NEW YORK, Nov. 29, 2023 /PRNewswire/ — The piano market is estimated to grow by USD 373.41 million from 2023 to 2028, growing at a CAGR of 2.77%. The piano market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer piano market are 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 s.r.o., 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.
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Company Offering:
- C. Bechstein Pianoforte AG – The company offers piano under the brand names Concert, Academy, W.Hoffmann and Zimmermann.
- Carl Sauter Pianofortemanufaktur GmbH and Co. KG – The company offers Pianos such as Alpha, chippenale 160 and 185, concert 275, Delta 185, and more.
- CASIO Computer Co. Ltd. – The company offers pianos such as celviano grand hybrid pianos, console pianos, privia digital pianos, and stage pianos.
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Based on Geography, the market is classified as North America, Europe, APAC, South America, and Middle East and Africa.
- APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to market players is North America. High per capita income (PCI) makes musical instruments, such as pianos, reasonable to people in the US and Canada. In addition, in North America, the number of people attending live events, music festivals, and concerts is increasing.
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- Impactful driver- Inclusion of music in academic curricula
- Key Trend – Preference for customized pianos
- Major Challenges – Environmental concerns
Market Segmentation
- Based on the Distribution Channel, the market is classified into offline and online The offline segment is estimated to witness significant growth during the forecast period. In the global piano market, there is still an important role for independent distribution channels that give customers a touchier and stimulating experience. Offline channels are still essential to complex, high-value transactions as evidenced by the growth of online commerce. Universities will always need to purchase bulk from local players if they want to adopt hybrid models.
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Piano Market Scope |
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Report Coverage |
Details |
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Historic period |
2018-2022 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 2.77% |
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YoY growth 2022-2023 (%) |
2.34 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Key countries |
US, Canada, Japan, China, and UK |
TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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SOURCE Technavio
