Musical Instrument Manufacturing Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 5/27/2024
SIC Codes: 3931
NAICS Codes: 339992
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 Manufacturing Industry Profile

Companies in this industry are primarily engaged in the manufacture of musical instruments. Major companies include Fender, Gibson Brands, and Steinway (all based in the US), as well as Pearl River Piano (China), and Roland and Yamaha Corporation (both based in Japan).

The global market revenue for musical instruments is expected to reach about $10 billion in 2024 and have an annual growth of 6.42% CAGR during the 2024-2028 period, according to Statista. China has generated the most revenue in global comparison for about $10 billion in 2023. The increasing popularity of live musical performances and concerts is a major global industry growth driver.

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 about 85% of revenue.

Imports account for 50% of the US market. The largest supplier to the US is China, which accounted for more than 40% of imports in 2017. Major export markets for US instruments include Japan, Canada, and the Netherlands. Exports account for about 40% ...

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