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