Musical Instruments - Mexico

  • Mexico
  • In Mexico, the revenue generated in the Musical Instruments market is estimated to reach €650m in 2024.
  • It is projected to experience an annual growth rate of 7.14% (CAGR 2024-2028).
  • When compared globally, in China leads the market with a revenue of €9,253m in 2024.
  • In terms of per capita revenues, each individual in Mexico is expected to generate €5.02 in 2024.
  • Mexico's vibrant music culture has led to a surge in demand for traditional instruments, making it a thriving market for musical instrument manufacturers.

Key regions: United States, Asia, Indonesia, Germany, India

 
Mercado
 
Región
 
Comparación de regiones
 
Moneda
 

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.

Visión general

  • Revenue
  • Key Players
  • Analyst Opinion
  • Sales Channels
  • Global Comparison
  • Methodology
  • Key Market Indicators
Espere, por favor

Contacto

¿Alguna duda? Estaremos encantados de atenderte.
Statista Locations
Contacto Nerea Marcos
Nerea Marcos
Client Success Manager

Lu - vi, 9:30 - 17:00 h (CET)

Contacto Meredith Alda
Meredith Alda
Sales Manager– Contacto (Estados Unidos)

Lu - vi, 9:00 - 18:00 h (EST)

Contacto Yolanda Mega
Yolanda Mega
Operations Manager– Contacto (Asia)

Lu - vi, 9:00 - 17:00 h (SGT)

Contacto Kisara Mizuno
Kisara Mizuno
Senior Business Development Manager– Contacto (Asia)

Lu - vi, 10:00 - 18:00 h (JST)

Contacto Lodovica Biagi
Lodovica Biagi
Director of Operations– Contacto (Europa)

Lu - vi, 9:30 - 17:00 h (GMT)

Contacto Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contacto (América Latina)

Lu - vi, 9:00am-6:00pm (EST)