The electronic musical instruments market share will post an incremental growth of USD 505.09 million, progressing at a CAGR of 3.09% during the forecast period. The growing demand for music-related leisure activities will offer immense growth opportunities to market vendors. The electronic musical instruments market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Electronic Musical Instruments Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The electronic musical instruments market is segmented by end-user (electric pianos and keyboards, string instruments, drums and percussion instruments, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The growth of the electronic musical instruments market size in the electric pianos and keyboards segment will be significant during the forecast period. Factors such as the launch of innovative products, the increasing use of online platforms to purchase electronic musical instruments, and the rising demand for customized electronic musical instruments will facilitate market growth in North America over the forecast period.
44% of the market's growth will originate from North America during the forecast period. The US is the key market for electronic musical instruments in North America.
The growing demand for music-related leisure activities will directly influence the sales of the electronic musical instruments market. In addition, the continuous development of new products is one of the major electronic musical instruments market trends that will positively impact the market growth. However, factors such as the increasing adoption of virtual musical instruments and music production software will hamper the electronic musical instruments market growth.
The market is fragmented due to the presence of several players. Some of the major electronic musical instruments market vendors are Alpher Basses, Anderson Guitarworks, C. F. Martin and Co. Inc., CASIO Computer Co. Ltd., Fender Musical Instruments Corp., Focusrite Plc, Gibson Brands Inc., inMusic Brands Inc., Kawai Musical Instruments Mfg. Co. Ltd., KORG Inc., Marshall Morrison Instruments Pty. Ltd., Music Tribe Global Brands Ltd., Native Instruments GmbH, NS Design, QRS Music Technologies Inc., Rickenbacker International Corp., Roland Corp., Steinway Inc., teenage engineering ab, and Yamaha Corp.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the electronic musical instruments market forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the electronic musical instruments market share.
Prediction on the upcoming trends, drivers, and factors that challenge the growth of the electronic musical instruments market.
Electronic musical instruments industry growth across North America, Europe, APAC, South America, and Middle East and Africa.