Increased access to musical education is expected to drive market expansion shortly at a CAGR of 5.00% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published on the “Global Musical Instruments Market”.

The Musical Instruments Market is estimated to register a CAGR of 5.00% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Musical Instruments Market— Steinway Inc., HOSHINO GAKKI Co. Ltd., Gibson Brands Inc., Kawai Musical Instruments Manufacturing Co. Ltd., Fender Musical Instruments Corp., Yamaha Corp., Korg Inc., C. F. Martin & Co. Inc., CASIO COMPUTER CO. LTD., and Roland Corp.

Market Highlights

The global Musical Instruments Market is accounted to register a CAGR of 5.00% during the forecast period and is estimated to reach USD 4.03 billion by 2032.

The rising popularity of live musical performances and concerts is propelling the global musical instruments market. Rather than consuming recorded music or new releases on television, audiences are increasingly drawn to experiencing live music firsthand.

Access full report @ https://www.marketresearchfuture.com/reports/musical-instruments-market-21812

Segment Analysis

The global Musical Instruments Market has been segmented based on the Type and Application.

Based on the Type, the market is segmented into Guitars, Pianos, Bowed Instruments, Drums, and Percussion Instruments. The Guitars segment was attributed to holding the largest market share in 2023. The guitar segment is poised for rapid expansion, primarily fueled by the surging demand for vintage instruments among consumers and leading guitar manufacturers like Fender Musical Instruments, Karl Hofner GmbH & Co. KG, and Gibson Brands, Inc. These manufacturers consistently prioritize innovation, introducing novel variants such as electro-acoustic, touch, resonator, and twelve-string, among others. Furthermore, the escalating popularity of both acoustic and electric guitars has significantly boosted guitar purchase volumes. According to the Music Trades Association, global guitar sales surged to $17.2 billion in 2020, marking a substantial 9.5% increase compared to 2019.

Based on the Application, the Musical Instruments Market has been segmented into Profession and Amateur. The Profession segment was expected to hold the largest market share in 2023. The increasing popularity of live music events, concerts, and festivals is driving a higher need for top-tier musical instruments and equipment among performing artists and bands. To deliver exceptional performances, professionals demand reliable, durable, and high-performance gear.

Regional Analysis

The global Musical Instruments Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Musical Instruments Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Musical Instruments Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Musical Instruments Market comprises the Middle East, Africa, and Latin America.

The largest market share for the Musical Instruments Market was maintained by the North American regional sector. The influence of talented musicians and successful singers in live concerts and the music industry has sparked growth in the music instrument retail sector. Despite the challenges posed by the coronavirus pandemic in 2020, Live Nation Entertainment's revenue saw substantial increases of 296.92%, 236.8%, and 7.05% in the twelve months ending September 30, 2022, 2021, and 2019, respectively, indicating resilient performance. The growing interest of consumers in various music genres is driving Americans to explore and purchase instruments specific to those genres. According to Statistics Canada, the annual household disposable income for Canadians in 2022 was USD 1,519,008, suggesting that musicians and music enthusiasts with higher disposable income may be more inclined to invest in premium-quality instruments. This trend can lead to increased demand for premium guitars, keyboards, percussion instruments, and other professional-grade musical equipment.

Moreover, the Europe market has been persistently growing over the forecast period. Music holds profound cultural significance in countries like the U.K., Spain, Italy, and others. Jazz, acoustic, and traditional stringed music form an integral part of their cultural heritage, driving the demand for musical instruments in these regions. Moreover, Western music genres such as pop, rock, and classical music have garnered significant popularity, further boosting the demand for instruments. For example, according to U.K. Music, which represents the U.K.'s leading music industry, revenue from music tourism in the U.K. reached USD 5.37 billion in 2019. In 2022, the UK hosted a total of 14.4 million music tourists attending live music events. Among them, 1.1 million were international music tourists, while 13.3 million were domestic music tourists. The overall expenditure on music tourism in 2022 amounted to £6.6 billion.

The significance of music education is widely acknowledged across various Asian cultures, where parents actively encourage their children to learn musical instruments. This has resulted in a consistent demand for such equipment in both school settings and private classes. Additionally, the robust economic growth observed in many Asia Pacific countries has led to an increase in disposable income for individuals and families. Consequently, more people can afford musical devices as a means of leisure and self-expression, thus driving the region's demand for these instruments. For example, according to Global Times, a newspaper in China, Luoshe City, a small town in Zhejiang province, eastern China, produces over 50,000 pianos annually, accounting for one-seventh of China's total piano production. These pianos are exported to more than 20 countries, including Germany, the U.S., France, Thailand, and Russia.

Furthermore, the rest of the world's Musical Instruments Market is divided into the Middle East, Africa, and Latin America. In areas like South America and the Middle East & Africa, the significant demand for musical instruments is propelled by various factors, including the flourishing entertainment industry and the surge in online learning opportunities, among others. These regions have experienced considerable growth in entertainment forms such as music festivals, concerts, and live performances. Moreover, the availability of online music tutorials and resources has simplified the process for aspiring musicians to learn and master instruments. These dynamics have collectively spurred heightened interest and demand for musical instruments in these regions.

Key Findings of the Study

• The global Musical Instruments Market is expected to reach USD 4.03 billion by 2032, at a CAGR of 5.00% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the increasing popularity of music among consumers and the growing spending power of the middle-class population.


• Based on Type, the Guitars segment was attributed to holding the largest market in 2023, with an approximate market share of 55–60%.


• Steinway Inc., HOSHINO GAKKI Co. Ltd., Gibson Brands Inc., Kawai Musical Instruments Manufacturing Co. Ltd., Fender Musical Instruments Corp., Yamaha Corp., Korg Inc., C. F. Martin & Co. Inc., CASIO COMPUTER CO. LTD., and Roland Corp. are the key market players.