Global Electronic Musical Instrument Market Driven by Increasing Demand
Posted by sarahbennu on January 2nd, 2020
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.
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: largest electronic musical instrument market segment
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.
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
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:
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Joined: July 1st, 2019
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