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Musical Instruments Strings Market Report
Musical Instruments- Strings Market Trends, Dynamics & Market Insights
The global Musical Instruments- Strings market is projected to grow from USD xx billion in 2020 to USD xx billion by 2026 at a CAGR of around x% during the forecast period.
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String musical instruments also known as stringed instruments or chordophones are defined as musical instruments which produce sound from vibrating strings when a performer plays or sounds the strings in some manner. Based on type, string musical instruments can be categorized as guitars, violins, and others.
Key players operating in the global Musical Instruments- Strings market are-
The growth of the global musical instruments- strings market is primarily driven by increasing interest among young people to learn music coupled with rising per capita disposable income of the consumers. The expanding entertainment and media industry is likely to drive the growth of the string musical instruments market at a significant growth during the review period. Additionally, an increase in the number of music concerts and stage performances is another important factor fuelling the product demand across geographies. Growing consumer preference for customized and high-quality products is likely to create lucrative opportunities for the players operating in the global market.
By application, the musical instruments- strings market has been bifurcated into personal use and commercial. Under these, the commercial segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period. The personal use segment is expected to register the fastest growth on account of increasing consumer interest to learn music.
By region, the market in North America accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period. The regional growth can be attributed to the high demand for premium products coupled with the presence of key market players such as Ampeg (US) and Gibson Brands, Inc. (US). The market growth in the Asia-Pacific region is expected to be driven by increasing consumer interest in music coupled with rising per capita disposable income of the consumers in countries such as India and China.
The covid-19 outbreak posed significant challenges across verticals worldwide. It impacted the growth of the musical instruments- strings market negatively as the imposition of complete lockdown and restrictions on trade affected the supply of the product for a short period.
Here is the list of the group of customers that the musical instrument- string market hopes to have the greatest opportunity to convert-
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Yamaha Corporation (Japan), Roland Corporation (Japan), Marshall Amplification (UK), Ampeg (US), Denon DJ (Japan), Gibson Brands, Inc. (US), Steinway & Sons (US), Blackstar Amplification (UK), Behringer (Germany), Fender Musical Instruments Corporation (US), Korg Inc. (Japan), Hughes & Kettner (Germany), Kawai Musical Instruments Manufacturing Co., Ltd. (Japan), Laney Amplification (UK), Mesa/Boogie (US) and Audio-Technica Corporation (Japan) are among the key players in the musical instruments- strings market.
Increasing interest among young people to learn music coupled with rising per capita disposable income of the consumers is the prime factor driving the growth of musical instruments- strings market.
The commercial segment is expected to register significant growth in the musical instruments- strings market in the coming years.
North America accounted for the largest share in the musical instruments- strings market during the next five years.
Musical instruments- strings distributors, Musical instruments- strings suppliers, Musical instruments- strings manufacturers, Logistics organizations, Government bodies are the target audience in the musical instruments- strings market.
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