Music Synthesizer: Key market research findings
- Transition from developed to emerging markets
- Growing popularity of online retail
Technavio has released a new market research report on the global music synthesizers market, which is primarily driven by the rise in live events and concerts. Music synthesizers aka synths are electronic musical instruments that use different methods to generate electric signals. Some of the most popular synths are analog, digital, modular, and virtual synthesizers. Of late, software synthesizers are gaining popularity among users because they are convenient to use and can be easily upgraded. The Americas dominate the global music synthesizers market, accounting for over 47% of the total market share. Much of this region’s growth comes from the increase in number of musical bands, live events, and concerts.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Several musical instrument companies are offering a wide range of products online owing to the increased popularity of online retail. Consumers are using this platform because it is convenient to use and allows them to select the best products at good prices in minimal amount of time. Some of the most popular musical instrument websites are Yamaha, eBay, and Amazon. The easy accessibility to sites for instruments and the increasing preference among users to buy products online is expected to support the growth of the market during the forecast period,” says Ujjwal P Doshi, Lead Analyst, Media & Entertainment, Technavio Research.
Major synthesizer brands are shifting their focus to emerging markets because developed markets are nearing saturation. Developing countries such as India, China, and South Korea in APAC have high growth prospects for music synthesizers because of low market penetration in the region. APAC has enormous growth opportunities compared to the Americas and EMEA. The APAC region is expected to generate high revenue during the forecast period as leading music synthesizer companies such as Casio, Korg, Roland, and Yamaha are based in Japan.
The key vendors in the global music synthesizers market are Casio, Korg, Novation Digital Music Systems, Roland, and Yamaha. This market is highly competitive due to the presence of limited number of leading vendors. Established vendors are investing in designing, developing, planning, expanding existing music synthesizers, and acquiring new players to maintain their position in the market Advances in technology and changing consumer preferences are major risks for vendors in the market. Vendors are competing on the basis of product differentiation, portfolio, and pricing.
A more detailed analysis is available in the Technavio report, Global Music Synthesizers Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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