Musical Instruments Market with Worldwide Industry Analysis to 2026 FMI | Page 3

Report
Description
Report Description
The global musical instruments market is witnessing a period of slow, yet steady growth.
The global financial crisis of 2007-08 had a negative impact on the demand for musical
instruments, as consumers focused on cutting down expenses. Focus on meeting basic
necessities gained prominence, and products considered ‘luxury’ or ‘arts & crafts’
witnessed a slowdown in demand.
Another factor that impacted the global demand for musical instruments is the decline in
adolescent population in developed countries. Demand for musical instruments has
traditionally been relatively high from this segment, and declining population has led to
stifled demand. Another factor that has curbed demand is the popularity of app-based
musical instruments. This factor has led to declining sales in the kids’ musical instruments
sector, as many Android and iStore based apps simulate musical instruments available for
kids in the market.
The key factors that are sustaining the demand for musical instruments include influence
of western lifestyle among millennials in developing countries. While the market has
somewhat saturated in developed countries, demand is steadily increasing in developing
countries, where rising smartphone ownership and proliferation of internet has given
youngsters easy access to western music. Renewed interest in classical music is also
contributing to global demand for musical instruments. Moreover, the interest in music
as career and increasing leisure time has also driven up the global musical instruments
market. Various musical competitions and gigs are promoting the sale of musical
instruments among young people being music hobbyists.