The increasing engagement in music due to various social factors such as increased stress, increasing extra-curricular activities in schools and colleges, social media, and others is assisting the musical instrument market’s growth. According to OMR Research, the market is expected to grow at a CAGR of 4.9% during the forecast period (2023–2029). Other factors that support this increasing CAGR include technological advancements such as digital music software, keyboards, and others; differently shaped and sized instruments that offer a variety of unique sounds for creating music; online music teaching classes that allow everyone to learn from the comfort of their home; and live music shows, among others. In addition, some governments are taking initiatives to offer music to every student. For instance, in Wales, the government has tripled its budget to provide music education, which is part of the National Music Service. According to the new service, children will begin receiving free education and free musical instruments from September 2022.
Segments of the Market
The global market for musical instruments is divided on the basis of type and distribution. Based on the type, the market is subdivided into stringed, percussion, brass and woodwind, and keyboard. Based on the distribution, the market is subdivided into online and offline.
The stringed instruments include guitar, violin, ukulele, harp, sitar, banjo, and more; the percussion instruments include drum, xylophone, tambourine, bell, gong, and maraca, among others; the brass and woodwind instruments include flutes, clarinets, saxophones, and bassoon; and the keyboard include instruments such as piano, accordion, synthesizer, and organ.
Recent Developments
Casio Computer Co., Ltd., D'Addario, C.F. Martin & Company, Eastman Music Company, Fender Musical Instruments Corp., Kawai Musical Instruments Manufacturing Co., Ltd., B.C. Rich Guitars, Gibson Brands, Inc., Cort Guitars, Yamaha Music India, The Pearl River Piano Group, and others are assisting in the market’s constant growth by launching new musical instruments, new sound technologies to build instruments, and initiating collaborations and mergers, among others. In addition, there are new companies in the musical instrument market as well, which further boosts market growth. Some recent activities and developments by well-known and emerging market players include:
• In March 2022, Yamaha Music India, a musical instrument manufacturer, launched the PSR-E473, a touch-sensitive keyboard with 61 keys. This new instrument is suitable for both beginner and professional musicians and has augmented effects and the latest hits from around the world to practise on.
• The Kingdom of Saudi Arabia announced in 2022 that music would be introduced as a subject in the next two years, beginning with kindergarten. The extra-curricular activity will be taught to students via the e-platform "Madrasty." The Madrasty platform was launched in September 2022 by Saudi Arabia’s Music Commission.
• In October 2022, George Fullerton and Leo Fender (G&L), a musical instruments company, added a new limited edition electric guitar to its line called the ASAT Classic Thinline. The features of ASAT include a semi-hollow alder body, a vintage tint satin neck finish, a modern classic neck profile of 9.5 radius, and Leo’s Megnetic Field Design technology, among others.
• In August 2022, D’Addario, a music instruments and accessories company, launched a new line of XS 80/20 bronze strings. The company claims to have made this string extra strong and smooth without sacrificing any musical tones. Now, the company’s portfolio offers Phosphor Bronze and 80/20 Bronze.
• In April 2022, Spector Bass Guitars, a music instruments company, added the new NS Pulse II guitars to their Spector NS Pulse Series, which is available in four-, five-, and six-string models. The new basses feature a three-dimensionally carved body, a highly figured quilted maple top, a Macassar ebony fingerboard, and a swamp ash body combined with a three-piece roasted maple bolt-on neck. In addition, they also feature a TonePump Jr. preamp and EMG active pickups that allow noise-free tones.
• In August 2022, Godin, a guitar instrument company, launched the new Radium-X. This new guitar features a carved Swamp Ash top, a chambered Mahogany body, a 25.5" scale Mahogany neck, a Rosewood fingerboard, and a Seymour Duncan Jazz SH-2 at the neck, among others. This guitar is suitable for all types of music and styles.
Conclusion
The musical instrument market’s growth is accompanied by numerous factors. For instance, at present, social media is a huge part of people’s lives and plays a crucial role in their spending habits, interests, and passions. There is a large number of musicians and singers that are active on social media, and with what they post, teenagers, students, and even adults are getting inspired, which prompts them to take an interest in music and musical instruments. Another factor that can be associated with the market’s growth is the increasing popularity of extra-curricular activities in schools to support children’s skill development. Even five-year-old children are taking part in online or offline music learning classes. This creates new opportunities for companies to create instruments that are fit for small children and that are low-cost, which can drive lower middle-class families to assist their children in learning music, resulting in high growth of the market.