The global musical instruments market is segmented into type, distribution channel, and region. Despite the fact that many industries are suffering as a result of the COVID-19 crisis, with several industries experiencing a drop in consumer demand, the musical instruments market is expected to grow at a promising rate, due to increase in penetration of digital music instruments. Sales were disappointing in the first quarter, and many stores were closed. The outbreak of the COVID-19 ha negatively impacted the growth of the global musical instruments market. Rise in consumer demand for innovative musical instruments is further expected to have a positive impact on the growth of the global market. Manufacturers around the world are increasing their R&D investments, which is expected to boost the global musical instruments market during the forecast period. Thus, all of these factors collectively contribute toward the expansion of the global musical instrument market. Musicians and artists who have a large fan base have influenced their fans to buy musical instruments. Moreover, increased demand for high-tech and expensive musical instruments has resulted from a significant increase in the number of concerts and live performances. In addition, surge in disposable income and increase in consumer spending ability benefit the global musical instruments industry. Some of the key growth drivers of the global musical instruments market include increased effectiveness of advertising campaigns, rise in popularity of digital instruments, and technological advancements in manufacturing processes. In recent years, the growth of the musical instruments market has been encouraging and prompting new entrants to establish themselves in niche segments. Attending live music events rather than listening to music releases and recorded music or watching television broadcasts at home is becoming more popular. One of the key factors driving the growth of the musical instrument market is the growing popularity of live musical performances and concerts. Stringed instruments, for example, can be struck, plucked, or bowed, each of which produces a distinct sound. Many factors can influence the sound of an instrument, including the material used to make it, its size and shape, and how it is played. Percussion, stringed, keyboard, wind, and electronic instruments are the most common types. The global musical instruments market size was valued at $9,826.5 million in 2020, and is projected to reach $11,589.8 million by 2030, registering a CAGR of 2.1%.Īny device that produces musical sound is referred to as a musical instrument. 03, 2021 (GLOBE NEWSWIRE) - The "Musical Instruments Market by Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to 's offering.
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