Pianos Market Size, Share, Growth, and Industry Growth, By Type (Acoustic Pianos (Grand Pianos & Upright Pianos) and Digital Pianos), By Application (Professional, Training Institutions, Household, and Others), Regional Forecast to 2028

REPORT OVERVIEW

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The global pianos market size is USD 2406 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with pianos experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 2668 million by 2028, exhibiting a CAGR of 1.9% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

An instrument used to produce soothing sounds and consists of wire strings that produce a sound when struck by a wooden hammer is called a piano. The standard modern music instrument has a compass of 88 keys and seven full octaves. This instrument is made of hardwood and laminated, which makes it durable, stable, and stronger. It is one of the most popular instruments worldwide. There are generally three types of pianos, digital, acoustic, and hybrid. Digital pianos are electronic musical instruments and offer an authentic simulation of an acoustic piano. 

The piano is a stringed musical instrument that was invented in 1700 AD in Italy. After a period of approximately 250 years, digital pianos were introduced in the 1980s. The digital piano has sensors that help in interpreting and sending signals to the computer and create sound corresponding to it. The pianos market is expected to increase due to the rising awareness and growing number of stage performances and concerts. The concerts are considered a new stressbuster, which is anticipated to aid the growth of the pianos.   

COVID-19 Impact: Postponement of Events Hampered Growth in the Market

The population was prohibited from stepping out of their homes which resulted in a shortage of students in piano classes. The cafes, restaurants, and events were also kept on hold, which hampered the market growth. The outbreak of the pandemic affected the growth of the market owing to the enforced lockdown to prevent the virus spread. The pandemic imposed travel restrictions and affected the supply chain, which led to a shortage of raw materials in the manufacturing industries. The pandemic resulted in the postponement of events, exhibitions, and concerts, which had a negative impact on the growth of the market. 

LATEST TRENDS

"Expanding Entertainment and Media Industry to Propel Product Demand"

The global entertainment and media sector's growth has been a major market driver for digital pianos. The market for digital pianos is growing as consumers' preferences for high-quality goods and their disposable incomes both increase. The global digital pianos market is expanding as a result of rising awareness and an increase in the number of performances on stages and in concerts. A recent study found that attending concerts helps reduce stress. The digital piano is a very well-liked musical instrument worldwide. The growing popularity of reality television and musical competitions inspires kids to learn how to play an instrument. In nations like India and China, where the population is eager to learn music, the digital piano is becoming more and more popular. 

Segmentation

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• By Type Analysis

By type, the market is segmented into acoustic pianos (grand pianos & upright pianos) and digital pianos.

• By Application Analysis

Based on application, the market is classified into professional, training institutions, households, and others.

DRIVING FACTORS

"Easy Portability of the Product to Cater Market Growth"

There are portable and vertical pianos available. Lightweight and portable pianos are available. Beginners and artists like to train at home in preparation for shows and concerts. Vertical digital pianos are bulky and difficult to move without help from a professional. Professional pianists primarily use it in their homes and studios. Digital pianos come in three different styles: grand, upright, and synthesizer, depending on the product. As the name implies, grand digital pianos are huge in size, whereas upright pianos are medium in size, and synthesizers are small and portable. The easy-to-carry feature of the product is forecasted to surge pianos market growth. 

"Proactive Participation of Student in Curricular Activities to Surge the Demand for Product"

The schools are increasing focus towards extracurricular activities which boost the involvement of music in kids’ lives, kids are also able to develop a variety of crucial life skills, including problem-solving, analytical thinking, public speaking, teamwork, time management, and multitasking. Several international schools, colleges, and universities all across the world are including extracurricular activities and add-on courses, like music, into their curricula. The rise in student enrollment is expected to result in more people participating in extracurricular activities like music. Moreover, the students are rapidly developing a taste for music which is anticipated to boost the number of music classes to learn how to play instruments such as guitar, pianos, and others which would ultimately fuel the pianos market growth. 

RESTRAINING FACTORS

"Presence of Music Production Software to Impede Growth in the Market"

The availability of music production software is expected to hamper the demand for the product. The music production software’s is an alternative to piano and other instruments. These software’s possess various options which allows the user to compose music similar to the music produced by the instruments. These factors are forecasted to hinder the pianos market growth. 

REGIONAL INSIGHTS

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"Asia Pacific to Lead the Market Due to the Implementation of Integrated Curricular Activities"

Asia Pacific is expected to hold a dominating part of the pianos market share due to the implementation of integrated curricular activities due to the rising number of schools facilitating piano lessons. Additionally, the rising interest of youngsters towards becoming percussionists is expected to serve growth in the global market.

North America is anticipated to show significant growth in the global market due to rising interest of people in different music genres such as pop music, rock music, jazz, and others. 

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. Manufacturers of pianos work hard to provide the market with cutting-edge items. Yamaha introduced the P-125 digital piano in their P-Series in April 2018. It is a little, simple instrument that is great for beginners. To access better control over the piano's sound and settings, it works with the iOS version of the Yamaha Smart Pianist app.

List of Market Players Profiled

• Baldwin Piano & Organ(U.S.)
• C. Bechstein Pianofortefabrik (Germany)
• Casio Computer (Japan)
• Fazioli Pianoforti (Italy)
• Guangzhou Pearl River Piano (China)
• Julius Bluthner Pianofortefabrik (Germany)
• Kawai Musical Instruments (Japan)
• Kawai America(U.S.)
• Korg (Japan)
• Mason and Hamlin Piano(U.S.)
• Petrof Spol (Czech Republic)
• Roland (Japan)

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research. The market insights are prepared by utilizing large sample sizes for data-gathering modules. The study provides in-depth market insights. The stage includes gathering market data or related data using a variety of sources and tactics. It involves going over and organizing all the information gathered during the previous advance. It also covers the investigation of information discrepancies found across various information sources. Market statistical and coherent models are used to assess and estimate market data.