The Musical Instrument Market Size to grow by USD 807.99 million | Market Insights highlights the increasing popularity of live musical performances and concerts as key driver | Technavio

NEW YORK, Jan. 11, 2022 /PRNewswire/ -- According to the research report "Musical Instrument Market by Product and Geography - Forecast and Analysis 2021-2025", the market will witness a YOY growth of 2.11% in 2021 at a CAGR of almost 2% during the forecast period. Furthermore, this report extensively covers market segmentation by product (string instruments, pianos and keyboards, drums and percussion instruments, and others) and geography (North America, Europe, APAC, South America, and MEA). 

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Vendor Insights 
The musical instrument market is fragmented and the vendors are deploying growth strategies such as product portfolio expansions and product innovations to compete in the market. The market has international and domestic marketers spread across different regions.

To stay ahead of the competition, prominent industry players offer cheap office stationery and supplies through various distribution channels. Leading vendors in this market offer customized stationery products and sell in bulk via e-auctioning to increase their revenue share. Vendors create value by taking advantage of their competitive advantages. Market participants are focusing on improving their key competencies as well as implementing various methods.

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• C. F. Martin & Co. Inc.
• Casio Computer Co. Ltd.
• Fender Musical Instruments Corp.
• Gibson Brands Inc.
• HOSHINO GAKKI Co. Ltd.
•  Kawai Musical Instruments Mfg. Co. Ltd.
• KORG Inc.
• Roland Corp.
• Steinway Inc.
• Yamaha Corp.

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Geographical Market Analysis 
North America will provide maximum growth opportunities in the musical instrument market during the forecast period. According to our research report, the region will contribute 40% of the global market growth and is expected to dominate the market through 2025. 

In terms of instrument demand and revenue, the United States is the region's largest market. The growing popularity of live music and performances has resulted in a growth in the number of dance clubs and pubs, increasing demand for DJ equipment. Several music festivals and live performances are held in the area. Furthermore, because North America has the highest per capita disposable income, musical instruments are more affordable here than in other parts of the world. The growing interest in live music concerts is expected to drive the musical instrument market in the region.

Furthermore, countries such as North America, Europe, APAC, South America, and MEA are expected to emerge as prominent markets for the musical instrument market during the forecast period. 

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Key Segment Analysis
The musical instrument market share growth by product segment will be significant during the forecast period. Stringed instruments such as guitars, violins, violas, cellos, and banjos make music by vibrating stretched strings made of materials such as vegetable fiber, animal gut, silk, metal, and synthetic materials (nylon or plastic). The segment is expected to grow significantly during the forecast period because of the rising number of vendors that offer guitars in the market. The market experiences intense competition because of the presence of numerous small and large guitar vendors that manufacture guitars of various quality and price ranges to suit different consumers' requirements. Furthermore, the rising number of music bands and crews touring globally, and the expanding audience base are likely to enhance the growth of the string instruments segment during the forecast period.          

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Key Market Drivers & Trends: 
The increasing popularity of live musical performances and concerts is one of the significant factors fueling musical instrument market growth. The propensity to attend live music events rather than listening to only new releases and recorded music or watching television broadcasts at home is growing. Increased demand for high-tech and high-priced musical instruments has resulted from a growth in the number of concerts and live performances. Musicians and artists with a large fan base have also influenced their fans to buy musical instruments. All of these elements contribute to the market's expansion.

Major participants in the musical instrument industry are increasingly focusing on bringing innovative technologies and product ideas to market. The simplicity of playing, rich and pure sound, and increased volume regulation are all major advantages of using these technologically advanced instruments. Major players are designing and developing several improved versions of musical instruments as a result of the expanding use of advanced technologies. Another noteworthy advancement is the introduction of built-in software in musical instruments, which serves to improve sound quality and ease of performance.

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About Us: 
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. 

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