New York, NY (Top40 Charts) Technavio's latest report on the global musical instrument marketprovides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Ujjwal Doshi, a lead analyst from Technavio, specializing in research on consumer electronics sector, says, "M&A, strategic alliances, and partnerships are corporate strategies that help an enterprise sustain its growth by increasing its market share, entering new markets, gaining new domain knowledge, lowering operation costs, improving profitability, enhancing industry know-how, and gaining new clients."
The growing urbanization has brought changes in the users' preferences. Countries with rich musical heritage (such as India, Pakistan, and Turkey) are witnessing a shift in the demand for musical instruments, from traditional to digitalized and modern. The high demand for electric guitars, keyboards, and drum kits is reducing the adoption of traditional musical instruments such as alboka, zurna, tabla, shehnai, harmonium, sitar, sarangi, and flute. Furthermore, growing modernization has also resulted in the shift of preferences from classical music to Western or modern music (such as pop, metallic, jazz, and rock).
Request a sample report: https://www.technavio.com/request-a-sample?report=53639
Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
The top four emerging trends driving the global musical instruments marketaccording to Technavio media and entertainment research analysts are:
Market stagnation during forecast period
Increasing music education in school curriculum
Growing popularity of online retail
Market stagnation during forecast period
The global musical instrument market will not grow significantly during the forecast period. It offers input to the global music industry by serving professional musicians and providing means of enjoyment to individuals. More than 90% of the revenue is generated from the commercial sector, which is a decline at a steady rate. The steady decline can be attributed to the fact that the recorded music segment did not have a significant impact in the digital era.
"While digital piracy is considered as the major factor, it is consumer preference toward digital music that has hindered the market's growth. Since the introduction of Napster in 1999, the recorded music industry has lost close to USD 10 billion, which is nearly one-third of its revenue in around 16 years," according to Ujjwal.
Increasing music education in school curriculum
The increasing level of music education in school curriculum, especially for young children, is considered one of the important factors fostering the global music market. This will also help in cultivation of new musicians. The growing educational burden leaves children with limited time for extracurricular activities such as music. In such an environment, educating music to children is going to be extremely difficult. The US, which is the largest market for music, has made such attempts by engaging
National Association of
Music Merchants (NAMM) toward lobbying for national arts and education policies, which is expected to increase the number of musicians in the country.
Private advocacy by independent music firms is also fostering the global music market. Companies like Sony and Warner have promoted branded campaigns to support music for all ages.
Growing popularity of online retail
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
The key vendors are as follows:
Fender Musical Instruments Corporation
Gibson Brands
Kawai Musical Instruments
Roland Corporation
Steinway & Sons
Yamaha Corporation
Browse Related Reports:
Do you need a report on a market in a specific geographical cluster or country but can't find what you're looking for? Don't worry, Technavio also takes client requests. Please contact
[email protected] with your requirements and our analysts will be happy to create a customized report just for you.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at
[email protected].
