Musical Instrument Stores
Companies in this industry sell new musical instruments, sheet music, and related supplies from physical retail locations; some also offer musical instrument repair, rental, and music instruction. Major companies include Guitar Center, Numark, Sam Ash Music, and Schmitt Music (all based in the US), as well as Shimamura Music and Yamano Music (both based in Japan), and Thomann (Germany).
The market is forecast to grow by about $1.9 billion at a 3.85% compound annual growth rate during the 2023-2027 forecast period, according to Technavio. The major trend in the market is driven by the rising popularity of online stores. The North American market contributes about 40% of the market growth.
The US musical instrument stores industry includes about 3,500 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $5 billion.
Competitive Landscape
Consumer income and changes in musical tastes drive demand for musical instruments. The profitability of individual companies depends on effective merchandising. Large companies have economies of scale in purchasing and marketing. Small companies can compete effectively by specializing in personalized service or high-end instruments. The US industry is concentrated: the 20 largest companies account for about half of industry revenue.
Products, Operations & Technology
Major products include musical instruments and accessories (about 85%). Other sources of revenue include pianos and organs at about 10%.
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Regional & International Issues
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Also includes the following chapters:
Quarterly Industry Update
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Industry Indicators
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Business Challenges
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Trends and Opportunities
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Call Preparation Questions
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Financial Information
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Industry Forecast
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Industry Websites
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Glossary of Acronyms