USD 297.28 million increase in piano market size due to inclusion of music in academic curricula

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

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

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Key market dynamics:

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

• Market Trend: of preferences for custom pianos is a piano market trend that is expected to have a positive impact in the years to come. Personalized products have gained popularity in various developed regions, such as America and Europeand in developing countries, such as India AND China. The demand for customized musical instruments, including the piano, has increased as customization makes such instruments unique and different. Custom pianos are visually appealing and of high quality. Piano customization can vary from color to special finishes, monograms, inlays and designs. Such 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 produce custom pianos. Despite such challenges, piano customization and personalization is expected to drive the growth of the global piano market.

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Market segment highlights
The piano market report is segmented by product (acoustic piano and digital piano) and geography (North America, EuropeAPAC, South AmericaAND Middle East AND Africa).

• Regional Opportunities: 37% of the market growth will come from APAC during the forecast period. China AND Japan are the leading piano markets in APAC. Market growth in this region will be faster than 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 Insights: The growth of the piano market share in the acoustic piano segment will be significant during the forecast period. The average selling price of an acoustic piano is higher than a digital piano. Acoustic pianos also require regular maintenance. Their strings are prone to damage and may require frequent tuning. Despite such needs, most musicians prefer acoustic pianos because of the sound quality and musical expression of such 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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