Musical Instruments Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025

Description

The Global Musical Instruments Market, valued at USD 47.5 billion in 2024, is projected to expand at a CAGR of 7% from 2025 to 2034. This growth is largely driven by the increasing popularity of live music performances, spanning a variety of genres. As demand for high-quality instruments and performance equipment rises to support these live shows, the market is set for significant expansion.

This market encompasses several product types, including percussion instruments, string instruments, electronic and electromechanical musical instruments, wind instruments, acoustic pianos, stringed keyboard instruments, and musical instrument parts and accessories. Among these, the parts and accessories segment is anticipated to experience the fastest growth over the forecast period. In 2024, this segment generated USD 22.77 billion in revenue and is expected to reach USD 45.57 billion by 2034. The increasing need for regular maintenance, tuning, and upgrades of musical instruments has fueled demand for essential parts such as strings, drumheads, picks, pedals, and cases. These accessories play a critical role in maintaining instruments' optimal performance, further boosting the market.

Market Scope
Start Year	2024
Forecast Year	2025-2034
Start Value	$47.5 Billion
Forecast Value	$92.3 Billion
CAGR	7%

The musical instruments market is also segmented by distribution channels, divided into online and offline categories. In 2024, the offline segment led the market with 53.10% of the share, and it is expected to maintain this position, reaching USD 53.42 billion by 2034. Many musicians, whether beginners or professionals prefer the in-person experience of testing instruments before purchasing. The ability to assess the feel, sound, and playability of an instrument is a crucial part of the decision-making process, which solidifies the dominance of offline retail.

In the U.S., the musical instruments market accounted for 53.5% of the global share in 2024 and is projected to grow at a CAGR of 7.4% throughout the forecast period. The robust demand in the U.S. is driven by its vibrant music culture, which spans a wide range of genres and supports numerous music schools, retailers, and online platforms. The country benefits from its influential music events, iconic musicians, and the presence of leading global brands, all of which sustain a steady demand for musical instruments. Additionally, the U.S. has a well-established music industry with recording studios and live performance venues, ensuring continued growth in the market.

Product Code: 12713

Chapter 1 Methodology & Scope

1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry 360⁰ synopsis, 2021-2034

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
- 3.1.1 Factor affecting the value chain
- 3.1.2 Profit margin analysis
- 3.1.3 Disruptions
- 3.1.4 Future outlook
- 3.1.5 Manufacturers
- 3.1.6 Distributors
- 3.1.7 Retailers
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
- 3.6.1 Growth drivers
  - 3.6.1.1 Rising popularity of live concerts and performances
  - 3.6.1.2 Growing number of music enthusiasts
  - 3.6.1.3 Customization of musical instruments
- 3.6.2 Industry pitfalls & challenges
  - 3.6.2.1 Fluctuations in raw material costs
  - 3.6.2.2 Economic shifts
3.7 Growth potential analysis
3.8 Consumer behavior analysis
3.9 Porter’s analysis
3.10 PESTEL analysis

Chapter 4 Competitive Landscape, 2024

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates & Forecast, By Product Type, 2021-2034 (USD Billion) (Thousand Units)

5.1 Key trends
5.2 String instruments
5.3 Electronic & electromechanical musical instruments
5.4 Percussion Instruments
5.5 Wind instruments
5.6 Acoustic pianos & stringed keyboard instruments
5.7 Parts & accessories of musical instruments

Chapter 6 Market Estimates & Forecast, By Type, 2021-2034 (USD Billion) (Thousand Units)

6.1 Key trends
6.2 Portable
6.3 Fixed

Chapter 7 Market Estimates & Forecast, By Price 2021-2034 (USD Billion) (Thousand Units)

7.1 Key trends
7.2 Low
7.3 Medium
7.4 High

Chapter 8 Market Estimates & Forecast, By Consumer 2021-2034 (USD Billion) (Thousand Units)

8.1 Key trends
8.2 Beginner
8.3 Intermediate players
8.4 Advanced or professional musicians

Chapter 9 Market Estimates & Forecast, By End Use 2021-2034 (USD Billion) (Thousand Units)

9.1 Key trends
9.2 Commercial music
9.3 events personal use
9.4 Production/ direction
9.5 Others

Chapter 10 Market Estimates & Forecast, By Distribution Channel, 2021-2034 (USD Billion) (Thousand Units)

10.1 Key trends
10.2 Online
- 10.2.1 E-commerce
- 10.2.2 Company website
10.3 Offline
- 10.3.1 Advanced or professional musicians
- 10.3.2 Multi-brand stores or specialty shops
- 10.3.3 Others (departmental stores, etc.)

Chapter 11 Market Estimates & Forecast, By Region, 2021-2034 (USD Billion) (Thousand Units)

11.1 Key trends
11.2 North America
- 11.2.1 United States
- 11.2.2 Canada
11.3 Europe
- 11.3.1 United Kingdom
- 11.3.2 Germany
- 11.3.3 France
- 11.3.4 Italy
- 11.3.5 Spain
- 11.3.6 Russia
11.4 Asia Pacific
- 11.4.1 China
- 11.4.2 India
- 11.4.3 Japan
- 11.4.4 South Korea
- 11.4.5 Australia
11.5 Latin America
- 11.5.1 Brazil
- 11.5.2 Mexico
11.6 Middle East & Africa
- 11.6.1 South Africa
- 11.6.2 Saudi Arabia
- 11.6.3 United Arab Emirates

Chapter 12 Company Profiles

12.1 Casio
12.2 Cort
12.3 Focusrite
12.4 Fender
12.5 Gibson
12.6 Granada
12.7 Ibanez
12.8 Kawai
12.9 Pearl
12.10 Pluto
12.11 QRS Music
12.12 Roland
12.13 Samick
12.14 Steinway
12.15 Yamaha

Musical Instruments Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025 - 2034