The global musical instruments market is witnessing a period of slow, yet steady growth. The global financial crisis of 2007-08 had a negative impact on the demand for musical instruments, as consumers focused on cutting down expenses. Focus on meeting basic necessities gained prominence, and products considered ‘luxury’ or ‘arts & crafts’ witnessed a slowdown in demand.
Another factor that impacted the global demand for musical instruments is the decline in adolescent population in developed countries. Demand for musical instruments has traditionally been relatively high from this segment, and declining population has led to stifled demand. Another factor that has curbed demand is the popularity of app-based musical instruments. This factor has led to declining sales in the kids’ musical instruments sector, as many Android and iStore based apps simulate musical instruments available for kids in the market.
The key factors that are sustaining the demand for musical instruments include influence of western lifestyle among millennials in developing countries. While the market has somewhat saturated in developed countries, demand is steadily increasing in developing countries, where rising smartphone ownership and proliferation of internet has given youngsters easy access to western music. Renewed interest in classical music is also contributing to global demand for musical instruments. Moreover, the interest in music as career and increasing leisure time has also driven up the global musical instruments market. Various musical competitions and gigs are promoting the sale of musical instruments among young people being music hobbyists.
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Global Musical Instruments Market: Segmentation
The global musical instruments market is segmented on the basis of region, applications, types, and end-use.
On the basis of region, the global musical instruments market is segmented on the basis of region into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East & Africa (MEA), and Japan.
The global musical instruments market can be segmented on the basis of type into percussion instruments, string instruments, piano & key instruments, and organs & air blown instruments. The global musical instruments market can be segmented on the basis of applications into commercial events, personal use, and music production etc. The end use segmentation of global musical instruments market comprises personal and commercial use.
Global Musical Instruments Market: Region-Wise Outlook
The global musical instruments market witnessed an acceleration in its growth in key markets of the U.S., China, India, Germany, Italy and France. These key regions will continue to fuel the demand for global musical instruments, and contribute to global revenues.
Middle East & Africa and Latin America will witness steady growth in terms of % increase; however, volume-wise growth will remain lower than major markets of North America and Western Europe.
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Global Musical Instruments Market: Key Players
The leading companies operating in the global musical instruments market include Gibson Guitars and Basses, Fender Musical Corporation, Zildjian cymbals, Paiste cymbals, Cort, Casio, Yamaha, Korg, Roland, Pearl, Tama, Mapex, Sonor, ESP, Ibanez, Pluto, Tristar, Granada etc.
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