Musical Instrument Stores Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 6/26/2017
SIC Codes: 5736
NAICS Codes: 451140
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Musical Instrument Stores Industry Profile

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 and Sam Ash Music (both based in the US), as well as Shumamura Music and Yamano Music (both based in Japan), and Musikhaus Thomann (Germany).

The global market for musical instruments and audio equipment was about $17 billion in 2016, according to Music Trades magazine. Key markets include the US, Western Europe, and China. Rising middle-class populations in emerging markets, such as Brazil, are driving growth.

The US musical instrument stores industry includes about 3,700 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $4.5 billion. Musical instrument stores and sales have steadily declined as the total number of musicians in America has remained flat or fallen over the past decade. The number of establishments in the US industry fell by 17% between 2007 and 2014. Sales at US musical instrument and supplies stores declined by 21% between 2007 and 2012.

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 ...

 
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