“South America is one the fastest-growing regions for musical instruments. The sales of musical instruments are rapidly rising in Brazil because of increased acceptance of synthesized music. The growing popularity of Latin music also encourages an increasing number of people to pursue music as a career”
In this market research report, Technavio covers the market outlook and growth prospects of the global music production equipment market for 2017-2021. The market is further categorized into five segments based on type of equipment which are public address equipment, digital keyboards, studio headphones, DJ gear, and music synthesizers. The public-address equipment and digital keyboards segment accounted for around 82% of the market share in 2016.
“The increase in the number of concerts, bands, and live performances has contributed to the popularity of music production equipment, which in turn supports the growth of the market,” says Ujjwal Doshi, a lead media and entertainment services research expert from Technavio.
Technavio’s media and entertainment research analysts segment the global music production equipment market into the following regions:
Music production equipment market in Americas
The presence of many popular singers and musicians in the region accounts for the large market share of this region. The US, which generates 74.4% of the revenue in this region, provides the best opportunities for growth to musicians.
The growing demand for live music has led to a rise in the number of dance clubs and pubs in the region, which is increasing the demand for DJ mixers. In addition, the high per capita disposable income in the region makes musical instruments more affordable as compared to other regions.
“South America is one the fastest-growing regions for musical instruments. The sales of musical instruments are rapidly rising in Brazil because of increased acceptance of synthesized music. The growing popularity of Latin music also encourages an increasing number of people to pursue music as a career,” says Ujjwal.
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Music production equipment market in APAC
The demand for various musical instruments from developing countries such as China, India, and Taiwan in APAC is increasing at a steady rate due to the low impact of the economic crisis and increasing middle-class population.
The increasing demand for musical instruments from emerging economies is driving the growth of the music production equipment market in APAC. Various factors such as the high rate of economic development in emerging countries, higher income levels of consumers and increasing spending power of the middle-class population are helping the growth of the market in this region.
Music production equipment market in EMEA
Europe was the highest revenue generator in the region and accounted for more than 95% of the market in 2016. The European population has a high preference for entertainment services. For instance, Tomorrowland music festival 2014, which was held in Boom, Belgium, had more than 360,000 attendees from across the world.
The region accounts for the highest per capita music consumption. The global average music consumption by a user with access to a media device is four hours. However, an average citizen in this region consumes 15% more music than the global average. Thus, the increased passion for music will drive the growth of the music production equipment market in the region during the forecast period.
The top vendors in the global music production equipment market as highlighted in this market research analysis are:
- Fender Musical Instruments
- Gibson Brands
- Kawai Musical Instruments
- Steinway & Sons
Browse Related Reports:
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