The global demand for electronic musical instruments will grow over the next five years, according to a new report from Market Reports Center.
The market research analysts forecast the market to grow at a CAGR of 1.80% during the period 2017-2021.
“The latest trend gaining momentum in the market is increasing music education in schools,” said an analyst from the Reports team. “Increasing music education in schools is an important factor that will drive the music market. It helps children develop their music abilities and also helps in the cultivation of new musicians. With busy schedules at schools, children are left with limited time for extracurricular activities such as music.”
According to the report, one of the major drivers for this market is the rising number of concerts and live performances. “The passion for music among the younger generation has contributed to the growing popularity of concerts and live events,” said the report.
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“The growing preference for concerts and live performances has led to the formation of many musical bands that perform different types of music, including blues, pop, rock, metal, and electronica.”
The report also speaks about the challenges MI vendors face, the main one being the long replacement cycle of musical instruments. Beause of this, many electronic instruments can be used for many years, making it harder for vendors to encourage the sale of a new instrument.
MRC also touched on the competitive scenario that electronic musical instrument vendors face. "The intense competition, rapid technological advances, and frequent changes in consumer preferences are significant risks for vendors," said the report. "Vendors compete in terms of product differentiation, portfolio, and pricing. Vendors are also investing in designing, planning, developing, branding, innovating, and acquiring new players in the market.
"Technological innovations play a significant role in driving the market growth. To remain competitive in the market, vendors need to develop new ideas and technologies and stay up-to-date with the emerging technologies that could influence their service lines. Many companies are expected to increase their foothold in the market."
MRC’s report also outlined the biggest players in the global electronic musical instrument market, including Denon DJ, Fender Musical Instruments, Gibson Brands, Kawai Musical Instruments, Numark Industries, Pioneer DJ, Roland, Steinway & Sons, and Yamaha.
Other prominent vendors in the market include Allen & Heath, Audio-Technica, C.F. Martin & Company, D'Addario, Focusrite, Harman International, Hercules, Korg, QRS Music Technology, Reloop, Sennheiser Electronic, Serato Audio Research, and Shure.