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