LONDON--(BUSINESS WIRE)--The global electronic musical instrument market is expected to grow at a CAGR of close to 2% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global electronic musical instrument market for 2017-2021. By product type, the market is segmented into public address equipment, digital keyboards, string instruments, drums and percussion instruments, electronic pianos, DJ gear, and music synthesizers.
| The global electronic musical instrument market size is expected to reach USD 12.68 billion by 2021. Public address instruments comprise the most popular product segment, accounting for generating over 47% of the total market revenue (2016 figures). |
Public address instruments include amplifiers, microphones, loudspeakers, and mixing consoles. The increase in the number of concerts and live events is creating a high demand for public address instruments, thereby driving the global electronic musical instrument market.
Technavio’s research study segments the global electronic musical instrument market into the following regions:
- Americas
- EMEA
- APAC
Americas: largest electronic musical instrument market segment
“The electronic musical instruments market in the US was valued at USD 6.5 billion in 2016, making it the largest regional segment in the market. The presence of many popular musicians in the region is the reason for its dominance,” says Ujjwal Doshi, one of the lead analysts at Technavio for media and entertainment services research.
The high per capita disposable income of the consumers in North America is another factor that enables a higher number of people to buy these instruments. Additionally, South America is emerging as one of the swiftest growing regions, with increased acceptance of synthesized music among the people.
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EMEA: region responsible for highest number of musical instrument imports
The European population spends a significant percent of their income for entertainment services, with music festivals and concerts supporting the growth of the market. The region is also responsible for the highest number of musical instrument imports, which adds significant revenue to the market. The users in EMEA are extremely passionate, spending the largest amount per capita towards music, which is expected to be the key driver for the growth of the market segment.
APAC: fastest growing electronic music instruments market segment
“APAC will witness the highest growth in the musical instruments market, displaying a CAGR of almost 10% through 2021. The demand for various musical instruments from developing countries such as China, India, and Taiwan is increasing at a steady rate, driven by the increasing middle-class population,” says Ujjwal.
There is a high rate of economic development, resulting in rising income levels and buying power of consumers, which supports the musical pursuits of the people in the region. Analysts at Technavio expect the emergence of stronger economies to drive the growth of the market in the region.
The top vendors in the global electronic music instruments market highlighted in the report are:
- Denon DJ
- Fendor Musical Instruments
- Gibson Brands
- Kawai Musical Instruments
- Numark Industries
- Pioneer DJ
- Roland
- Steinway & Sons
- Yamaha
Browse Related Reports:
- Global Musical Instruments Market 2016-2020
- Global Music Synthesizers Market 2016-2020
- Global Percussion Instrument Market 2016-2020
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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, resellers, and end-users.
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