Global Violin market will reach 355.84 million US$ by the end of 2024
Published Date: 2019/9/9
According to the report, global revenue for violin market was valued at $ 310.88 million in 2018, and is expected to generate revenue of $ 355.84 million by end of 2024, growing at a CAGR of slightly above 2.28% between 2018 and 2024.
North America violin market size was valued at around USD 166.46 million in 2018. APAC countries such as China, India, and South Korea currently have a low penetration rate but are expected to emerge as an attractive opportunity for vendors to venture during this period. The region is predicted to emerge as the fastest growing markets for violins globally
The global Violin industry is characterized by several large international manufactures and many smaller regional manufactures. Therefore, market share concentration is relatively low. The five largest operators account for about 66.56% of total industry revenue in 2018. Larger companies are looking to expand their footprint in nearby areas, where they can add value and turn once-struggling operations into profitable ventures.
The increase in disposable income, changing lifestyles, and high standards of living have motivated individuals to spend more on leisure activities. It has led to a rise in the sales of musical instruments such as guitars, pianos, and violins. To capitalize on the market demand, vendors are predicted to focus more on the frequent changes in consumer preferences presented by the market. Established vendors are likely to scale up their investments in branding and expanding their collection of existing violins, as well as acquiring new players.
The emergence of new bands has increased the demand for a variety of technologically advanced and expensive musical instruments from performers and companies that organize concerts. Concerts and live performances are platforms that are always trending, irrespective of genre. The prospect of seeing their favorite artists motivates music enthusiasts to attend live performances, which acts as a source of revenue generation for organizers and artists. These factors, along with the possibility of producing a multitude of sounds and effects are attracting budding musicians, and music lovers toward violins.
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