Modern Piano Market: Detailed analysis and growth trends post COVID-19 outbreak
April 05, 2022
Stratview Research has launched a new report, titled Modern Piano Market has been segmented By Product Type (Upright Piano, Grand Piano), Application (Concert Hall, Opera, Music School, Others) and Region.
Covid-19 Impact Analysis:
Covid-19 has highly impacted the market dynamics, competition, and supply chain of almost all industries. The revenues have gone down in 2020 and are expected to resume an uptrend gradually from 2021 and continue to grow further. The report covers all the segments that were affected by the pandemic.
According to the report, an increase in the number of music concerts and stage performances is an important factor fuelling the product demand across geographies. The growth of the global modern piano market is primarily driven by the expanding entertainment and media industry. Growing consumer preference for high-quality products coupled with rising per capita disposable income is likely to propel the market growth. The market players are emphasizing investments in research and development activities to develop more innovative products which are likely to bolster the market growth further.
Market Segments' Analysis
Based on product type, the market has been segmented into upright piano and grand piano.The upright piano, also known as vertical piano stands perpendicular to the ground. The upright piano has small soundboards and shorter strings. Grand piano is the most expensive and largest type of piano. It has a greater soundboard area and longer strings. The pianists using the grand piano have more control over tone and dynamics as compared to an upright piano.
The market in Asia-Pacific is expected to register fastest growth during the forecast period. Geographically, the market in North America accounted for the largest market share in 2020 owing to the high demand for innovative and customized products. The market in Europe is expected to grow at a healthy CAGR due to the presence of various key market players and high demand for premium quality products. This market growth can be attributed to increasing product demand in countries including China and India. Increasing investment by the government in China on building infrastructure for the musical sector is likely to drive the market growth significantly in the region.
Key Players
The following are the key players in the Modern Piano Market.
- Steinway & Sons (The U.S.),
- ROSLER (China), The Baldwin Piano Company (The U.S.),
- Bösendorfer (Austria),
- Fazioli (Italy),
- Yamaha Corporation (Japan),
- Seiler Pianofortefabrik GmbH (Germany),
- HDC YoungChang (South Korea),
- C. Bechstein Pianoforte AG (Germany), and
- Kawai Musical Instruments Manufacturing Co., Ltd. (Japan).
Frequently Asked Questions –
This report provides vital information and valuable insights, enabling the users to identify the strategic growth opportunities in the market. The report aims at answering the following key questions:
- What is the current and future market size of Modern Piano Market?
- How has the COVID-19 pandemic impacted the market? How fast is it expected to recover?
- What will be the short and long-term effects of the pandemic?
- How are other market factors affecting the market dynamics?
- Which segments offer high-growth opportunities in the long run?
- How fierce is the Modern Piano Market competition?
- What are the key emerging trends and unmet needs in the present market?
- What are the strategic growth opportunities and key success factors?
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