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Modern Piano Market Report
Global Modern Piano Market, Trends, and Market Analysis
The Global Modern Piano Market is expected to grow from USD xx billion in 2020 to USD xx billion by 2026 at a CAGR of over xx % during the forecast period.
Figure: Global Modern Piano Market Size, 2020-2026 (USD Billion)
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What is Modern Piano?
A piano is a keyboard musical instrument that consists of wire strings that emit a sound when struck by a wooden hammer operated from the keyboard. The standard modern piano has a compass of seven full octaves and 88 keys. The modern piano is made of hardwood and is laminated which makes it more stable, stronger, and durable. A piano is one of the most popular musical instruments across the globe.
Key players operating in the global Modern Piano Market are –
An increase in the number of music concerts and stage performances is an important factor fuelling the product demand across geographies.
The growth of the global modern piano market is primarily driven by the expanding entertainment and media industry. Growing consumer preference for high-quality products coupled with rising per capita disposable income is likely to propel the market growth. The market players are emphasizing investments in research and development activities to develop more innovative products which are likely to bolster the market growth further.
Based on product type, the market has been segmented into upright piano and grand piano.
The upright piano, also known as vertical piano stands perpendicular to the ground. The upright piano has small soundboards and shorter strings. Grand piano is the most expensive and largest type of piano. It has a greater soundboard area and longer strings. The pianists using the grand piano have more control over tone and dynamics as compared to an upright piano.
"The market in Asia-Pacific is expected to register fastest growth during the forecast period."
Geographically, the market in North America accounted for the largest market share in 2020 owing to the high demand for innovative and customized products. The market in Europe is expected to grow at a healthy CAGR due to the presence of various key market players and high demand for premium quality products. This market growth can be attributed to increasing product demand in countries including China and India. Increasing investment by the government in China on building infrastructure for the musical sector is likely to drive the market growth significantly in the region.
The spread of coronavirus affected the growth of the modern piano due to the enforcement of lockdown to curb the spread of the virus. This led to travel restrictions and supply chain disruptions, which in turn affected the manufacturing of modern pianos. The outbreak resulted in the cancellation of concerts and exhibitions for piano manufacturers, which in turn affected the market growth.
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The following is a list of the customers that the global modern piano market aims to convert the most:
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Steinway & Sons (The U.S.), ROSLER (China), The Baldwin Piano Company (The U.S.), Bösendorfer (Austria), Fazioli (Italy), Yamaha Corporation (Japan), Seiler Pianofortefabrik GmbH (Germany), HDC YoungChang (South Korea), C. Bechstein Pianoforte AG (Germany) and Kawai Musical Instruments Manufacturing Co., Ltd. (Japan) are among the key players in the modern piano.
Asia-pacific is expected to register fastest growth in the modern piano market during the forecast period.
North America accounted for the largest market share in 2020 owing to the high demand for innovative and customized products.
Modern piano manufacturers, Modern piano suppliers, Modern piano distributors, Organizations, Government bodies are the target audience in the modern piano market.
An increase in the number of music concerts and stage performances, expanding entertainment and media industry, growing consumer preference for high-quality products coupled with rising per capita disposable income are the major factors driving the growth of modern piano market.
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