Global Piano Market Size, Share & Trends Report by Type (Grand Piano and Upright Piano), and by Application (Learning and Teaching, Entertainment and Others) Forecast (2022-2028)

The global piano market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The rapid urbanization coupled with rising disposable income is anticipated to drive the growth of the global piano market. According to the data published by UNCTAD in 2021, the share of the urban population increased to 56.2% in 2020. In developed economies, 79.0% of people live in cities. Also, as per the data published by United Nations Organization, the global population is projected to increase by 2 billion persons in the next 30 years from 7.7 billion in 2020 to 9.7 billion in 2050 and could peak at nearly 11 billion around 2100. The growth has been driven by increasing urbanization and accelerating migration. 61.0% of the global population lives in Asia, 17.0% in Africa, 10.0% in Europe, 8.0% in Latin America, and the remaining 5.0% in Northern America. Moreover, as per the data published by Statistics Canada,  the share of disposable income for the household in the lowest quintile increased from 6.1% in the first quarter to a high of 7.2% in the second quarter of 2020. Also, as per OECD, the average household net adjusted disposable income per capita is $30,490 per annum.

 

Looking toward the demand for pianos, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in July 2020 Kawai Musical  Instruments Mfg Co.Ltd launched DG30, a digital grand piano. DG30 is a compact piano and occupies a depth of 87 cm. Moreover, the DG30 grand digital piano incorporates several features such as graded hammers, counterweights, ivory touch key surfaces, triple-sensor key detection, and left-off simulation. The sounds are delivered through a 4-speaker output system. Further, the DG30 also incorporates Bluetooth technology, allowing the instrument’s functionality with a variety of apps, or for audio stored on a smartphone or tablet.

 

In January 2019 Casio Computer Co. Ltd launched the PX-S3000 and PX-S1000, which offered a slim 232 mm depth and minimalist design while providing the playing comfort and sound of a grand piano. The PX-3000 and PX-S1000 incorporate wireless MIDI & audio adapters and can also be connected wirelessly to compatible devices using Bluetooth Low energy MIDI function. Thus, such launches are anticipated to drive the growth of the global piano market during the forecast period.

 

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape-  Casio Computer Co. Ltd, Kawai Musical  Instruments Mfg Co.Ltd, and Mason & Hamlin Piano Co. among others

 

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

 

Global Piano Market Report by Segment

By Type

Grand Piano

Upright Piano

By Application

Learning and Teaching

Entertainment

Others

 

 

Global Piano Market Report by Region

North America

• United States
• Canada

Europe

• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific

Rest of the World

• Latin America
• Middle East & Africa