Musical Instruments Market Size was valued at USD 2.6 Billion in 2022. The Musical Instruments Market industry is projected to grow from USD 2.7 Billion in 2023 to USD 4.03 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2024 - 2032). The rise in the popularity of live musical performances and concerts, coupled with the expanding usage of social media platforms like Facebook, Instagram, and YouTube, alongside advancements in audio technology, are expected to be significant market drivers for the musical instruments market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for Musical Instruments is being driven by the growing popularity of live performances and concerts and increasing technological advancements. The increasing allure of live performances and concerts can be attributed to various factors, including social interaction, entertainment value, and the opportunity for a closer connection between artists and fans. Attending live music events provides a unique and immersive experience that cannot be replicated through recordings alone. Moreover, such events foster social interaction and community engagement as individuals gather to share their passion for music and connect with others who share similar interests. These dynamics are expected to fuel the demand for musical instruments on a global scale. For example, according to U.K. Music, which represents the U.K.'s prominent music industry, the number of music tourists in the U.K. reached 12.6 million in 2019. In India, advertising revenue is projected to reach Rs. 394 billion (US$ 5.42 billion) by 2024, with traditional media comprising 58% of the sector's revenues in 2022. According to the Ficci EY Media and Entertainment report 2023, music streaming in India garnered an audience of approximately 208 million in 2022, with the paid subscriber base estimated to be around 4-5 million. Additionally, about 1 million music streams were played every three minutes in FY23, totaling 460 million streams per day, as reported by Redseer Strategy Consultants. Spotify emerged as the leader in India’s music and audio streaming market in FY23, capturing a 26% share, up from just 11% in FY20.
The ongoing advancements in musical device technology have sparked significant transformations and innovations within the music industry. Breakthroughs in Digital Signal Processing (DSP) and the integration of smart technology have propelled the evolution of digital instruments capable of reproducing an extensive array of sounds and tones. Within the instrument segment, synthesizers, virtual instruments, and electric drum kits are predominant. Additionally, musicians can now manipulate and enhance their instrument's sound through a diverse range of electronic effects and pedals, offering an expansive spectrum of creative possibilities. This surge in technological innovation is bolstering market growth. For instance, in July 2023, Artiphon, Inc., a leading designer of smart instruments, unveiled 'CHORDA,' an innovative smart musical apparatus encompassing a synthesizer, smart MIDI controller, and looper capable of adapting to various tunes and chords. As a result, it is anticipated that throughout the projection period, demand for the Musical Instruments Market will increase due to the growing popularity of Live Performances and Concerts and Increasing Technological Advancements. Thus, driving the Musical Instruments Market revenue.
The Musical Instruments Market segmentation, based on Type, includes Guitars, Pianos, Bowed Instruments, Drums and Percussion Instruments. The Guitars segment dominated the market, accounting for 58% of market revenue. Individuals worldwide are diversifying their leisure pursuits, engaging in activities like music, travel, and sports to break away from their busy and monotonous routines. Among these activities, learning to play musical instruments, such as the guitar, is gaining notable traction on a global scale. The proliferation of live music performances and attendance at such events is rapidly growing worldwide. Consequently, this trend serves as a catalyst, inspiring individuals to consider music as a career path and motivating them to explore various types of guitars.
The Musical Instruments Market segmentation, based on Application, includes Profession and Amateur. The Profession segment dominated the market, accounting for 58% of market revenue. The surge in home recording studios and the DIY music production trend is fueling a demand for professional-grade recording equipment and instruments among independent musicians and producers. Seeking to attain professional-level results, professionals investing in professional audio interfaces, microphones, studio monitors, and software tools for their home setups.
Figure 1: Musical Instruments Market, by Application, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of North America's Musical Instruments market can be attributed to several key factors. In North America, there is a notable increase in parental emphasis on encouraging their children to learn musical instruments. This trend is further fueled by the influence of talented musicians and successful singers who often showcase their skills in live concerts and the music industry, thereby stimulating growth in the music instrument retail sector. Moreover, the growing consumer interest in various music genres is prompting Americans to explore and purchase instruments specific to those genres. According to the Global Music Report 2023, the combined data from Canada and the United States indicates a 5% revenue growth in the North American music market during 2022. This marks a return to a more typical growth rate, following the exceptional 21.8% post-pandemic growth observed in 2021. Streaming music is experiencing increasing popularity in Canada, with more individuals adopting it as their primary music source. In 2022, streaming music saw a 13.4% increase compared to 2021, and annual on-demand audio streaming of music surpassed 100 billion for the first time. However, the pace of growth was slower compared to previous years, as streaming in Canada grew by 28.6% between 2020 and 2021.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: MUSICAL INSTRUMENTS MARKET SHARE BY REGION 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Musical Instruments Market accounts for the second-largest market share as the increasing prevalence of live musical performances and concerts is a significant driver behind the market's expansion. Audiences are no longer solely focused on recorded music or new releases; they are increasingly drawn to live concerts. This shift is fueled by advancements in audio technology and the widespread use of social media platforms like Facebook, Instagram, and YouTube, which have propelled numerous musicians to international acclaim. According to IMPALA, the European music sector alone supports 2 million jobs, contributes €81.9 billion in gross value added to GDP, and exports €9.7 billion worth of goods and services to countries outside the EU27 and the UK. Europe accounts for nearly a third of total recorded music revenues worldwide, with performing rights revenues experiencing an 11% increase to reach a total of $1.4 billion in 2022 – representing 18.7% of total European revenues. Europe continues to lead in performance rights revenues, contributing over 56% of the world’s performance rights income in 2022. Further, the German Musical Instruments Market held the largest market share, and the UK Musical Instruments Market was the fastest-growing market in the European region.
