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Allied Market Research

Musical Instrument Market Type (Stringed & Percussion, Digital Musical , Wind Instrument ) Application (Personal Use, Commercial Events, Music Production/ Direction) Distribution (Hypermarket/ Supermarket, Specialized Store, Musical Store, Online Channels, Others) : Global Opportunity Analysis and Industry Forecast, 2020-2027

A07924
Pages: NA
Jun 2021 | 770 Views
 
Author(s) : NA
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Musical instruments are the devices used for producing musical sounds. There is a wide range of musical instruments, which include pianos, guitar, wind instruments, digital keyboard, and others. An increase in the adoption of music as a hobby or career choice surge the demand for musical instruments. Children who start learning the musical instruments from a young age develop empathy toward music and are expected to have a high chance of choosing music as their career option. Most of the consumers play musical instruments because it is a part of their hobby. And many other musicians prefer to learn a different musical instrument in their free time. Professionals like to keep many musical instruments with them, for their personal use as well as professional use. High-quality sound, low maintenance, and operating costs influence the consumer buying decision.

Market scope and structure analysis:

            Report Metric

                                    Details

  Market size available for years

  2020–2027

  Base year considered

  2019

  Forecast period

  2021–2027

  Forecast units

  Value ($US)

  Segments covered

  Type, Application, Distribution Channel, and Region

  Regions covered

North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil, and Rest of LAMEA)

  Companies covered

Gibson Guitars and Basses, QRS Music, Fender Musical Corporation, Steinway Musical Instruments, Zildjian Cymbals, Paiste Cymbals, Cort, Casio, Yamaha, C F Martin, Korg, Roland, Kawai, Pearl, Tama, Mapex, Sonor, ESP, Ibanez, Pluto, Tristar, and Granada.

 

COVID-19 Scenario Analysis: 

  • The COVID-19 pandemic has severely affected the overall growth of the music instrument industry. 
  • There is a decline in the production and supply of the musical instruments because of the disruption in the supply chain.
  • There is a non-availability of products on various online and offline channels due to lockdown.
  • Also, the consumer demand has shifted toward essential food items and safety items, rather than demanding for the musical instruments.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:

Developments in technology, increase in population, rise in disposable income, and surge in expenditure on leisure time, play a significant role in positively influencing the demand for the musical instrument. An increase in number of concerts and music live shows pose a good impact on this industry and increases the requirement for expensive and modern musical instruments. The education sector also plays a vital role in driving the growth of the global musical instrument market as many schools and colleges are offering music courses in their curriculum to encourage the students to choose music as their profession. Even parents encourage their children to learn musical instrument as a part of their extracurricular activity, leading to a rise in the demand for musical instruments. 

The percussion & stringed musical instruments cover the largest market share. These instruments include violins, pianos, and guitars. Many youngsters play guitar to get relief from their hectic schedules. The prices of the musical instruments are affordable with a low maintenance cost, and middle class people can easily buy these instruments, which drives the growth of the market. While, the demand for wind instruments like shehnai, harmonium, and folk is more in India because the senior citizens are more passionate about traditional music. After their retirement, senior citizens enjoy playing such instruments in their leisure time, which increases the sale of musical instruments. The musical instruments are in demand for personal use, music production/direction, and also for commercial events. The increase in trend of western music among youngsters is another reason that surges the demand for musical instruments. However, increased usage of app-based musical instruments might hinder the growth of the global musical instruments market. Manufacturers are investing more in R&D to increase the production and sale of the musical instrument, creating growth opportunities for this market globally. 

The Asia-Pacific region holds the highest share in the musical instruments market owing to the increase of western music among the young generation and traditional music among senior citizens. These instruments are low in cost because manufacturers have set up their production plants in the developing countries, where the cost of raw material and labor is cheap and extensively available. Manufacturers are focusing on innovation, working on expanding their strategies to make the customers aware of the product they offer. North America is also showing significant growth in the music industry. In addition, increase in concerts and musical shows coupled with immense participation, especially from the young generation, increases the demand for musical instruments.

Key Segments Covered:

            Segments

                                       Sub-segments

  Type

  • Stringed & Percussion
  • Digital Musical
  • Wind Instrument

  Application

  • Personal Use
  • Commercial Events
  • Music Production/ Direction

  Distribution

  • Hypermarket/ Supermarket
  • Specialized Store
  • Musical Store
  • Online Channels
  • Others

 

Key Benefits of the Report:

  • This study presents the analytical depiction of the global musical instrument industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global musical instrument market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global musical instrument market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed global musical instrument market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions Answered in the Musical Instrument Market Research Report:

  • What are the leading market players active in the musical instrument market?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

  • Consistent, valuable, robust and actionable data & analysis that can easily be referenced for strategic business planning
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  • Sovereign research proceeds that present a tangible depiction of marketplace


With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, web-casts and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators and relevant press releases for market estimates and forecast


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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
 
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