According to a new report, published by KBV research, The Global Musical Instruments Market size is expected to reach $16.7 billion by 2030, rising at a market growth of 4.7% CAGR during the forecast period.
The Stringed segment led the Global Musical Instruments Market, by Type in 2022; thereby, achieving a market value of $6.4 Billion by 2030. Guitar, violin, cello, and additional instruments are included. Elevated electric instrument sales are responsible for expanding this market segment. Individuals' social desirability bias has contributed to the guitar's increased prevalence among millennials. Over time, the price of instruments has also decreased in comparison, as purchasing power has increased. Playing a stringed instrument can deepen one's appreciation for music. Musicians often develop a heightened sensitivity to nuances in sound and composition, leading to a more profound understanding and enjoyment of music.
The Specialty Stores segment is growing at a CAGR of 4.4 % during the forecast period. Specialty stores focusing exclusively on a particular type of instrument, such as guitar shops, piano stores, or violin shops, will likely have a wide selection of instruments within their specialization. These stores often carry various brands, models, and accessories related to the specific instrument. Specialty stores specializing in vintage and antique instruments may offer a unique selection of rare or collectible musical instruments. These shops often attract enthusiasts looking for instruments with historical or unique value.
The Asia Pacific region dominated the Global Musical Instruments Market, by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7.5 Billion by 2030. The Europe region is anticipated to grow at a CAGR of 4.1% during (2023 - 2030). Additionally, The North America region would witness a CAGR of 4.5% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/musical-instruments-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Eastman Music Company, Fender Musical Instruments Corporation (Servco Pacific Inc.), Casio Computer Co., Ltd., Steinway, Inc. (Paulson & Co. Inc.), Kawai Musical Instruments Manufacturing Co., Ltd., Yamaha Corporation, Guangzhou Pearl River Piano Group Co., Ltd., Yanagisawa Wind Instruments Co., Ltd., C. F. Martin & Co., Inc. and Roland Corporation
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