Research Assistance

Ryan Manuel
Ryan Manuel

Research Support Specialist, USA

  1. Phone: +1-408-610-2300
  2. Toll Free: +1-866-831-4085
  3. Email: [email protected]
Connect With Expert

Musical Instruments Market Size Worth $27.77 Billion By 2028

Published: Feb 15, 2022

Musical Instruments Market Growth & Trends 

The global musical instruments market size is expected to reach USD 27.77 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 5.3% from 2021 to 2028. Technological innovations by manufacturing companies and increased consumer spending on music-related activities are driving the market. The growing popularity of live music festivals and concerts is one of the major factors influencing the market growth. Increased consumers’ inclination toward attending live concerts and not restricting to recorded music is positively influencing the growth of the market.

The rising popularity of western culture and music in developing countries will boost the sale of musical instruments. An increase in disposable income is the major reason behind the growing number of live concerts as people are ready to spend on these events, further driving the sales of musical instruments and helping to grow the market. Furthermore, the growing inclination of music-loving individuals and hobbyists toward opting for musical instruments in their free time is facilitating the market growth.

The growing importance of music in movie production and direction is also anticipated to boost the demand for musical instruments. High investment in R&D by manufacturing companies for providing advanced musical instruments is further propelling the market growth.

The Covid-19 pandemic adversely affected the market globally. In order to break the chain of Covid-19 spread, many governments imposed country-wide lockdowns, resulting in canceled live concerts and musical events, restrictions on import and export of products, and closed production facilities and retail stores. All these factors led to a drop in the demand for musical instruments. The rising popularity of the e-commerce domain and the high demand for musical instruments in the pandemic through these channels are positively influencing the market growth. However, as things get normal, it is expected that musical instruments will witness high demand over the forecast period.

The report “Musical Instruments Market Size, Share & Trends Analysis Report By Type (Electronic and Electromechanical Musical Instruments, String Instruments), By Application (Commercial, Personal Use), And Segment Forecasts, 2021 - 2028” is available now to Million Insights. 

Musical Instruments Market Report Highlights

  • North America accounted for the largest share of over 40.0% in 2020 and is expected to continue to expand at a substantial growth rate in the forecast period. The presence of a highly popular music industry, growing musical events, and consumers’ high purchasing power will drive the regional market
  • Based on type, the electronic and electromechanical musical instruments segment accounted for the largest share of over 35.0% in 2020. The growing popularity of musical shows will propel the segment growth
  • Asia Pacific is expected to exhibit the fastest CAGR of 5.7% from 2021 to 2028. Rising demand for musical instruments among the younger population, increased live concerts and musical shows, and a rise in disposable income will drive the market in this region
  • By application, the personal use segment is estimated to register the fastest CAGR of 5.5% from 2021 to 2028. The growing digitization is positively influencing the segment growth

Musical Instruments Market Segmentation

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

  • Musical Instruments Type Outlook (Revenue, USD Million, 2017 - 2028)
    • Acoustic Pianos & Stringed Keyboard Instruments
    • String Instruments
    • Wind Instruments
    • Percussion Instruments
    • Electronic & Electromechanical Musical Instruments
    • Parts & Accessories of Musical Instruments
  • Musical Instruments Application Outlook (Revenue, USD Million, 2017 - 2028)
    • Commercial
    • Personal Use
  • 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 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.
  • F. Martin & Co. Inc.
  • Roland Corporation
  • Guangzhou Pearl River Piano Group Co., Ltd.
  • AlphaTheta
  • Audiotonix
  • Conn-Selmer, Inc.
  • Henri Selmer Paris
  • D'Addario
  • Steinway & Sons
  • Young Chang
  • Taylor-Listug Inc.
  • Hoshino Gakki Co. Ltd.
  • Gibson Brands, Inc.
  • Ludwig Drums