The piano market share will post an incremental growth of USD 297.28 million, progressing at a CAGR of 2.33% during the forecast period. The inclusion of music in academic curricula will offer immense growth opportunities to market vendors. The piano 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 “Piano 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 piano market is segmented by product (acoustic piano and digital piano) and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
The growth of the piano market in the acoustic piano segment will be significant during the forecast period. Most musicians prefer acoustic pianos, owing to the sound quality and musical expression of such pianos which in turn drives the market growth.
By geographical segmentation, the implementation of integrated curricula by an increasing number of schools will facilitate the piano market growth in APAC over the forecast period. 37% of the market's growth will originate from APAC. China and Japan are the key markets for pianos in APAC.
The inclusion of music in academic curricula will directly influence the sales of pianos. In addition, the preference for customized pianos is one of the major piano market trends that will positively impact the market growth. However, the availability of music production software will hamper the piano market growth.
Some of the major piano market vendors are AUGUST FORSTER GmbH, C. Bechstein Pianoforte AG, Carl Sauter Pianofortemanufaktur GmbH and Co. KG, CASIO Computer Co. Ltd., Fazioli Pianoforti spa, GROTRIAN PIANO COMPANY GmbH, Guangzhou Pearl River Piano Group Co. Ltd., Julius Bluthner Pianofortefabrik GmbH, Kawai Musical Instruments Mfg. Co. Ltd., KORG Inc., Mason and Hamlin Piano Co., PETROF Spol s.r.o., Roland Corp., Samick Music Corp., SCHULZE POLLMANN PIANOFORTI SRL, Steingraeber and Sohne KG, Steinway Inc., Stuart and Sons, Wilhelm Schimmel Pianofortefabrik GmbH, 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 piano market forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the piano market share.
Prediction on the upcoming trends, drivers, and factors that challenge the growth of the piano market.
Piano industry growth across North America, Europe, APAC, South America, and Middle East and Africa.
