Market Size of India Musical Instruments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 146.86 Million |
| Market Size (2029) | USD 253.40 Million |
| CAGR (2024 - 2029) | 11.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
India Musical Instruments Market Analysis
The India Musical Instruments Market size is estimated at USD 146.86 million in 2024, and is expected to reach USD 253.40 million by 2029, growing at a CAGR of 11.5% during the forecast period (2024-2029).
The Indian musical instruments market is anticipated to witness crucial growth during the forecast period due to several factors. As disposable income levels rise in India, people have more spending power to invest in musical instruments, both traditional and contemporary. With an increasing emphasis on education and skill development, there is a growing demand for musical instruments for skill development in private tutoring.
- Major players are encouraged to produce a wide range of improved musical instrument versions as advanced technology becomes more widely used. Incorporating built-in software in musical instruments improves sound quality and allows for enhanced performance. Furthermore, employing these technologically modern instruments has many advantages, including play simplicity, a complete and clean tone, and boosted volume regulation.
- The growing popularity of live musical performances and concerts drives the Indian musical instruments market. Audiences are gravitating toward live music performances instead of viewing documented music or new releases on television. Furthermore, due to the expanded penetration of social media platforms, such as Instagram, Facebook, and YouTube, and developments in audio technology, the popularity of live musical concerts is increasing.
- Furthermore, the increasing demand for musical instruments in the entertainment industry and the rising trend of music learning and teaching are factors further propelling the market demand. Further, the growth of the entertainment industry creates diverse opportunities for musicians, performers, content creators, and music enthusiasts, leading to increased demand for musical instruments across various segments of the market.
- The high cost of musical instruments in India can be a significant barrier for aspiring musicians and music enthusiasts. Several factors contribute to the high prices of musical instruments in the country.
- Post pandemic, many people turned to music as entertainment, stress relief, and creative expression while spending more time at home. This led to increased sales of musical instruments as individuals sought to learn new skills, improve existing ones, or simply engage in recreational music-making.
India Musical Instruments Industry Segmentation
The market is defined by the revenue generated from the sale of various types of musical instruments offered by different market players across India. The market trends are evaluated by analyzing the investments made in product innovation, diversification, and expansion. Further, technological advancements encouraged the production and development of a wide range of improved musical instrument versions, which is crucial in determining the growth of the market studied.
The Indian musical instruments market is segmented by type (electronic musical instruments, string musical instruments, wind instruments, acoustic pianos and stringed keyboard instruments, percussion instruments, and other musical instruments (parts and accessories)) and distribution channel (online and offline). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Type | |
| Electronic Musical Instruments | |
| Stringed Musical Instruments | |
| Wind Instruments | |
| Acoustic Pianos and Stringed Keyboard Instruments | |
| Percussion Instruments | |
| Other Musical Instruments (Parts and Accessories) |
| By Distribution Channel | |
| Online | |
| Offline |
India Musical Instruments Market Size Summary
The Indian musical instruments market is poised for significant expansion over the forecast period, driven by increasing disposable incomes and a growing emphasis on education and skill development. This surge in demand is reflected in the rising interest in both traditional and contemporary instruments, as individuals seek to enhance their musical skills through private tutoring. The integration of advanced technology in musical instruments, such as built-in software for improved sound quality and performance, is further propelling market growth. The popularity of live musical performances and concerts, fueled by social media and advancements in audio technology, is also contributing to the market's expansion. As audiences increasingly favor live music over recorded formats, the demand for high-quality instruments to support these performances is on the rise.
The market is characterized by a diverse customer base, with a notable preference for offline channels where musicians and enthusiasts can physically examine and test instruments. This trend is supported by the cultural significance of Indian musical instruments, which remain in demand among musicians, collectors, and enthusiasts. The fragmented nature of the market sees major players like Yamaha, Kawai, Roland, Cor-Tek, and Fender continuously innovating and expanding their product offerings to capture market share. The rise of music festivals and cultural events, along with exposure to Western music genres, is further driving interest in learning and playing instruments. Despite the high cost of instruments posing a barrier for some, the overall market is experiencing robust growth, supported by strategic partnerships and product developments by key industry players.
India Musical Instruments Market Size - Table of Contents
-
1. MARKET INSIGHTS
-
1.1 Market Overview
-
1.2 Industry Attractiveness - Porter's Five Forces Analysis
-
1.2.1 Bargaining Power of Suppliers
-
1.2.2 Bargaining Power of Buyers
-
1.2.3 Threat of New Entrants
-
1.2.4 Threat of Substitutes
-
1.2.5 Degree of Competition
-
-
1.3 Impact of COVID-19 Aftereffects and Other Macroeconomic Factors on the Market
-
-
2. MARKET SEGMENTATION
-
2.1 By Type
-
2.1.1 Electronic Musical Instruments
-
2.1.2 Stringed Musical Instruments
-
2.1.3 Wind Instruments
-
2.1.4 Acoustic Pianos and Stringed Keyboard Instruments
-
2.1.5 Percussion Instruments
-
2.1.6 Other Musical Instruments (Parts and Accessories)
-
-
2.2 By Distribution Channel
-
2.2.1 Online
-
2.2.2 Offline
-
-
India Musical Instruments Market Size FAQs
How big is the India Musical Instruments Market?
The India Musical Instruments Market size is expected to reach USD 146.86 million in 2024 and grow at a CAGR of 11.5% to reach USD 253.40 million by 2029.
What is the current India Musical Instruments Market size?
In 2024, the India Musical Instruments Market size is expected to reach USD 146.86 million.
