Musical Instrument Market

Global Musical Instrument Market Outlook for 2024 to 2034

The musical instrument market value is estimated to be USD 13,132.8 million in 2024. The overall market is predicted to evolve at a moderate CAGR of 4.5% during the forecast period. The musical instrument industry share is estimated to reach a value of nearly USD 20,357.8 million by 2034.

As the interest in studying music is growing rapidly, so does the need for a range of musical instruments. The growing demand for different types of musical instruments is benefitting producers and retailers operating in the market today.

Musical Instrument Market Trends & Analysis

• As technology evolves, many instruments are taking a 'Digital' form, making them famous among music enthusiasts. The introduction of virtual musical instruments has also accelerated the diversification of the market for musical instruments.
• Musicians' contributions and popularity on social media networks have increased demand for a wide variety of musical items. Many people are getting inspired to pick up instruments by seeing artists perform on social media sites these days. So, a big chunk of the sales goes toward the people who purchase instruments as a showpiece or as a hobby.

Report Attribute	Details
Musical Instrument Market Size (2024)	USD 13,132.8 million
Market Anticipated Forecast Value (2034)	USD 20,357.8 million
Market Projected Growth Rate (2024 to 2034)	4.5% CAGR

Global Musical Instrument Industry Historical Analysis Vs Forecast Outlook

The musical instrument market was valued at USD 10,846.2 million in 2019. During the period between 2019 and 2023, the demand for music instruments continued to rise at 3.9% CAGR. The music equipment industry value reached USD 12,640 million in 2023.

In 2020 and 2021, musical instrument manufacturers were harshly affected as the market for musical instruments closed completely. The musical festivals, shows, and concerts, which are the best-selling season for musical instruments, were called off, losing the main market.

However, the market recovered soon in the post-pandemic period as learning musical instruments or getting training became easy through the proliferation of online learning environments.

Attributes	Details
Musical Instrument Market Value (2019)	USD 10,846.2 million
Market Revenue (2023)	USD 12,640 million
Market Historical Growth Rate(CAGR 2019 to 2023)	3.9% CAGR

Prominent Factors Fuelling the Global Musical Instrument Market Growth

Along with these traditional instruments, electrical instruments are also in high demand these days. As people are gaining more and more interest in music, expenditure on high-tech, updated, and fancy musical instruments is also soaring. The electrical musical instruments segment is expected to create more lucrative opportunities for market players in the coming days.

Many musical instrument dealers have good quality instruments at reasonable prices, but their reach to the customers is limited. Lack of advertisement and integration of online marketing and e-commerce is also affecting the market growth.

Country-wise Insights

The table below lists some of the countries that are expected to remain profitable in the musical instrument business till 2034.

Regional Market Comparison	CAGR (2024 to 2034)
The United States	4.5%
Germany	6.5%
The United Kingdom	2.8%
India	5.8%
China	3.7%

The United States Market Advancing with Innovations in Control Features

The United States musical instrument market is expected to witness a growth rate of 4.5% through 2034.

• A stronger emphasis on parents in the United States for their children to learn musical instruments.
• Many talented musicians and successful singers in live concerts and the music industry are influencing people and have triggered the music instrument retail industry.
• Growing consumer interest in a variety of music genres is compelling Americans to research and buy instruments unique to those genres.

Cultural Implications are Driving the Sales in the United Kingdom

The demand for musical instruments in the United Kingdom is forecast to capture a 2.8% CAGR during the forecast years.

• A growing appreciation of the advantages of music-making for mental wellness in many European countries, including the United Kingdom.
• A large section of people are trying to learn at least some basics of any musical instrument to perform during get-togethers with family or friends.

• Manufacturers that provide innovative functions and new designs are more popular among buyers in the United Kingdom.

Electronics and Accessories Industries Fueling China's Musical Instrument Industry

The musical instrument production and supply from China is likely to increase by 3.7% between 2024 and 2034.

• Introduction of music learning classes in formal educational settings and community training halls.
• Constant innovation by regional players has spurred the demand for smart musical instruments.
• Higher production and export of music accessories in addition to musical equipment for virtual and live-streaming performances.

The Germany Musical Instrument Market is Rising with Higher Imports and Exports

The musical instrument industry of Germany is poised to register a CAGR of 6.5% through the forecasted years.

• Germany is a leading market for musical instruments, where several musical instruments are sold along with accessories and spare parts.
• Germany is also a key importer of musical instruments, importing drums and percussion instruments from India and Mexico.
• String instruments such as guitars and violins are imported from China, and digital pianos are from Japan and Indonesia.

Despite Traditional Influences, India is Showing Interest in Digital Instruments

The demand for musical instruments in India is predicted to rise at an impressive 5.8% rate per year till 2034.

• India is full of cultural differences in every state, creating a heterogeneous market for contemporary musical instruments.
• India has the oldest and biggest musical heritage, and Indian classical music has a vast musical background.
• India is among the top manufacturers of many musical instruments, and a lot of them are produced traditionally by craftsmen all around the country.

