$297.28 million growth in piano market size due to inclusion of music in academic curricula

NEW YORK, August 22, 2022 /PRNewswire/ — The “Piano Market Forecast and Analysis 2022-2026” report added to Technavio’s offering. ISO 9001:2015 certified, Technavio has partnered with over 100 Fortune 500 companies for over 16 years.

Technavio has announced the latest market research report titled Piano Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026, which has partnered with Fortune Companies 500 for more than 16 years.

The difference in potential growth for the piano market between 2021 and 2026 is 297.28 million dollars, according to Technavio’s latest market research analysis report. The report predicts that the market will witness an accelerated growth rate aa CAGR of 2.33%. Technavio classifies the global piano market as a part of the global leisure products industry within the world market for household durable goods. Our report provides extensive information on the value chain analysis of the piano market, which vendors can leverage to gain a competitive advantage during the forecast period. The data available in our Value Chain Analytics segment can help vendors increase costs and improve customer services during the forecast period.

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Key market dynamics:

  • Market Controller: One of the key factors driving the growth of the piano market is the inclusion of music in academic curricula. Extracurricular activities play a fundamental role in students’ lives. Students participating in these activities meet new people, which improves their social skills and cultural understanding. Participating in extracurricular activities also enables students to acquire several essential life skills, including multitasking, teamwork, time management, prioritization, problem solving, analytical thinking, leadership, and public speaking. Increased school enrollment will increase participation in extracurricular activities such as music. Hence, the number of students enrolling in music courses to learn how to play musical instruments such as pianos is expected to increase, which in turn will drive the growth of the global piano market.

  • Market Trend: The preference for custom pianos is a trend in the piano market that is expected to have a positive impact in the coming years. Customized products have gained popularity in several developed regions such as the Americas and europeand in emerging countries, such as India i china. The demand for customized musical instruments, including pianos, has increased as customization makes these instruments unique and different. Custom pianos are visually appealing and high quality. Customization of pianos can vary from color to special finishes, monograms, inlays and designs. These customization options allow customers to personalize their pianos. Custom pianos are more expensive than standard pianos, and some sellers even take up to 12 months to make custom pianos. Despite these challenges, customization and personalization of pianos is expected to drive the growth of the global piano market.

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Highlights of the market segment
The piano market report is segmented by product (acoustic piano and digital piano) and geography (North America, europeAPAC, South Americai Middle East i Africa).

  • Regional opportunities: 37% of the market growth will originate from APAC during the forecast period. china i Japan are the key markets for pianos in APAC. The market growth in this region will be faster than the market growth in other regions. The implementation of integrated curricula by an increasing number of schools will facilitate the growth of the piano market in APAC during the forecast period.

  • Revenue generating segment statistics: The piano market share growth in the acoustic piano segment will be significant during the forecast period. The average selling price of acoustic pianos is higher than that of digital pianos. Acoustic pianos also require regular maintenance. Its strings are prone to damage and may require frequent tuning. Despite these needs, most musicians prefer acoustic pianos because of the sound quality and musical expression of these pianos. These factors will drive the growth of the acoustic piano segment of the global piano market during the forecast period.

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Scope of the piano market

Coverage of the report

Details

Page number

120

base year

2021

Forecast period

2022-2026

Growth momentum and CAGR

Accelerating with a CAGR of over 2.33%

Market growth 2022-2026

297.28 million dollars

Market structure

fragmented

Year-on-year growth (%)

1.83

Regional analysis

North America, Europe, APAC, South America and
Middle East and Africa

Realization of the contribution to the market

APAC at 37%

Key consumer countries

USA, Canada, Japan, China and UK

Competitive landscape

Leading companies, competitive strategies,
scope of consumer participation

Profiled companies

AUGUST FORSTER GmbH, C. Bechstein Pianoforte AG
Carl Sauter Pianofortemanufaktur GmbH and Co.
KG, CASIO Computer Co. Ltd., Fazioli Pianoforti spa,
GROTRIAN PIANO COMPANY GmbH, Guangzhou
Pearl River Piano Group Co. Ltd., Julius Bluthner
Pianofortefabrik GmbH, Kawai Musical Instruments
Mfg. co. Ltd., KORG Inc., Mason and Hamlin Piano
Co., PETROF Spol sro, Roland Corp., Samick Music
Corp., SCHULZE POLLMANN PIANOFORTI SRL,
Steingraeber and Sohne KG, Steinway Inc., Stuart and
Sons, Wilhelm Schimmel Pianofortefabrik GmbH and
Yamaha Corp

Market dynamics

Main market analysis, market growth drivers and
obstacles, fast growing and slow growing segment
analysis, impact of COVID 19 and future consumer
dynamics and analysis of market conditions for the forecast period

Customization scope

If our report has not included the data you are
looking, you can contact our analysts and get
custom segments

Key topics covered:

About us
Technavio is a world leader in technology research and consulting. His research and analysis focuses on emerging market trends and provides useful information to help companies identify market opportunities and develop effective strategies to optimize their market positions.

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