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Musical Instrument Market

Goals

To obtain information about the musical instrument market, including target customer, purchase channels, frequency of purchase, how products are researched, and the role of salesmen.

Early Findings

  • According to Technavio, the global musical instruments market is predicted to experience an incremental growth of $2.35 billion between 2018 and 2022.
  • This increment represents a CAGR of about 3% during the five year forecast period.
  • One of the major trends happening in the global musical instruments market is the increasing popularity of online stores.
  • Vendors of musical instruments are focusing on expanding their online retail businesses. This is due to the cost-effectiveness and convenience of this channel. Thus, the sale of musical instruments through online distribution channel is expected to grow significantly over the forecast period.
  • Technavio analysts state that one of the major factors contributing to the growth of this instruments market is the growing popularity of live musical concerts and performances.
  • Also, the emergence of social media platforms like YouTube, as well as the "advancements in audio technology are boosting the popularity of live musical performances and concerts, which is creating new growth avenues for musical instrument manufacturers".

Proposed next steps:

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