NEW YORK, Dec. 7, 2023 /PRNewswire/ — The smart musical instruments market is expected to grow by USD 20,439.65 Th from 2023 to 2028. In addition, the growth momentum of the market will progress at a CAGR of 5.25% during the forecast period, according to Technavio. Increasing consumer spending on music-related activities is notably driving the smart musical instruments market. However, factors such as the high cost of smart musical instruments may impede market growth. The market is segmented by technology (connected instruments and wearables), end-user (professionals and hobbyists), and geography (North America, APAC, Europe, South America, and Middle East and Africa). We provide a detailed analysis of 20 companies operating in the smart musical instruments market including Artiphon Inc., Audiotonix Ltd., CASIO Computer Co. Ltd., and CME PTE. LTD., HyVibe, inMusic Brands Inc., Kawai Musical Instruments Mfg. Co. Ltd., Kickstarter PBC, Kurv Music Ltd., Modern Ancient Instruments Networked AB, Roland Corp., Steinway Inc., Xiaomi Communications Co. Ltd., Yamaha Corp., Zivix LLC, and The ONE Music Group.
Technavio has announced its latest market research report titled Global Smart Musical Instruments Market 2024-2028
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Smart Musical Instruments Market 2024-2028: Company Analysis
Artiphon Inc. – The company offers smart musical instruments such as Orba 2, Chorda, and Instrument 1.
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Smart Musical Instruments Market 2024-2028: Segmentation
Technology
The connected instruments segment is estimated to witness significant growth during the forecast period. This segment covers musical instruments that could be played while connected to a device like a smartphone, laptop, or tablet with Bluetooth Wireless Fidelity (WiFi) Networking and Internet for example. In addition, the integrated musical devices offer unique and technologically advanced features that are suitable for both professionals and amateurs to use, e.g., Wireless connectivity and light-emitting Diodes (LED) Light Assistance.
Geography
North America is estimated to contribute 35% to the growth of the global market during the forecast period. There is a significant number of professionals, amateur musicians, and music fans in the region who are looking to take up new technologies. Professional musicians seek enhanced capabilities and flexibility in their instruments, which are the driving force behind the demand for intelligent musical instruments.
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Smart Musical Instruments Market 2024-2028: Key Highlights
Historic Market Size 2017-2021
CAGR of the market during 2024-2028
Detailed information on factors that will assist smart musical instruments market growth during the next five years
Estimation of the smart musical instruments market size and its contribution to the parent market
Forecasts on upcoming trends and changes in consumer behavior
The growth of the smart musical instruments market
Analysis of the competitive landscape and detailed information on companies
Comprehensive details of factors that will impede the growth of smart musical instruments market companies
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Smart Musical Instruments Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.25% |
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Market growth 2024-2028 |
USD 20,439.65 Th |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
4.38 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 35% |
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Key countries |
US, Canada, Japan, China, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Artiphon Inc., Audiotonix Ltd., CASIO Computer Co. Ltd., CME PTE. LTD., HyVibe, inMusic Brands Inc., Kawai Musical Instruments Mfg. Co. Ltd., Kickstarter PBC, Kurv Music Ltd., Modern Ancient Instruments Networked AB, Roland Corp., Steinway Inc., Xiaomi Communications Co. Ltd., Yamaha Corp., Zivix LLC, and The ONE Music Group |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Technology
Market Segmentation by End-user
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
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Email: [email protected]
Website: www.technavio.com
SOURCE Technavio