How large is the musical instruments market, and what is its growth trajectory?
The musical instruments market size has grown steadily in recent years. It will grow from $14.72 billion in 2024 to $15.37 billion in 2025 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, a rise in disposable income, an increase in the popularity of live musical performances, and a rise in the number of self-employed musicians.
The musical instruments market size is expected to see strong growth in the next few years. It will grow to $19.18 billion in 2029 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to growing e-commerce sales, rising urbanization, and rising penetration of social media platforms. Major trends in the forecast period include focusing on sustainable and eco-friendly musical instruments, using sensors on instruments to develop advanced instruments, focusing on smart digital instruments, and strategic partnerships and collaborations.
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What are the key forces behind the musical instruments market’s growth in recent years?
The rising penetration of social media platforms is expected to drive the musical instruments market during the forecast period. Social media platforms provide an extensive network for musicians to showcase their talents, connect with a global audience, and build a dedicated fan base, thus driving demand for musical instruments among aspiring artists. Additionally, influencers, content creators, and music communities on social media amplify the visibility of various instruments, leading to increased interest and sales. Moreover, social media platforms serve as effective marketing channels for musical instrument manufacturers and retailers, allowing them to reach targeted audiences with product demonstrations, promotions, and customer reviews. For example, according to Smart Insights, a UK-based company that helps individuals improve their digital marketing skills and businesses of all sizes, globally, there were 4.62 billion users of social media in January 2022 and 4.72 billion in January 2023. Therefore, the rising penetration of social media platforms will drive the growth of the musical instruments market.
What are the major segments of the musical instruments market?
The musical instruments market covered in this report is segmented –
1) By Type: Stringed, Brass And Woodwind, Percussion, Keyboard
2) By Distribution Channel: Supermarkets Or Hypermarkets, Specialty Stores, Online Sales Channel
3) By Application: Commercial Events, Personal Use, Music Production, Other Applications
Subsegments:
1) By Stringed: Guitars (Acoustic, Electric), Violins, Cellos, Harps, Banjos
2) By Brass And Woodwind: Trumpets, Trombones, Saxophones, Flutes, Clarinets
3) By Percussion: Drums (Acoustic, Electronic), Tambourines, Marimbas, Xylophones, Bongos
4) By Keyboard: Pianos (Acoustic, Digital), Organs, Synthesizers, Keyboards, Accordions
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Which companies dominate the musical instruments market?
Major companies operating in the musical instruments market include Yamaha Corporation, Fender Musical Instruments Corporation, Roland Corporation, Steinway Musical Instruments Inc, Gibson Brands Inc, Casio Computer Co Ltd, Guangzhou Pearl River Piano Group Co Ltd, HOSHINO GAKKI CO LTD, Eastman Music Company, C.F. Martin & Co Inc, Aria Guitars Co, Ishibashi Music Corporation, Shimokura Musical Instruments, GT Mfg. Inc, Bhatia Musicals, National Musical Instruments Factory Ltd, Zhangqiu Tongxiang Musical Instrument Factory, Tianjin Leo Musical Instruments Co., Ltd, Jiyi Musical Instruments Co Ltd, Shenzhen Gmax Musical Instrument Ltd, Medeli Electronics (Shanghai) Co Ltd, Wuhan Eleca Electronics Co Ltd, Ridenour Clarinet Products U.K. Ltd, Clarinet Company, Andertons Music Co, Ackerman Music Ltd, John Packer Ltd, London Musical Instruments Ltd, Normans Musical Instruments, Presentation Rentals Ltd, Tony Bingham, Wharfedale, Centrum Muzyczne LEMANSKI, da capo – galeria instrumentów, Gitary Mayones s.c, Strunal Schönbach s.r.o, K&W MEYER Sp. z o.o, ŠIBA s.r.o, Portland Music Company, Strait Music Company, Harman International Industries, Shure Incorporated, Gemini Machines Export, Fabiollo Peselimaare, Central do, Borb Oliver Importacao e Comercio de Instrumentos Musicais Ltda, Drum Lugs International, Gope Instrumentos Musicais Ltda, POWER MUSIC, MusicMajlis, Ethnic Musical Instruments, Aiwa, X8 Drums, Avedis Zildjian Company, Agean Cymbals, Ase Müzik – Aydin Saz Evi, Show Gear Network, Am Discovery Musical Instruments, Musiekwêreld, Polliacks Music Instruments, Saramonic Music Instruments
What major trends will shape the musical instruments market during the forecast period?
Technological advancements are the key trend gaining popularity in the musical instruments market. For instance, in October 2024, ROLI, a UK based music technology company launched Airwave, a groundbreaking musical instrument designed to enhance both learning and creative expression in music. Airwave acts as the world’s first intelligent practice assistant, capable of seeing your hands and hearing your voice, providing real-time feedback to help users improve their playing skills. Equipped with advanced 3D infrared cameras, Airwave can track hand movements in detail, allowing for precise interaction with any connected ROLI keyboard. Users can issue natural voice commands to the Airwave, asking it to demonstrate chords or provide tips, making the learning process more intuitive.
What are the key regional dynamics of the musical instruments market, and which region leads in market share?
The countries covered in the musical instruments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
What Does The Musical Instruments Market Report 2025 Offer?
The musical instruments market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A musical instrument refers to a device for producing a musical sound. Objects such as piano, guitar, or drum that we use for playing music are known as musical instruments. Musical instruments create sounds through vibrations and most of the instruments are tuned to make a range of sounds of particular frequencies called notes.
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