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Companies in this industry are primarily engaged in the manufacture of musical instruments. Major companies include Fender, Gibson Guitar, and Steinway (all based in the US), as well as Roland and Yamaha (both based in Japan) and China's Pearl River Piano.
The global market for musical instruments and audio gear is worth some $17 billion, according to The Music Trades. The US, China, Taiwan, Japan, Indonesia, and South Korea together manufacture about 90% of the world's music and audio gear. Brazil is among the fastest-growing markets for the industry.
The US musical instrument manufacturing industry includes about 600 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $2 billion.
Demand is largely driven by consumer income and education demographics. The profitability of individual companies depends on cost efficiencies. Many large companies benefit by offering a wide range of products. Small companies can compete effectively by specializing in high-end or niche instruments. The US musical instrument manufacturing industry is highly concentrated: the 50 largest companies generate more than 80% of revenue.
Imports account for 60% of the US market. The largest supplier to the US is China, which accounted for 42% of imports in 2016. Major export markets for US instruments include Japan, Canada, and the Netherlands. Exports account for about 40% of US production.
Other activities may compete with musical instruments for people's leisure time and consumer ...
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