Indian Musical Instruments market to cross $96 mn by 2017
MUMBAI: Musical instruments(MI) market in India is set to touch $96 million by 2017, according to Musician Expo market research report.
With the majority of population below 34 years, coupled with increasing acceptance of western culture and greater revenue figures translating into increased disposable income, Indian retail market is touted to rise over $ 833 billion by 2013.
As per the report, an integral part of Indian retail space is the Musical Instruments (MI) market, which has witnessed tremendous surge in business in the recent past. Increasing adoption of western music, ready availability of the western music instruments, digitalization of most of the instruments and decreasing costs to buyers are some of the key factors that has driven the Indian MI market upwards.
And with the increase in demand for western musical instruments, Indian MI merchants are no longer dependent on the sales of Indian musical instruments to sustain their business. All of these factors have culminated to create a huge potential for overall growth in the future.
In 2012, excluding parts and accessories component accounted for import of Rs 1518 mn, guitars led the market with Rs 744 mn followed by keyboards with Rs 558 mn, string instruments with Rs 215 mn, drums with Rs 153 mn, piano with Rs 122 mn and wind instruments with Rs 37 mn, the report said.
Imports have show consistence growth with 2011 witnessing import worth Rs 716 mn for electric guitars, Rs 557 mn for keyboards, Rs 292 mn for string instruments, Rs 132 mn for drums, Rs 111 mn for piano and Rs 49 mn for wind instruments. Import of parts and accessories touched Rs 1450 mn last year.
Records suggest that in 2011, the Indian MI market has achieved the highest contribution in sales from keyboard instruments, while regionally, Northern and Western India have together contributed over 61 per cent of the total volume sales of MI instruments.
Though statistics suggest that a major chunk of sales and revenue has been derived from major metropolitans, it can’t be denied that sales contributions from tier-II and tier-III cities are also growing at a rapid pace. Construing this, strategic increase in imports of MI has been observed in 2011-2012 especially from countries such as France, Germany, Netherland, Vietnam and USA.
Prominently, instruments such as the keyboard and the guitar have always shared favour with Indian music enthusiasts, constituting a great majority of the Indian MI requirement. However, with the ready adoption of varied forms of international/world music, other instruments such as wood and wind, string etc have also gained popularity.
In cosummation, the Musician Expo affirms that it will up the benchmark and continue to be the active source of business and networking for the Musician and MI markets in India. Musician Expo is scheduled to be held from 30 May - 1 June 2013 in Mumbai.
