1.1 Definition and scope of study
The market for musical instruments includes all devices manufactured for the purpose of creating and adapting musical sounds. The first musical instruments were historically used for ritual, ceremonial and religious purposes. With the cultural development of societies, the motivations for the use of instruments became something destined for leisure and/or commercialization.
Professional musicians who have been in the industry for a long time prefer to learn different instruments as a hobby in their spare time. Moreover, these consumers are less sensitive to price and prefer to use the higher quality products, which require regular maintenance. This is expected to contribute to market growth in the coming years. In addition, the increased penetration of digital musical instruments should also boost the market in the coming years. Musicians who are used to playing a single instrument today are able to take advantage of a complete home studio setting due to a range of sounds produced by the most modern electronic circuits. This factor is making it easier for one generation to access music as a hobby or profession.
Currently, about 63% of consumers in this market are amateurs and practice instruments as a hobby. Still, the education sector is expected to be a significant driver for consumers. Many universities already offer graduate and postgraduate studies in music. Yamaha, a major player in this industry, operates music schools in several regions, where students not only learn music but are also provided with musical instruments by the company. These initiatives are expected to drive the growth of the global music industry. In addition, it is increasingly common for private schools and teachers to offer music courses 100% online, which considerably expands the consumer market.
The market for musical instruments has grown again in Brazil in the last two years. The sector moves around 0.03% of the country's GDP. This growth is mainly driven by the sale of guitars, basses and drums. According to the National Association of the Music Industry and Federal Revenue, the import of instruments grew 11.5% last year. The high in the musical instruments market was pulled mainly by the sales of guitars and basses brought from outside the country, which grew 44%. Drums and accessories registered an increase of 42%.
Domestic manufacturing proved promising even with all the constant low growth cycles, increasing by 30% and sales in 2018. However, national players still have the daily challenge of dealing with informality and piracy, in addition to a tax burden that makes access to the musical instrument something costly.
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