India Musical Instruments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Indian Musical Instrument Market is Segmented by Type (Electronic Musical Instruments, Stringed Musical Instruments, Wind Instruments, Acoustic Pianos and Stringed Keyboard Instruments, Percussion Instruments, and Other Musical Instruments (Parts and Accessories)) and Distribution Channel (Online and Offline). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

India Musical Instruments Market Size

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India Musical Instrument Market Summary
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Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR (2024 - 2029) 11.50 %
Market Concentration High

Major Players

India Musical Instrument Market Major Players

*Disclaimer: Major Players sorted in no particular order


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India Musical Instruments Market Analysis

The India Musical Instruments Market is expected to register a CAGR of 11.5% during the forecast period.

According to the Aerosol Science and Technology Journal, the amount of aerosol produced by playing woodwind and brass instruments is less than that created by vocalizing (speaking and singing). It is comparable to that produced by breathing. During the pandemic era, this had a tremendous impact on customer purchasing behavior.

  • The Indian musical instrument market is predicted to grow as a result of technological advancements. Major players are encouraged to produce and develop a wide range of improved musical instrument versions as advanced technology becomes more widely used. Incorporating built-in software in musical instruments enhances sound quality and allows for improved performance. Furthermore, employing these technologically modern instruments has many advantages, including simplicity of play, a complete and clean tone, and increased volume regulation.
  • Recently, Yamaha Corporation constructed its first musical instrument plant in India, intending to make it an export hub. The first phase involved an INR 380 crore worth of investment. It is currently producing portable keyboards. The factory can create 1.50 lakh portable keyboards and two lakh acoustic guitars each year.
  • The Indian musical instruments market is being driven by the growing popularity of live musical performances and concerts. Audiences are gravitating toward live music performances instead of viewing recorded music or new releases on television. Furthermore, due to the increased penetration of social media platforms, such as Facebook, Instagram, and YouTube, and developments in audio technology, the popularity of live musical performances and concerts is increasing.
  • As a result, several musicians have earned international reputation and attention. The number of self-employed musicians has increased in recent years, thus, resulting in several musical ensembles and crews. As a result, concerts and live performances have increased significantly, resulting in the increased demand for high-tech and high-priced musical instruments.

India Musical Instruments Market Trends

Electronic Musical Instruments are Observing a Significant Growth

  • Customers can personalize their electronic musical instruments by choosing from high exotic and traditional hardwood alternatives, designing inlays and guitar necks, and selecting from a variety of forms and sizes. During the projected period, the customization and personalization of electronic guitars will considerably boost the growth of the electronic musical instruments market.
  • According to the Minister of State for Electronics and IT, by 2025, the national electronics policy aimed to establish a USD 400 billion electronics manufacturing ecosystem. This may significantly drive the investments in the electronic musical instrument segment.
  • Electronic music has always been where people experiment with sounds, musical textures and combinations, and shape and structure. This is due in part to the composer's ability to work alone in the creation of music and the availability of the necessary tools. The desire of composers to have more control over their sounds led to the development of a machine specifically designed to produce electronic music, the synthesizer.
  • For instance, in November 2021, Fender announced a formal merger deal with PreSonus Audio Electronics, a live-sound/studio hardware and software company. Fender's recent step reflects the company's desire to evolve and keep up with the ever-changing music industry, increasingly emphasizing DIY and at-home recording techniques.
India Musical Instrument Market: Industry revenue of "Manufacture of musical instruments", in USD Million, India, 2017-2020

