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    Modern Piano Market Report

    Modern Piano Market Report
    Report code - SRCG276 Delivery - 2 Weeks
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    Global Modern Piano Market, Trends, and Market Analysis
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    Impact of COVID-19 on Modern Piano Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Modern Piano Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    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)

    Modern-Piano-Market-Forecast

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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 Market Players

    Key players operating in the global Modern Piano Market are –

    • 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).

    Market Dynamics

    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.

    Market Segmentation

    Type Trends

    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.

    Regional Trends

    "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.

    COVID-19 Impact on Global Modern Piano Market

    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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    Critical Questions Answered in the Report

    • What are the key trends in the global modern piano market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
    • What is the impact of COVID-19 on global modern piano market?
    • What are the key strategies adopted by the major vendors to lead in the global modern piano market?
    • What is the market share of the top vendors?

    Target Audience

    The following is a list of the customers that the global modern piano market aims to convert the most:

    • Modern piano manufacturers
    • Modern piano suppliers
    • Modern piano distributors
    • Organizations
    • Government bodies

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].

    Frequently Asked Questions (FAQs)

    Steinway & Sons (The U.S.), ROSLER (China), The Baldwin Piano Company (The U.S.), Bsendorfer (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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