A new report by TechNavio now predicts the Electronic Instruments Market to grow by $505 million by 2026, driven by increased interest in musical leisure activities.
Electronic instruments include devices like the electric guitar, piano, or drums that use an electrical output to amplify the sound as opposed to mechanical.
Many DJs utilize electronic instruments in both their live sets and production including Sullivan King, Said the Sky, ZHU, and more.
A compound annual growth rate (CAGR) of 3.09% in the Electronic Instruments Market will continue to increase the market substantially over the next three years as new tech entices music lovers and learning to play electronic music instruments becomes more popular.
An increase in disposable income and free time post-pandemic has also influenced this evolution.
The electric piano and keyboard segment will have the greatest growth with companies like Alpher Basses, Anderson Guitarworks, Focusrite Plc, Gibson Brands Inc., and more leading new innovations.
A rise in music production software could impede or slow the rise as digital production software gains a greater ability to recreate sounds typically made by electronic instruments without the need for full recording equipment.
North America will be a pivotal market for this trend as 44% of growth is expected to come from this region until 2026.
Check out some important statistics from the TechNavio report below and read the full press release here.
Inspired by: edmmaniac.com