Online Distribution Channel will Observe a Gradual Growth

  • The pandemic had a significant and unprecedented impact on the music business, particularly the performing arts and artists. The entire industry had a year of introspection. Musicians and groups have adapted to the new normal and discovered ways to maintain their connections with audiences.
  • For instance, in 2020, Chennai’s musicians Pratika Gopinath and Sharad and Easy Wanderlings' vocalist Jbabe (The F16s' frontman Josh Fernandes' solo act), Malavika Manoj alias Mali, and many others performed whole shows in isolated, silent settings, which were streamed "live" on Instagram a few weeks later. The Centre Stage series is an attempt by Circle of Love, Chennai's new music platform, to make regular Instagram Live sessions smooth and polished.
  • The music industry may tap into a market of attendees (and non-attendees) by offering a chance to obtain access to the live experience via virtual reality technology. The need for globalization of live events, along with ever-evolving technology (drones, virtual reality, and so on), is extending the reach of live music events to individuals in faraway locations. This may gradually increase the demand for electronic musical instruments whose software synchronizes with VR equipment.
  • Artists are increasingly choosing do-it-yourself strategies for their careers. According to MusicWatch, 90% of consumers say they use social media platforms like Instagram to search and listen to new music and learn about local music events.
India Musical Instrument Market: Penetration of leading social networks, In %, India, As of January 2021

India Musical Instruments Industry Overview

The Indian musical instruments market is consolidated, with the presence of a few major companies. The companies are continuously investing in making strategic partnerships and product developments to gain more market share.

In September 2021, Yamaha Music India added two new models to its Made in India guitar lineup: the Yamaha FX280 and Yamaha FSX80C. The models were designed to produce an exceptional acoustic tone and resonance aid in reproducing the realistic tone and dynamics, thus, making them ideal for both novice and advanced performers.

India Musical Instruments Market Leaders

  1. Yamaha

  2. HMI Guitars

  3. Cort

  4. Fender

  5. Ibanez

*Disclaimer: Major Players sorted in no particular order

India Musical Instrument Market Concentration
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India Musical Instruments Market News

  • February 2021: The Core Brand, Cort's new premium series of all-solid acoustic guitars, included the finest materials, components, and craftsmanship for instruments. Mahogany, Spruce, and Blackwood were the three tonewood selections offered for the collection.

India Musical Instruments Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Threat of New Entrants

      2. 4.2.2 Bargaining Power of Buyers/Consumers

      3. 4.2.3 Bargaining Power of Suppliers

      4. 4.2.4 Threat of Substitute Products

      5. 4.2.5 Intensity of Competitive Rivalry

  5. 5. Impact of the COVID-19 Pandemic on the Market


    1. 6.1 Market Drivers

    2. 6.2 Market Restraints


    1. 7.1 By Type

      1. 7.1.1 Electronic Musical Instruments

      2. 7.1.2 Stringed Musical Instruments

      3. 7.1.3 Wind Instruments

      4. 7.1.4 Acoustic Pianos and Stringed Keyboard Instruments

      5. 7.1.5 Percussion Instruments

      6. 7.1.6 Other Musical Instruments (Parts and Accessories)

    2. 7.2 By Distribution Channel

      1. 7.2.1 Online

      2. 7.2.2 Offline


    1. 8.1 Company Profiles*

      1. 8.1.1 Yamaha

      2. 8.1.2 HMI Guitars

      3. 8.1.3 Cort

      4. 8.1.4 Fender

      5. 8.1.5 Ibanez

      6. 8.1.6 GS Metallica



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India Musical Instruments Industry Segmentation

As part of the study, the report analyzes various musical instruments and their parts and accessories that are sold for both private and public applications. However, toy musical instruments are excluded from the scope of the study. The impact of the COVID-19 pandemic on the music market and the impact of various macroeconomic factors and consumer preferences have been considered for estimating the overall market projections.

The Indian musical instrument market is segmented by type (electronic musical instruments, stringed musical instruments, wind instruments, acoustic pianos and stringed keyboard instruments, percussion instruments, and other musical instruments (parts and accessories)) and distribution channel (online and offline). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By Type
Electronic Musical Instruments
Stringed Musical Instruments
Wind Instruments
Acoustic Pianos and Stringed Keyboard Instruments
Percussion Instruments
Other Musical Instruments (Parts and Accessories)
By Distribution Channel
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India Musical Instruments Market Research FAQs

The India Musical Instruments Market is projected to register a CAGR of 11.5% during the forecast period (2024-2029)

Yamaha, HMI Guitars, Cort, Fender and Ibanez are the major companies operating in the India Musical Instruments Market.

The report covers the India Musical Instruments Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Musical Instruments Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Musical Instruments in India Industry Report

Statistics for the 2024 Musical Instruments in India market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Musical Instruments in India analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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India Musical Instruments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)