The electronic musical instruments market is likely to reach a market value of USD 678.9 Million in 2022. This market is expected to flourish at a CAGR of 3.7% to be valued at USD 976.9 Million during the forecast period (2022 to 2032). A CAGR of 2.6% was recorded for the electronic musical instruments market from 2016 to 2021.
The progress and growth of the music industry have been facilitated by adopting new technologies in the electronic musical instruments market. Moreover, through the availability of high-quality, affordable instruments and computer software, electronic musical instruments played a crucial part in the democratization of experimental and traditional music composition.
| Report Attribute | Details |
|---|---|
| Electronic Musical Instruments Market Historical Growth Rate (2016 to 2021) | 2.6% |
| Electronic Musical Instruments Market Value (2022) | USD 678.9 Million |
| Electronic Musical Instruments Market Forecast Value (2032) | USD 976.9 Million |
| Electronic Musical Instruments Market Projected Growth Rate (2022 to 2032) | 3.7% |
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The electronic musical instruments market players have lucrative potential over the projection period owing to new product innovations and technological advancements. The market is also influenced by the young generation's increased interest in music education and the usage of these instruments in the diversification of conventional and experimental music composition through the availability of high-quality instruments at affordable prices.
Additionally, urbanization and digitization, an increase in live music performances and concerts, and a growth in disposable income all benefit the electronic musical instruments market. Another critical reason propelling the growth of the electronic musical instruments market for electronic musical instruments is the expansion of the media and entertainment sector globally. Hence, the rising demand for music-related leisure activities is driving the growth of the electronic musical instruments market.
The electronic musical instruments market is also getting accelerated by the increased use of electronic musical instruments in genres of music like electronic and dance music. Another critical element driving the expansion of the electronic musical instruments market is the increased ability of consumers to spend a sizable amount on music concerts and live performances due to growing disposable income.
The demand for electrical musical instruments will be sustained by Western music's expanding acceptance and impact in emerging nations. The rise in the popularity of live music bands, music reality programs, and concerts is further anticipated to favor the electronic musical instruments market in the coming days.
Lengthier replacement cycles and the high cost of these instruments are anticipated to restrain electronic musical instrument market expansion. The lack of consumer interest in purchasing the devices is also a significant issue limiting electronic musical instrument market trends.
Nowadays, several laptop and smartphone manufacturers also support well-known music-producing applications. Hence, during the forecast period, the electronic musical instruments market is likely to face significant challenges from the rising popularity of these virtual musical instruments and music creation software.
Customizing musical instruments like electronic guitars and pianos is one of the emerging trends in the electronic musical instruments market. Thus, personalization and customization of electronic guitars have considerably contributed to the expansion of the musical instruments market by providing several opportunities.
Additionally, leading electronic musical instruments market players might see an opportunity in online sales in the upcoming years. Additionally, e-commerce has become necessary for players to grow their global sales and clientele in addition to shops.
Owing to its relatively developed marketplaces and stable development rate over the projection period, Europe is expected to lead the worldwide electronic musical instruments market, holding a total share of 18%.
Most people in Europe spend a sizeable portion of their money on entertainment services, music festivals, and concerts. An increase in the number of significant players is supporting the expansion of the electronic musical instrument market. Additionally, this region imports the most musical instruments, which significantly boosts the market's earnings. Europe is expected to have a substantial growth rate in the electronic musical instrument market in the subsequent years due to rising leisure spending and increased disposable income.
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North America dominated the electronic musical instruments market, and this trend is anticipated to carry on during the forecast period due to the rapid technological development taking place in this region. Regarding market share, this region is expected to hold a 15.0% share.
The demand for electronic musical instruments will be sustained in the global market largely because of the expanding impact and popularity of music in emerging countries of North America. The primary market for electronic musical instruments in this region is the US.
Throughout the forecast period, North America's electronic musical instruments market will rise due to the introduction of novel items, rising demand for customized electronic musical instruments, and increased usage of online marketplaces for electronic musical instruments.
The market is fiercely competitive due to the existence of a massive magnitude of players. While there are a number of major worldwide companies, like Gibson Brands, Inc., Fender Musical Instruments Corporation, and Kawai Musical Instruments Manufacturing Co., they only represent a modest portion of the market. Several regional-level firms are also active in key geographical areas.
Aurzart, NIKKEI Asia, and Yamaha Make Waves are a few of the start-up businesses that are active in the electronic musical instruments market.
Example:
Aurzart is a renowned music retailer in India that offers a wide variety of musical equipment, including keyboard stands, digital pianos, and guitars.
Recent Developments
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 3.7% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product Type, Component, Region |
| Regions Covered | North America; Latin America; The Asia Pacific; Middle East and Africa; Europe |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Gibson Brands, Inc.; Fender Musical Instruments Corporation; Kawai Musical Instruments Manufacturing ; Co. Ltd.; inMusic, Inc.; Pioneer Corporation; Steinway Musical Instruments Inc.; Yamaha Corporation; Roland Corporation; Audiotonix Limited; Casio Computer Co. Ltd |
| Customization | Available Upon Request |
The global electronic musical instrument market at a rate of 3.7% (2022 to 2032).
Europe is expected to hold the highest share obtaining 18% market share.
Electronic musical instrument market is predicted to account for USD 976.9 Million by 2032.
| Market Size (2024) | USD 13,132.8 million |
|---|---|
| Market Anticipated Forecast Value (2034) | USD 20,357.8 million |
| Market Projected CAGR (2024 to 2034) | 4.5% |
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Electronic Musical Instruments Market
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