Category-wise Insights

Keyboard Instruments are More Popular Among the Musicians

Based on instrument type, the keyboard instrument makes the top-selling market segment, accounting for 51.8% of the revenue share in 2024.

Attributes	Details
Top Instrument Type or Segment	Keyboard Instrument
Market Segment Share in 2024	51.8%

• The musical instruments popular among customers are mainly keyboards and pianos, followed by string instruments like guitars and violins.
• Lastly, the increasing popularity of string instruments and wind instruments is expected to limit the growth of this market segment.

Professional Musicians Account for Higher Sales of Musical Instruments Brands

Based on consumer type, the advanced or professional musicians’ market segment is expected to create more than half of the total demand in 2024.

Attributes	Details
Top Consumer Type or segment	Advanced or Professional Musicians
Market Segment Share in 2024	50.7%

• High-value musical instruments are mainly purchased by advanced or professional musicians, orchestra owners, and composers.
• A rise in the independently produced music industry is also anticipated to strengthen this market segment further.

Competitive Landscape for the Musical Instrument Market

As per the music instrument industry analysis, the overall market is competitive, with numerous regional players distributed. Local traditional equipment manufacturers are witnessing an increase in sales as a result of consumers spending more money on hobbies and home entertainment.

Recent Developments in the Global Musical Instrument Market

• Yamaha Musicals launched a portable, budget 61-key keyboard named 'PSR-E473' in March 2022. This portable keyboard is an all-rounder in the series, suitable for beginners as well as professionals. It features top-notch sounds, which are found in high-end keyboards.
• In February 2021, Core Brand used its best materials, parts, and workmanship to create and launch Cort's new premium line of all-solid acoustic guitars. Three tonewood options were available in this guitar collection line: blackwood, spruce, and mahogany.

Key Players Profiled in the Musical Instrument Market Report

• Paiste Cymbals
• Cort
• Casio
• Yamaha
• C F Martin
• Korg
• Shure
• Gibson Guitars and Basses
• QRS Music
• Fender Musical Corporation
• Steinway Musical Instruments
• Zildjian Cymbals
• Pearl
• ESP
• Ibanez
• Pluto
• Tristar
• Granada

Musical Instrument Market Report Scope

Attribute	Details
Estimated Market Size (2024)	USD 13,132.8 million
Projected Market Size (2034)	USD 20,357.8 million
Anticipated Growth Rate (2024 to 2034)	4.5%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	USD million or billion for Value and Units for Volume
Key Regions Covered	North America, Latin America, Europe, Middle East & Africa (MEA), East Asia, South Asia and Oceania
Key Countries Covered	United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa
Key Segments Covered	By Instrument Type, By Price Range, By Consumer Segment, By Sales or Distribution Channel, and By Region
Key Companies Profiled	Paiste Cymbals; Cort; Casio; Yamaha; C F Martin; Korg; Shure; Gibson Guitars and Basses; QRS Music; Fender Musical Corporation; Steinway Musical Instruments; Zildjian Cymbals; Pearl; ESP; Ibanez; Pluto; Tristar; Granada
Report Coverage	Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing	Available upon Request

Key Segments Covered by Musical Instrument Industry Survey Report

By Instrument Type:

• String Instruments
• Wind instruments
  • Flute
  • Clarinet
  • Saxophone
  • Trumpet
  • Trambone
  • French Horn
  • Other Wind Instruments
• Brass Instrument
  • Tuba
  • Trumpet
  • Trambone
  • Horne
  • Other Brass Instruments
• Wood Instrument
  • Clarinet
  • Flute
  • Oboe
  • Bassoon
  • Saxophone
  • Other Wood Instruments
• Percussion Instruments
• Keyboard Instrument
• Other Instruments

By Consumer Segment:

• Beginner Students
• Intermediate Players
• Advanced or Professional Musicians

By Price Range:

• Premium
• Mid-range
• Budget

By Sales or Distribution Channel:

• Advanced or Professional Musicians
• Multi-brand Stores or Specialty Shops
• Brand Exclusive Stores
• Departmental Stores
• Online Retailers
  • Direct to Consumers (D2C)
  • Third Party to Consumers

• Other Sales Channels

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia and Pacific
• The Middle East and Africa (MEA)

Frequently Asked Questions

How Big is the Global Musical Instrument Market in 2024?

The market for musical instruments is estimated to be USD 13,132.8 million in 2024.

What is the Growth Outlook of the Musical Instrument Industry?

The musical instrument market is to grow at 4.5% during the forecast period.

What is the Projected Value of the Musical Instrument Market by 2034?

The musical instrument market value to be USD 20,357.8 million by 2034.

What was the Historical Size of the Musical Instrument Market?

The market for musical instruments was valued at USD 10,846.2 million in 2019.

Which Regional Musical Instrument Industry has a Significant Growth Potential?

Germany is to witness a CAGR of 6.5% in sales of musical instruments through 2034.