What Is The Scope Of The Global Percussion Instruments Market?
Percussion instruments are a diverse group of musical instruments that produce sound through the impact or striking of a surface, typically with the hands, fingers, sticks, mallets, or other implements. These instruments are integral to various musical traditions worldwide and are crucial in providing rhythm, texture, and dynamics to musical compositions.
Percussion Instruments Global Market Report 2024 provides data on the global percussion instruments market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Percussion Instruments market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Percussion Instruments Market?
The percussion instruments market size has grown steadily in recent years. It will grow from $1.40 billion in 2023 to $1.44 billion in 2024 at a compound annual growth rate (CAGR) of 3.0%. The growth in the historic period can be attributed to environmental concerns, economic factors, celebrity endorsements, education and training, globalization, music trends, and cultural influences. The percussion instruments market size is expected to see steady growth in the next few years. It will grow to $1.64 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to demographic, cross-cultural exchange, cultural influences, sustainability concerns, social media, and influencer marketing. Major trends in the forecast period include the integration of smart features, expansion in world percussion instruments, focus on portability and convenience, the rise of hybrid percussion setups, and continued growth in electronic percussion.
What Are The Core Factors Supporting Growth In The Percussion Instruments Market?
The growing number of live concerts is poised to propel the expansion of the percussion instruments market in the foreseeable future. Live concerts offer unique social experiences and entertainment value, driving their popularity and attendance worldwide. Percussion instruments play a pivotal role in enhancing live performances with rhythmic depth and energy. For instance, Live Nation Entertainment Inc. reported in February 2024 that global live concert ticket sales exceeded 620 million, with fee-bearing tickets rising by 17% to 329 million compared to 2022. Therefore, the growing number of live concerts is driving the growth of the percussion instrument market.
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What Are The Major Segments Within The Global Percussion Instruments Market?
The percussion instruments market covered in this report is segmented –
1) By Type: Traditional, Electronic
2) By Material: Wood, Metal, Plastic, Other Materials
3) By Distribution Channel: Online, Offline
4) By Application: Professional, Amateur, Educational
5) By End-User: Individual, Bands And Orchestras, Institutions
Which Trends Are Expected To Transform The Percussion Instruments Market?
Top players in the percussion instruments market are innovating with products like the Overture tambourine to enhance their market revenue. The Overture tambourine is designed to enrich musical compositions, arrangements, and performances. In February 2023, Black Swamp Percussion, a US-based supplier of high-quality symphonic and concert percussion, launched the Overture Series, which includes the tambourine (TDOV), a castanet machine (OV-CM), and woodblocks (OV-WB). The Overture Series Tambourine features textured brass jingles for a vibrant sound and a Remo Renaissance Head for a clear tone. The Castanet Machine introduces a new castanet model with fiber castanets, providing excellent projection without overpowering. The woodblocks, made from rubberwood, serve as a cost-effective alternative to maple and come in three sizes.
What Is The Fastest Growing Region In The Percussion Instruments Market?
North America was the largest region in the percussion instruments market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the percussion instruments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
