclination towards learning musical instruments at an early age
• The commercial application segment accounted for the highest revenue share in 2020 and is expected to grow significantly over the forecast period
• The rising number of multiday music events and their rising popularity among millennials across the globe will propel the segment growth

Electronic & Electromechanical Musical Instruments Market Segmentation

Million Insights has segmented the global electronic & electromechanical musical instruments market on the basis of type, application, and region:

Electronic & Electromechanical Musical Instruments Type Outlook (Revenue, USD Million, 2017 - 2028)

• Digital & Electronic Player Pianos
• Keyboard Synthesizers
• Instrument Amplifiers
• Portable Keyboards
• Pro Audio
• DJ Gear
• Others

Electronic & Electromechanical Musical Instruments Application Outlook (Revenue, USD Million, 2017 - 2028)

• Commercial
• Personal Use

Electronic & Electromechanical Musical Instruments Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Russia
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia

List of Key Players of Electronic & Electromechanical Musical Instruments Market

• 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.
• Numark
• Roland Corporation
• Guangzhou Pearl River Piano Group Co., Ltd.
• AlphaTheta
• Audiotonix