NEW YORK, March 26, 2021 /PRNewswire/ -- The electronic musical instruments market report by Technavio forecasts USD 436.31 million growth during 2020-2024. Amid pandemic, the electronic musical instruments market is expected to register a YOY growth of 2.17% in 2021 and accelerate at a CAGR of almost 3% during the forecast period.
The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across segments such as product (electric pianos and keyboards, string instruments, drums and percussion instruments, and others) and geography (North America, Europe, APAC, South America, and MEA). This report helps businesses create strategies to make the most of future growth opportunities.
"The growing demand for music-related leisure activities will be crucial in driving the growth of the electronic musical instruments market. Also, the rising number of music festivals and live events will present significant opportunities for vendors during the forecast period", says an analyst at Technavio.
Growing disposable incomes globally have increased consumer inclination toward leisure activities such as learning music, traveling, and sports. People from all age groups are involving more in music-related leisure activities such as playing guitar, piano, and keyboard. In addition, the rise in the number of live music shows is further motivating people to enroll in music classes and choose music as a career. All these factors are expected to result in a surge in the demand for electronic musical instruments during the forecast period.
Based on product, the electric pianos and keyboards segment led the market in 2019.
The electric pianos and keyboards segment is expected to generate maximum revenue to the market due to an increase in R&D investments by leading players in the market.
Also, the growing interest of consumers to spend on different types of electronic musical instruments is expected to contribute to the growth of the electric pianos and keyboards segment during the forecast period.
The market growth in the electric pianos and keyboards segment will be significant during the forecast period.
Segmentation by Geography:
40% of the market growth will originate from North America and the region will offer several opportunities for market vendors during the forecast period.
The increasing popularity of live music concerts will drive the growth of the electronic musical instruments market in North America.
The US and Canada are the key markets for electronic musical instruments in North America.
Market growth in this region will be faster than the growth of the market in Europe.
Electronic Musical Instruments Market: Major Vendors The electronic musical instruments market is fragmented due to the presence of several vendors. The report offers detailed information on the competencies, capacities, and products offered by major vendors including C. F. Martin & Co. Inc., CASIO Computer Co. Ltd., Fender Musical Instruments Corp., Gibson Brands Inc., inMusic Brands, KORG Inc., NS Design, Pioneer Corp., Roland Corp., and Yamaha Corp. among others.
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