Electronic musical instruments market size to grow by USD 505.09 million from 2021 to 2026: A descriptive analysis of customer landscape, vendor assessment, and market dynamics

 

NEW YORK, Jan. 16, 2023 /PRNewswire/ — The global electronic musical instruments market size is estimated to increase by USD 505.09 million. The market’s growth momentum will progress at a CAGR of 3.09%.

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Global electronic musical instruments market – Customer landscape
To help companies evaluate and develop growth strategies, the report outlines –

Global electronic musical instruments market – Vendor analysis
Vendor Landscape – The global electronic musical instruments market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer electronic musical instruments in the market are Alpher Basses, Anderson Guitarworks, C. F. Martin and Co. Inc., CASIO Computer Co. Ltd., Fender Musical Instruments Corp., Focusrite Plc, Gibson Brands Inc., inMusic Brands Inc., Kawai Musical Instruments Mfg. Co. Ltd., KORG Inc., Marshall Morrison Instruments Pty. Ltd., Music Tribe Global Brands Ltd., Native Instruments GmbH, NS Design, QRS Music Technologies Inc., Rickenbacker International Corp., Roland Corp., Steinway Inc., teenage engineering ab, and Yamaha Corp. and others.

The global electronic musical instruments market is at its growing stage. This implies that the market in focus is characterized by the growing demand for music-related leisure activities, the rising number of music festivals and live events, and the inclusion of music in academic curricula.

Vendor offerings –

• Anderson Guitarworks: The company offers electrical musical instruments such as The Classic electric guitar.

• C. F. Martin and Co. Inc: The company offers electrical musical instruments such as electric guitars.

• CASIO Computer Co. Ltd: The company offers electrical musical instruments such as Casiotone keyboards.

• Fender Musical Instruments Corp: The company offers electrical musical instruments such as Mustang electric guitars.

• Focusrite Plc: The company offers electrical musical instruments such as Prophet synthesizers.

• For Details on the vendor and its offerings – Buy the report!

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Global electronic musical instruments market – Segmentation assessment

Segment overview
Technavio has segmented the market based on end-user( electric pianos and keyboards, string instruments, drums and percussion instruments, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The market share growth of the electric pianos and keyboards segment will be higher than the other segments during the forecast period. The increase in product launches by leading players, coupled with the growing interest of consumers in spending on different types of musical instruments, will play a major role in driving the growth of the market during the forecast period.

Geography overview
By geography, the global electronic musical instruments market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global electronic musical instruments market.

• North America will account for 44% of the market’s growth during the forecast period. The US is the key market for electronic musical instruments in North America. Market growth in this region will be slower than the growth of the market in the South American, MEA, and APAC regions. Market growth in North America will be driven by the introduction of novel items, increased online instrument shopping, and rising demand for customized electronic musical instruments during the forecast period.

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Global electronic musical instruments market – Market dynamics

Leading drivers – One of the key factors driving growth in the global market is the growing demand for music-related leisure activities. Due to the rising disposable income, people are increasingly adopting electronic musical instruments and enrolling in music classes. People are considering playing electronic instruments as one of their leisure activities. Also, the number of live concerts and the number of people attending such events is growing rapidly. Due to this, there has been a great demand for innovative music synthesizers. Such factors are expected to drive the growth of the global market during the forecast period.

Key trends – The continuous development of new products is a key market trend that is expected to have a positive impact in the coming years. For instance, In December 2021, Dave Mustaine’s Flying V-shaped guitar model was launched by Gibson Brands Inc. with limited editions, followed by the global launch in February 2022. Other factors like the rise in the availability of music synthesizer clones and the increasing demand for customized electronic musical instruments will also contribute to market growth during the forecast period.

Major challenges – The increasing adoption of virtual musical instruments and music production software will be a major challenge for the market during the forecast period. Music composers are gradually switching from using physical instruments to music production software, as this technology offers better mobility, causes fewer hassles, and allows for recording music anytime and anywhere without the need for a suitable atmosphere or studio. Furthermore, the growing popularity of mobile devices like smartphones and tablets as well as the availability of high-speed internet connectivity, are driving the demand for virtual musical instruments. Due to the internet’s widespread availability and low cost, the number of people who access digital music on their mobile devices has increased. Hence, the increasing use of virtual musical instruments will hinder the market growth during the forecast period.

Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this electronic musical instruments market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the electronic musical instruments market between 2022 and 2026

• Precise estimation of the size of the electronic musical instruments market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the electronic musical instruments market across North America, Europe, APAC, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of electronic musical instruments market vendors

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by End-user

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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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