The Musical Instruments Industry In Tune With The Times

Global musical instruments industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research.

The global musical instrument market size was worth USD 14,117.9 million in 2022 and it is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2023 to 2030. The increasing interest in music and its widespread popularity across the globe have fueled the demand for musical instruments. Furthermore, the growing number of music enthusiasts, both amateurs & professionals, has significantly contributed to the market growth. 

Percussion Instruments Market Growth & Trends

The global percussion instrument market size was worth USD 14,117.9 million in 2022 and it is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2023 to 2030. Percussion instruments are primarily responsible for establishing rhythm and groove in music. Their dynamic and rhythmic qualities make them indispensable in various genres such as jazz, Latin, Afro-Cuban, pop, and world music. The captivating energy and rhythmic drive provided by percussion instruments have contributed to the growth in their popularity.

These instruments are often used in group settings such as bands, orchestras, and ensembles, where individuals collaborate and synchronize their rhythms. Band and orchestra programs in schools, colleges, and community settings provide a platform for musicians to come together and perform as a collective ensemble. The increasing participation and emphasis on such programs are expected to drive the sales of percussion instruments, as these instruments establish the rhythmic foundation of a musical piece and add texture and dynamics to the overall sound. Furthermore, musicians, both beginners and experienced, recognize the importance of percussion in creating a well-rounded and engaging performance, further contributing to the increased sales of percussion instruments and driving the percussion instruments market.

Stringed Instruments Market Growth & Trends

The global stringed instrument market size was worth USD 8,958.3 million in 2022 and it is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2023 to 2030. The stringed instruments market held the largest market share in the overall musical instruments market. This growth is primarily driven by the increased sales of electric guitars. Electric guitars have gained immense popularity among musicians and enthusiasts for their distinct and versatile sound, well-suited for various music genres such as rock, pop, blues, and jazz. The unique tonal characteristics and the ability to manipulate sound using effects pedals and amplifiers have made electric guitars essential in modern music production. These factors have significantly contributed to the sales of electric guitars, thereby driving the overall stringed instruments market’s growth.

Moreover, technological advancements have played a significant role in the growth of stringed instruments. Innovations in manufacturing processes, materials, and instrument design have improved the quality, playability, and durability of these instruments. Additionally, advancements in amplification and sound processing technologies have enhanced the capabilities and versatility of electric and acoustic-electric stringed instruments, making them more appealing to a broader range of musicians.

Order your copy of Free Sample of “Musical Instruments Industry Data Book - Stringed, Percussion, Wind and Keyboard Instruments Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Wind Instruments Market Growth & Trends

The global wind instrument market size was worth USD 1,310.9 million in 2022 and it is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2023 to 2030. The increasing adoption of wind instruments across diverse musical genres is contributing to the growth of the wind instrument market. For instance, in the jazz genre, the saxophone continues to be a prominent instrument, with renowned musicians incorporating its soulful tones into their compositions. Similarly, in contemporary pop and rock music, wind instruments such as the trumpet and flute are gaining popularity for their unique and expressive qualities. This trend not only expands the market reach of wind instruments but also creates new opportunities for instrument manufacturers and retailers.

Modern wind instruments incorporate improved materials, manufacturing techniques, and design features that enhance playability and sound quality. For instance, the development of advanced key mechanisms and ergonomic designs in saxophones and clarinets has made them more accessible to musicians of all skill levels. These technological advancements attract both beginners and professionals who are seeking instruments that are easier to play and offer enhanced performance capabilities, thus contributing to the growth of the wind instrument market.

Keyboard Instruments Market Growth & Trends

The global keyboard instrument market size was worth USD 2,843.5 million in 2022 and it is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2023 to 2030. Advancements in technology have revolutionized the keyboard instruments market. Digital keyboards now offer a wide range of features, including realistic piano sounds, multiple instrument voices, recording capabilities, and built-in learning tools. These technological advancements have made keyboards more accessible and appealing to beginners and professionals alike, contributing to market growth.

The availability of learning resources and educational programs has contributed to the increased demand for keyboard instruments. Many music schools and online platforms offer comprehensive courses and tutorials tailored for beginners, making it easier for aspiring musicians to start their learning with keyboards. Additionally, music stores often organize workshops and demo sessions to engage potential buyers and assist them in making informed decisions about their instrument purchase, thereby driving the keyboard instruments market. For instance, in April 2022, the National Keyboard Studies Programme announced an initiative that offers school children in the UK the opportunity to learn melodica. This program aims to provide low-cost music education to children by utilizing this inexpensive and low-maintenance instrument. 

Go through the table of content of Musical Instruments Industry Data Book to get a better understanding of the Coverage & Scope of the study.

Competitive Landscape

Key players operating in the Musical Instruments Industry are –

• D'addario & Company, Inc.

• Eastman Music Company

• Fender Musical Instruments Corporation

• Kawai Musical Instruments Mfg. Co., Ltd.

• Yamaha Corporation

• Yanagisawa Wind Instruments Co., Ltd.