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The Latin America, Middle East and Africa Percussion Instruments Market would witness market growth of 7.2% CAGR during the forecast period (2022-2028).
In recent years, there has been a rise in the number of musicians working independently, which has led to the establishment of a variety of new musical ensembles and crews. As a direct consequence of this, there has been a considerable rise in the number of concerts and live performances, which in turn has led to an increase in the demand for sophisticated musical instruments that come at a premium in terms of both technology and cost.
Additionally, it has been noted that youngsters who begin learning to play musical instruments at an early age eventually develop a soft spot for music. Some of them decide to pursue music as a career. Universities provide graduate and post-graduate programme in various areas of music and film composing. This would result in market growth over the forecast period.
A large number of visitors have been drawn in for lengthier stays as a result of the growing availability of lodging packages with luxurious rooms and top-notch services, which has increased income generating. The rising use of cutting-edge technology to provide amenities lavish restaurants in five-star hotels will draw more visitors. As a result, the demand for opulent hospitality locations has increased due to the expanding trend of leisure and luxury travel. This would result in growing the demand for musicians in such hotels and thus supporting the market growth for percussion instruments during the forecast period.
The Brazil market dominated the LAMEA Percussion Instruments Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $29.8 million by 2028. The Argentina market is experiencing a CAGR of 7.7% during (2022 - 2028). Additionally, The UAE market would exhibit a CAGR of 6.9% during (2022 - 2028).
Based on Application, the market is segmented into Professional, Amateur and Educational. Based on Type, the market is segmented into Traditional and Electronic. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Yamaha Corporation (Menchey Music Service, Inc.), Roland Corporation, Conn-Selmer, Inc. (Steinway Musical Instruments, Inc.), KHS Musical Instruments, D'Addario & Company, Inc., inMusic Brands, Inc., Remo Inc., Australis Music Group Pty Ltd (Ashton Music), Pearl Musical Instrument Co., and Walberg and Auge Inc.
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