Global Musical Instruments Market 2016-2020
About Musical Instruments
Musical instruments refer to tools or devices that are used to create musical sounds. Musical instruments are made up of materials such as wood, metal, string, and non-durable materials. Some of the most commonly used musical instruments are guitar, piano, wind instruments, keyboard, and percussion.
Technavio’s analysts forecast the global musical instrument market to grow by revenue surpassing USD 18 billion during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global musical instrument market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of musical instruments worldwide.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Musical Instrument Market 2016-2020
Technavio recognizes the following companies as the key players in the global musical instrument market: Fender Musical Instruments, Gibson Brands, Kawai Musical Instruments, Roland, Steinway & Sons, and Yamaha.
Other Prominent Vendors in the market are: Audio-Technica, C.F. Martin & Company, D'Addario, Harman International, QRS Music Technology, Sennheiser Electronic, and Shure.
Commenting on the report, an analyst from Technavio’s team said: “Growing popularity of online retail will be a key trend for market growth. With the growing popularity of online retail, numerous musical instruments companies are providing their wide selection through the online space. Companies find the online shopping approach convenient and cost-saving as it allows them to target consumers directly through the web. Some of the popular musical instrument websites are gibson.com, ebay.com, and amazon.com. The accessibility of instruments online and the preference to buy products online will increase during the forecast period with increasing awareness about the internet.”
According to the report, availability of free learning materials on web will be a key driver for market growth. With advances in web technology, a number of online and tutorial sites (such as Justinguitar.com and YouTube.com) use videos, reference articles, and other teaching methodologies to help consumers learn various musical instruments. This has also simplified the learning process for consumers who have busy work schedules and do not find time to join classes despite their passion to learn a musical instrument. This also helps individuals who cannot afford to pay a high fee for traditional music classes by offering courses at no or minimal cost. Hence, the availability of learning materials online encourages consumers to buy musical instruments, driving the market's growth during the forecast period.
Further, the report states that long replacement cycle will be a challenge for the market. The long replacement cycle of musical instruments poses a major challenge to musical instrument vendors. Replacement cycle refers to the period between the purchase and the replacement of a musical instrument. Most musical instruments have long replacement cycles. They can be used for numerous years, and their quality of sound also improves with their age. Furthermore, people tend to purchase an instrument once or twice in their lifetime. They only incur maintenance costs for instruments such as for the replacement of strings in guitars and violin or drumsticks for a drum kit. These costs are low and do not require the user to completely replace the instrument.
ender Musical Instruments, Gibson Brands, Kawai Musical Instruments, Roland, Steinway & Sons, Yamaha, Audio-Technica, C.F. Martin & Company, D'Addario, Harman International, QRS Music Technology, Sennheiser Electronic, and Shure.