Musical Instruments - Latvia

Latvia

In Latvia, the revenue in the Musical Instruments market is projected to reach €14m in 2024.
It is anticipated that the market will experience a yearly growth rate of 3.07% (CAGR 2024-2029).
When comparing globally, in China generates the highest revenue in this market, with €9,288m in 2024.
In terms of per person revenues, in Latvia generates €7.56 in 2024.
The musical instrument market in Latvia is experiencing a surge in demand for traditional Latvian folk instruments.

Key regions: Worldwide, Italy, Asia, United States, Germany

Definition:

Musical instruments are devices designed to produce music, either by themselves or in combination with other instruments. The instruments are used by musicians, music producers, and hobbyists to create and perform music across various genres and styles. The market for musical instruments comprises a wide range of products, from traditional acoustic instruments to modern electronic and electromechanical devices. The market is driven by factors such as technological advancements, changing consumer preferences, and the growing popularity of music as a hobby and profession.

Structure:

The market for musical instruments can be broken down into several product categories:

Acoustic Pianos & Stringed Keyboard Instruments: This category includes instruments such as pianos, organs, harpsichords, and keyboards that produce sound through vibrating strings.
String Instruments: This category encompasses instruments such as violins, cellos, guitars, basses, and harps that produce sound through vibrating strings.
Wind Instruments: This category includes instruments such as flutes, clarinets, saxophones, trumpets, and trombones that produce sound through vibrating air columns.
Percussion Instruments: This category encompasses instruments such as drums, xylophones, maracas, and tambourines that produce sound through striking, shaking, or rubbing.
Electronic & Electromechanical Musical Instruments: This category includes instruments such as synthesizers, electronic keyboards, drum machines, and MIDI controllers that produce sound through electronic means.
Parts & Accessories of Musical Instruments: This category includes various parts and accessories used with musical instruments, such as guitar picks, drumsticks, strings, reeds, and cases.

Additional Information:

The market comprises revenue and average revenue per capita. Figures are generated through both online and offline sales channels and include spending by consumers (B2C). Key players in the market are companies like Yamaha, Fender, Gibson, Korg, and Roland. These companies are leaders in their respective segments and are known for their innovative products, brand reputation, and extensive distribution networks. For more information on the data displayed, use the info button right next to the boxes.

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Analyst Opinion

Throughout 2022, the Musical Instruments market experienced robust growth, driven by a surge in interest in music and a growing number of individuals embracing musical hobbies. This resulted in a substantial increase in sales across various musical instruments, including guitars, pianos, keyboards, drums, and wind instruments. The overall revenue generated by the Musical Instruments market in 2022 reached an impressive US$38.20 billion, marking a significant 10.7% surge compared to the previous year's revenue of US$34.50 billion.

The market for musical instruments boasts a diverse range of players, ranging from well-established brands like Yamaha, Gibson, Fender, Roland, and Steinway & Sons to smaller boutique manufacturers specializing in high-end and custom instruments. Each segment of the industry caters to a unique customer base, serving everyone from professional musicians and artists to enthusiasts and beginners.

Peering into the future, the Musical Instruments market is set to experience continued growth, fueled by several emerging trends. The rising popularity of online music tutorials and virtual lessons is driving a surge in demand for entry-level instruments, as individuals increasingly seek to learn and play music from the comfort of their own homes. Moreover, the growing trend of home recording and music production is boosting sales of studio equipment and electronic instruments, further contributing to market expansion. Furthermore, collaborations between musical instrument manufacturers and popular artists and bands are becoming more prevalent, resulting in the creation of limited-edition signature series instruments and subsequently driving brand visibility. Additionally, strategic partnerships with music schools and educational institutions are actively promoting music education and instrument sales among students and aspiring musicians alike. Given these prevailing trends, the Musical Instruments market is undoubtedly poised for continued growth in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on goods people buy for their leisure activities and hobbies.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use in-house market research, national statistical offices, international institutions, trade associations, third-party studies, and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and household number. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for forecasting the Toys & Hobby market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.