The Global Market for Pianos is Projected to Exceed 1.4 Million Units by 2024

Newer Materials and Special Woods Offering Durability, Stability, and Enhanced Feel Factor Drive Growth in Demand for Pianos, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Pianos market. The global market for Pianos is projected to exceed 1.4 million units by 2024, driven by developments in the acoustic realm including newer materials, special woods, and other special materials that increase durability and stability, and better keyboards with enhanced ‘feel’ factor.

Piano was invented during the early eighteenth century in Italy. Even centuries down the line, the instrument holds major value in the music industry. The instrument’s basic components include a keyboard and cords. Keys are attached to strings made of different materials and are of different sizes allowing the keyboard to produce unique sounds. Technological advancements over the years transformed the original half-a-ton grand piano into mini, portable keyboards offering much ease to modern-day musicians with a number of variations in notes and sounds. Despite cannibalization by the new wave of innovation in electronics and non-musical instruments related audio-video products such as TV, computer and video games, and online gaming, pianos continue to sustain demand.

Future growth in the market will be driven by growing popularity of hybrid pianos that combine mechanical, acoustical and electronic aspects of digital and acoustic pianos to create an improved version with newer capabilities. Rising demand for digital pianos supported by its superior attributes of easy portability, non-requirement of tuning, maintenance-free, the MIDI (Musical Instrument Digital Interface) capability, and the ability to produce a variety of piano sounds and tunes of other instruments such as organ, harpsichord, flute, strings, percussion, and others, represent another important growth driver. Major innovations poised to benefit market prospects in the near term include gesture control interface based virtual piano with ubiquitous display technology; the Inside-Out piano; user interface that can be accessed by any HTML5 compatible browser; enhanced DSP servo system; PianoSoft Audio format support; WPS Wi-Fi adapter that adds easy wireless connectivity to the controller app directly or through a wireless network; self-calibrating record and playback system; high-quality digital tone generator; and USB audio recording function. Advanced software solutions that allow users to do much more with the instrument in terms of converting music files into sheet music, download files from the internet, unzip them and store them, and also allow musicians to print the musical scores and buy sheet music on the internet, will continue to sustain pianos’ relevancy in the contemporary music industry with personalization as the key.

As stated by the new market research report on Pianos, Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of 3.4% over the analysis period. Leading the global production and export volume is China with production sophistication acquired from European and American counterparts. The relatively immature market, burgeoning domestic demand, rising exports and growing popularity of premium models are expected to fuel the country’s volume and value growth in the coming years.

Key players in the market include Baldwin Piano & Organ Co., C. Bechstein Pianofortefabrik AG, Casio Computer Co. Ltd., Fazioli Pianoforti s.p.a., Grotrian Piano Company GmbH, Guangzhou Pearl River Piano Group Ltd., Julius Bluthner Pianofortefabrik GmbH, Kawai Musical Instruments Mfg. Co., Ltd., Korg Inc., Mason and Hamlin Piano Company, Petrof Spol s.r.o., Roland Corporation, Samick Musical Instruments Co. Ltd., Schulze Pollmann, Steinway Musical Instruments Inc., Walter Piano Company Inc., Yamaha Corporation, and Young Chang Co. Ltd., among others.

The research report titled “Pianos: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (Australia, China, and Rest of Asia-Pacific), Latin America, and Rest of World. Product segments analyzed in the report include Acoustic Pianos (Grand Pianos, and Upright Pianos), and Digital Pianos.

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