MI Market Expected to Grow Through 2026

MI Market Expected to Grow Through 2026

The potential growth difference for the musical instrument market between 2021 and 2026 is $1.55 million, according Technavio’s “Musical Instrument Market by Product (String instruments, Pianos and keyboards, Drums and percussion instruments, and Others) and Geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2022-2026“. The report also identifies the market to witness an accelerating growth momentum at a compound annual growth rate of 3.15 percent during the forecast period. 

Key Market Dynamics:

  • Market Driver: The increasing popularity of live musical performances and concerts is one of the significant factors fueling musical instrument market growth.  A significant rise in the number of concerts and live performances has resulted in the increased demand for high-tech and high-priced musical instruments. Musicians and artists with high fan followings have also inspired their followers to purchase musical instruments. All these factors fuel the growth of the musical instrument market. 
  • Market Challenge: The high penetration of mobile devices will be a major challenge for the musical instrument market during the forecast period. The increasing acceptance of notepads and mobile phones, along with novel internet technologies, is reducing the consumption of conventional musical instruments. Music applications on smartphones allow consumers to play virtual musical instruments.

To learn about additional key drivers, trends, and challenges available with TechnavioRead our Sample Report!

Key Market Segment Highlights:

The musical instrument market report is segmented by Product (String instruments, Pianos and keyboards, Drums and percussion instruments, and Others) and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

  • The string instruments segment held the largest market share in 2021. The segment will continue to account for the highest share during the forecast period. The segment can be subdivided into acoustic string instruments and electric string instruments. The acoustic string instruments sub-segment contributes considerably to the string instruments segment’s growth, owing to the easy availability and affordability of these instruments. 
  • North America will be the leading region with 42 percent of the market’s growth during the forecast period. The US is the key market for musical instruments in North America. Market growth in this region will be faster than the growth of the market in the South American, APAC, and MEA regions. The rising demand for live music and performances is leading to an increase in the number of dance clubs and pubs. 

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