U.S.: Musical Instrument Market 2024

Musical Instrument Market Size in the U.S.

For the ninth year in a row, the U.S. musical instrument market recorded growth in sales value, which increased by 18% to $X in 2021. Overall, the total consumption indicated a remarkable increase from 2013 to 2021: its value increased at an average annual rate of +7.2% over the last eight years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +74.8% against 2013 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Musical Instrument Production in the U.S.

In value terms, musical instrument production expanded slightly to $X in 2021. The total output value increased at an average annual rate of +4.4% from 2013 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when the production volume increased by 12% against the previous year. Musical instrument production peaked in 2021 and is expected to retain growth in the near future.

Musical Instrument Exports

Exports from the U.S.

In 2021, shipments abroad of musical instruments decreased by -3.4% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 22% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, musical instrument exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a relatively flat trend pattern. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Canada (X tons) was the main destination for musical instrument exports from the United States, accounting for a 24% share of total exports. Moreover, musical instrument exports to Canada exceeded the volume sent to the second major destination, the UK (X tons), twofold. Germany (X tons) ranked third in terms of total exports with an 8.5% share.

From 2013 to 2021, the average annual growth rate of volume to Canada amounted to -13.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-13.0% per year) and Germany (-16.0% per year).

In value terms, the largest markets for musical instrument exported from the United States were Canada ($X), Japan ($X) and the Netherlands ($X), with a combined 42% share of total exports. Germany, the UK, Australia, China, Hong Kong SAR, Mexico, South Korea, France, Indonesia and Brazil lagged somewhat behind, together accounting for a further 41%.

China, with a CAGR of +11.9%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average musical instrument export price amounted to $X per ton, picking up by 27% against the previous year. Over the period under review, the export price enjoyed a strong increase. The pace of growth was the most pronounced in 2020 an increase of 232% against the previous year. The export price peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Mexico ($X per ton) was amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+30.6%), while the prices for the other major destinations experienced more modest paces of growth.

Musical Instrument Imports

Imports into the U.S.

Musical instrument imports into the United States soared to X tons in 2021, rising by 25% against the previous year. Overall, imports, however, showed a relatively flat trend pattern. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, musical instrument imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +3.0% from 2013 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest musical instrument supplier to the United States, accounting for a 58% share of total imports. Moreover, musical instrument imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fivefold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 6.8% share.

From 2013 to 2021, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-3.5% per year) and Taiwan (Chinese) (+0.7% per year).

In value terms, China ($X) constituted the largest supplier of musical instruments to the United States, comprising 39% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 12% share of total imports. It was followed by Mexico, with an 8.3% share.

From 2013 to 2021, the average annual growth rate of value from China stood at +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+3.1% per year) and Mexico (+7.5% per year).

Import Prices by Country

The average musical instrument import price stood at $X per ton in 2021, leveling off at the previous year. Over the period from 2013 to 2021, it increased at an average annual rate of +3.4%. The growth pace was the most rapid in 2020 an increase of 19% against the previous year. The import price peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Switzerland ($X per ton) was amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+23.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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