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WiseGuyRerports.com Presents “Global Musical Instrument Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024” New Document to its Studies Database
The global musical instrument market was valued at US$160 million in 2019 and is anticipated to account for US$160 million by the year 2024, prospering at a CAGR of about 0.6% during the forecast period. The surge in the number of music hobbyists is anticipated to stimulate the demand for modern and traditional musical instruments. A large number of music hobbyist consumers, including recreational players, students, parents of students, and aspiring music professionals are actively investing a substantial amount of money in musical instruments, which is expected to support the product demand and benefit the market growth.
Further, the prominent and professional musicians, who have been in the music industry for a long period of time, prefer learning various instruments as a hobby or recreational purposes. As a result, they need to invest in different instruments. This fact further enhances the demand for musical instruments. Such consumers are even ready to pay a large amount of money on instruments and prefer using high-quality and extraordinary products. This is anticipated to contribute to the growth of the musical instrument market. The education sector is anticipated to be a crucial consumer segment for this market. Schools and music institutions are providing music sessions as a part of the co-curriculum activity to encourage the music profession.
The rise in penetration and adoption of digital musical instruments is foreseen to drive the global instrument market during the forecast period. The global music industry has observed a substantial transformation in recent years owing to the advent of modern digital musical instruments. These instruments can generate a variety of sounds with the help of efficient electronic circuits embedded inside them. These digital instruments are best for the emerging musicians, who lack the proper proficiency and training. This factor is anticipated to encourage a large number of consumers to shift their interest in modern digital music instruments.
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The global musical instrument market can be analyzed on the basis of product types, major applications, leading market players, and regional markets.
Based on the product types, the global musical instruments market can be segmented into-
Based on the crucial applications, the global musical instruments market can be segmented into-
Stringed and percussion musical instruments are significant segments of this market. These segments cover a broad range of instruments including pianos, guitars, and violins. The growth of this segment is attributed to a boost in sales of keyboards and electric guitars.
North America, Europe, Asia Pacific, South America, and the Middle East and Africa are the major regions contributing to the growth and development of musical instruments market. The Asia Pacific is considered the prominent market for musical instruments owing to the existence of numerous market players and well-known musicians in the region. Moreover, due to improving the impact of western music and digital instruments in the emerging countries of this region, there will be a surge in the demand for high-quality and premium musical instruments. In addition, regional musical instrument manufacturers are focusing on innovating traditional musical instruments, which are native to the nation. This is anticipated to enhance product demand and contribute to the growth of the market during the forecast period.
Fender, a prominent guitar giant, has recently declared its acquisition of the Bigsby brand and its assets from Fred Gretsch Enterprises. The organization will operate as a standalone business under Fender Musical Instruments Corp’s Speciality Brands, which involve Charvel, Jackson, EVH Gear, and Gretsch. Jeff Cary, Senior Vice President of FMIC Specialty Brands, announced that the brand is excited to collaborate with Bigsby and add to their acclaimed portfolio of speciality brands.
Table Of Content:
1 Report Overview
2 Global Growth Trends
3 Market Share by Key Players
4 Breakdown Data by Type and Application
5 United States
9 Southeast Asia
11 Central & South America
12 International Players Profiles
13 Market Forecast 2019-2025
14 Analyst’s Viewpoints/Conclusions