The global market for the kids' musical instrument market is estimated to be worth USD 10,007.0 million in 2021 and is anticipated to reach a value of USD 13,980.1 million by 2031. Sales are projected to rise at a CAGR of 3.4% over the forecast period between 2021 and 2031. The revenue generated by the kids’ musical instrument market in 2020 was USD 9,715.6 million. The industry is anticipated to exhibit a Y-o-Y growth of 3.0% in 2021.
Global Kids Musical Instrument Market Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 (A) | USD 9,715.6 million |
| Estimated Size, 2021 (E) | USD 10,007.0 million |
| Projected Size, 2031 (F) | USD 13,980.1 million |
| Value-based CAGR (2021 to 2031) | 3.4% |
The target market is segmented under product type, application, and distribution channel. The market is further sub-categorized under these segments to provide a granular aspect which will benefit the businesses operating in the market to improve on their products, gain a competitive edge over other players, and grasp a major portion of the market, in parallel.
The kids’ musical instrument market is rising over time since more and more parents are turning to musical instruments for their children because of the so many benefits that children get from music. Family members and teachers want their children to have items that can promote creativity, coordination, and learning ability, thus, increasing the market for children's instruments.
The increase in demand for music education programs and early childhood development programs is also expected to drive market growth. Manufacturers are releasing fun, long-lasting, and conveniently shaped instruments for kids in learning institutions. Also, with the current increase in online tutorials and virtual lessons, parents are now buying musical instruments for home use by their children.
The competitive landscape of the kids' musical instrument market is characterized by a mix of established players and emerging brands, each vying to capture a share of this growing segment. Key players in the market include KAWAI Musical Instrument Mfg. Co. Ltd., Roland Corporation, Yamaha Corporation, and Moridaira Musical Instrument Co., Ltd., among others. Key companies compete on factors such as design innovation, material quality, and brand reputation.
The industry is set to experience upward growth during the forecast period. It is projected to create an incremental opportunity of USD 3,973.1 million and is predicted to rise approximately 1.4 times the current market value through 2031.
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According to the latest research by Future Market Insights, the kids musical instrument market is set to witness steady growth during 2021 to 2031, with a CAGR of around 3%. Demand for kids’ musical instruments is likely to grow with the rapid expansion and adoption of social media platforms among kids, which is going to attract them towards special acquired skills.
Additionally, the advancements in technology have led to the manufacturing of compact musical instruments without compromising the output of one hence, projected to boost sales.
One of the major factors that are driving the demand of kids musical instrument is the advancements in the technology that has led to the production of compact and small parts, providing variation in sizes without affecting the purpose, sound, and effect of the instrument. The list includes piano, keyboards, guitar, wind instruments available through both online and offline platforms.
Further, the growing impact and fame of western music among the millennials and kids and the growing popularity of electronic music in the developing regions will play a major key role in sustaining the demand for kids musical instruments.
Principal Consultant
Digitalization is one of the major factors driving the sales of kids musical instrument industry. With the presence of bloggers and influencers on various social media, applications tend to promote and attract kids towards new technologies and acquire skills, therefore, influencing the musical instrument industry.
Such platforms also allow kids to communicate with any professional artist in the musical industry irrespective of their location to conduct the one-to-one class and acquire the skill on the musical instrument. Further, the platforms also allow one to share their knowledge, experience with others and help reach solutions without harsh efforts.
The countries of North America are the most lucrative market for the kids musical instrument industry. The USA kids musical instrument industry is set to grow in demand in the given forecast period due to the rising demands from the kids parents in the extra curriculum.
Further, the region consists of populace attracted and delighted with the advancement in technologies, therefore, the availability of compact and affordable kids musical instrument are likely to attract more customers, thus, boosting the sales in the forecast period 2021 to 2031.
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Many countries in Europe have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. Additionally, the region consists of various suppliers who are heavily dependent upon other countries who export raw material for the production of items, and the temporary pause on the exchange had influenced the manufacturers and suppliers, therefore, influencing the sales of kids musical instruments.
However, with the presence of a high regional economy, and certain regulations railed out by the governments, the countries have accepted and adapted to the current situation and are further, planning to initiate development and manufacturing of products within the countries to supply, reliable products and services to the customers. These factors are likely to boost the demand and sales of kids musical instruments.
Some of the leading manufacturers and suppliers of kids musical instruments include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Kids Musical Instrument Market
