Market Trends of India Musical Instruments Industry
Growing Popularity of Live Concerts and Performances to Witness the Growth
- The growing popularity of live concerts and performances in India contributes to the country's increased demand for musical instruments. As more artists and bands perform live, there is a greater need for quality instruments to produce high-quality music.
- Additionally, with the rise of music festivals and cultural events across India, there is a growing interest in learning and playing musical instruments among the youth, further driving the demand.
- Furthermore, exposure to Western music genres and global trends has also led to an increased interest in learning and playing instruments such as guitars, keyboards, and drums.
- The aforementioned factors are fueling the demand for musical instruments in India, leading to a growing market for instrument manufacturers, retailers, and music schools in the country.
- There has been an increased focus on music events and live concerts in India. This trend can be attributed to several factors, including the growing popularity of music festivals, the rise of social media and streaming platforms, and the increasing purchasing power of the Indian middle class. Festivals such as NH7 Weekender, Sunburn, and Magnetic Fields have gained a massive following, attracting thousands of music fans nationwide.
Understand The Key Trends Shaping This Market
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Offline to Witness the Growth
- Indian musical instruments, deeply rooted in traditional genres like classical, folk, and devotional music, hold immense cultural significance. These instruments, cherished for their authenticity and heritage, enjoy sustained demand from musicians, collectors, and enthusiasts.
- Additionally, people are now more willing to commit financially to instruments and accessories as they have more disposable income. This has created a larger and more diverse customer base to opt for offline channels, increasing sales and market growth. According to MOSPI, India's per capita net national income, or NNI, was around INR 170 thousand (USD 2.04 thousand) in the financial year 2023. The annual growth rate was 13.7% as compared to the previous year.
- When it comes to purchasing musical instruments, musicians, students, and practitioners of Indian music predominantly prefer stores, music academies, and instrument markets that offer a physical examination and testing of instruments, ensuring quality and catering to specific needs. This preference for offline channels is a key driver of the market's growth.
- The demand for musical instruments through offline channels is on the rise, driven by the personalized service and expert guidance they offer, especially for newcomers to Indian music.
- In September 2023, Koramangala residents in Bangalore exhibited a growing interest in purchasing musical instruments like guitars, keyboards, and drums. This surge in demand has contributed to the expanding market. Furtados, a Mumbai-based music instrument showroom, witnessed significant piano sales, totaling INR 16 lakh (0.19 USD), in the region.
