Grand Piano Market Size, Share, Growth, and Industry Analysis, By Type (Mid Lower End, High End), By Application (Professional Performance, Amateur Entertainment), Regional Forecast To 2032

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Grand Piano Market Report Overview

The global Grand Piano Market size was valued at approximately USD 1.2 billion in 2023 and is expected to reach USD 1.64 billion by 2032, growing at a compound annual growth rate (CAGR) of about 4% during forecast period.

The term "grand," which means "big," was originally used to any upright or horizontal piano with long strings. Grand pianos, that were typically bigger than their upright brethren, came to be associated with time. Due to its smaller size, upright pianos continued to be the most widely used kind of piano for residential usage for several years after their inception. Nonetheless, producers of grand pianos proceeded to create more compact pianos that could be used at home.

COVID-19 Impact: Health and Safety Concerns to Deplete Market Growth

The impact of the Covid-19 pandemic has stemmed in the disrupted development and launch of this instrument, a slowdown in key player operations, and a component shortage. The pandemic has caused supply chain limitations, due to which the manufacturing was delayed. The consumer sector has evolved to be an essential part of various countries' supply chains, and the Covid-19 disease outbreak had a significant impact on the market. The inclusion of music in academic curricular especially drives the growth of the piano market.

Latest Trends

"Customization and Personalization to Intensify Market Magnification "

The preference for custom-made pianos is a trend in the grand piano market that should have a positive impact in the coming years. The individual pianos are visually appealing and of high quality. Grand piano customization ranges from colours to special finishes, monograms, inlays and designs. Such customization options allow customers to personalize their pianos. Grand piano customization and personalization is expected to drive the growth of the global market growth. 

Grand Piano Market Segmentation

• By Type Analysis

According to type, the market can be segmented into mid lower end, high end

Mid lower end is the leading part of the type segment

• By Application Analysis

According to application, the market can be segmented into professional performance, amateur entertainment

Professional performance is the leading part of the application segment

Driving Factors

"Extracurricular Activities to Boost Market Share "

One of the key factors driving the grand piano market share is the inclusion of music in academic curricula. Extracurricular activities play an important role in a student's life. Students who participate in such activities meet new people and improve their social skills and cultural understanding. Participation in extracurricular activities helps students develop several important life skills such as multitasking, teamwork, time management, prioritization, problem solving, analytical thinking, leadership and public speaking.

In some schools, colleges and universities around the world, especially international schools and colleges, the curriculum includes supplementary courses such as extracurricular activities and music. Rising school enrollment increases participation in extracurricular activities such as music. Hence, the number of students enrolled in music courses to learn to play musical instruments such as piano is expected to increase, which will spur the growth of the global market. 

"Growing Interest Among Individuals to Expand Market Forwarding "

The piano market is growing worldwide due to the growing interest among individuals, especially young and old people. Children between the ages of 5 and her 14 are often considered the starting age to learn an instrument. Market demand is expected to increase due to growing interest among children in this age group. The number of retirees aged 65 to 69 also impacted the piano market during the expected time. The number of events at schools and universities has increased, and the number of students learning to play the piano has also increased. Increasing number of music programs offered by various levels of educational institutions is projected to fuel the market expansion. As a result, the grand piano market growth is growing at both the domestic and global levels.

Restraining Factors

"Music Production Software to Deplete Market Advancement "

The availability of music production software will pose a major challenge for the market during the forecast period. Music production software is a direct replacement for many types of musical instruments. Such software has various options that allow users to compose music similar to that produced by professional musicians. Music production software enables amateurs to produce music without training. Such software is versatile and offers a wide range of sounds. It's also cheaper than many different types of instruments such as grand piano. Software like this allows one to move around and record music in different environments. This software limits the purchasing of grand piano by any individual as all the production related work can be done in the software itself. Hence, the grand piano market growth is depleting due to this.

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Grand Piano Market Regional Insights

"Music Concerts and Events to Uplift Market Growth in Asia Pacific"

In terms of revenue share, Asia Pacific dominates the global grand piano market. Customized products are gaining popularity in various industrial areas and in emerging countries such as India and China. Demand for custom instruments, including pianos, is increasing as customization makes such instruments unique and different. Moreover, increasing rate of music concerts and events will further uplift the market in Asia Pacific region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

LIST OF TOP GRAND PIANO COMPANIES

• Yamaha Pianos (Japan)
• KAWAI (Japan)
• Samick (South Korea)
• Youngchang (South Korea)
• Steinborgh (Germany)
• Steinway (U.S.)
• Bechstein (Germany)
• Boesendorfer (Austria)
• Mason & Hamlin (U.S.)
• AUGUST FOERSTER (Germany)
• Fazioli (Italy)
• Guangzhou Pearl River Piano Group (China)
• Yangtze Piano (China)
• Xinghai Piano Group (China)
• Hailun Pianos (China)
• Goodway (U.S.)
• Shanghai Mendelssohn Piano (China)
• DUKE Piano (China)
• Nanjing Schumann Piano (China)
• Harmony Piano (U.K.)
• Artfield Piano (South Korea)
• Shanghai Piano (China)
• J-Sder Piano (China)
• Kingsburg Piano (China)
• Huapu Piano (China)

Report Coverage

The industry's growth was significantly influenced by the tactics employed by market participants in recent years, such as extensions. The report provides details and information on the companies and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other criteria considered for this market are the firms that develop and provide new products, the areas in which they operate, mechanisation, innovative techniques, making the most money, and using their products to have a large social impact. This analysis examines the global and regional effects of the outbreak mostly on the market. The study describes the market share features, and market growth by type, industry, and customer sector.

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.