Market Insights Consumer Toys & Hobby Musical Instruments

Parts & Accessories of Musical Instruments - United States

United States

In the United States, the revenue in the Parts & Accessories of Musical Instruments market reached a significant amount of €3bn in 2024.
It is projected that the market will experience an annual growth rate of 5.56% from 2024 to 2028 (CAGR 2024-2028).
When comparing it to other countries globally, in China stands out as the top revenue generator, with a remarkable revenue of €4,442m in 2024.
In terms of per capita revenue, in 2024, each individual in the United States contributed to the market with €9.58.
The United States has seen a surge in demand for high-quality guitar strings, with musicians preferring American-made brands for their durability and superior sound.

Key regions: Worldwide, India, Germany, Indonesia, Italy

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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.