Prepared for Kimberly P. | Delivered December 2, 2019
Musical Instrument Market
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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.
According to Technavio, the global musical instruments market is predicted to experience an incremental growth of
between 2018 and 2022.
This increment represents a CAGR of about
during the five year forecast period.
One of the major trends happening in the global musical instruments market is the increasing popularity of
Vendors of musical instruments are focusing on
expanding their online
retail businesses. This is due to the
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
Also, the emergence of
platforms like YouTube, as well as the "advancements in
are boosting the popularity of live musical performances and concerts, which is creating
new growth avenues
for musical instrument manufacturers".