The Asia-Pacific Musical Instruments Market is expected to grow at the fastest CAGR from 2024 to 2032. The demand for specific instruments is largely influenced by the preferences of the population in particular regions. Moreover, cultural and socioeconomic factors across different geographies are expected to have an impact on the sales of specific instruments. With adolescents increasingly embracing music as either a hobby or a potential career path, the market for various instruments is anticipated to expand. Additionally, the growing popularity of music reality shows, live bands, and concerts is expected to drive demand for modern, high-tech, and costly instruments. In terms of revenue, the music industry generated Rs 12,000 crore in 2022. Recorded music revenues from labels surpassed Rs 2,500 crore, while music publishing revenues are estimated to be around Rs 884 crore in 2022-23. Furthermore, digital platforms contributed to 47 percent of the total revenue generated by music. Notably, Indian songs secured seven spots on the top 10 YouTube Global Charts for 2022. Moreover, China’s Musical Instruments Market held the largest market share, and the Indian Musical Instruments Market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Musical Instruments market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Musical Instruments industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Musical Instruments industry to benefit clients and increase the market sector. In recent years, the Musical Instruments industry has offered some of the most significant advantages to the global music community. Major players in the Musical Instruments Market, including 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., Roland Corp are attempting to increase market demand by investing in research and development operations.
Gibson Brands, a renowned guitar brand with over a century of heritage, has been a pivotal force in shaping the musical landscape across various genres. Established in 1894 and headquartered in Nashville, TN, Gibson Brands boasts a rich legacy of superior craftsmanship, esteemed music partnerships, and continuous product advancement, setting it apart in the musical instrument industry. The company's extensive portfolio encompasses leading brands such as Epiphone, Kramer, Steinberger, MESA/Boogie, and the Gibson Pro Audio division, KRK Systems, in addition to its flagship Gibson line, recognized as the top guitar brand worldwide. Committed to excellence in quality, innovation, and sound, Gibson Brands is dedicated to ensuring that future generations of music enthusiasts continue to enjoy the unparalleled musical experiences shaped by its products. For more information, visit Gibson.com and connect with us on Twitter, Facebook, and Instagram.
Fender Musical Instruments Corporation stands as the leading manufacturer globally of guitars, basses, amplifiers, and associated equipment. Since its inception in 1946, Fender has left an indelible mark on the music industry, influencing and shaping various genres, including rock ‘n’ roll, country, jazz, rhythm and blues, and more. Fender instruments and amplifiers have been embraced by individuals ranging from novices and enthusiasts to the most revered artists and performers worldwide. The iconic Fender models, such as the Telecaster and Stratocaster guitars, along with the Precision and Jazz bass guitars, are widely recognized as timeless design classics.
Key companies in The Musical Instruments Market Include
Musical Instruments Industry Developments
March 2022: Yamaha, a renowned name in the musical instruments industry, launched its latest portable keyboard model, the PSR-E473. Featuring a 61-key touch keyboard, this new addition boasts professional-quality music output, catering to the needs of both novice players and seasoned professionals.
February 2021: Cort introduced its new premium series of all-solid acoustic guitars under the name "The Core Brand." This series stands out for its use of top-quality materials, components, and craftsmanship. The collection offers a choice of three tonewoods: Mahogany, Spruce, and Blackwood.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 2.6 Billion |
| Market Size 2023 | USD 2.7 Billion |
| Market Size 2032 | USD 4.03 Billion |
| Compound Annual Growth Rate (CAGR) | 5.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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., Roland Corp |
| Key Market Opportunities | ·      The musical reality shows and song break-down videos on social media |
| Key Market Dynamics | ·      Increase in popularity of live musical performances and concerts |
Frequently Asked Questions (FAQ) :
The Musical Instruments Market size was valued at USD 2.7 Billion in 2023.
The Musical Instruments Market is projected to grow at a CAGR of 5.00% during the forecast period, 2024-2032.
North America had the largest share of the global market
The key players in the market are 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., Roland Corp
The Guitars segment dominated the market in 2023.
The Profession segment had the largest share in the global market.
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