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Research Outline
Prepared for Kimberly | Delivered December 2, 2019
Musical Instrument Market
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Goals
To obtain information about the musical instrument market, including target customer, purchase channels, frequency of purchase, how products are researched, and the role of salesmen.
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Early Findings
According to Technavio, the global musical instruments market is predicted to experience an incremental growth of
$2.35 billion
between 2018 and 2022.
This increment represents a CAGR of about
3%
during the five year forecast period.
One of the major trends happening in the global musical instruments market is the increasing popularity of
online stores
.
Vendors of musical instruments are focusing on
expanding their online
retail businesses. This is due to the
cost-effectiveness
and convenience of this channel. Thus, the sale of musical instruments through online distribution channel is
expected to grow
significantly over the forecast period.
Technavio analysts state that one of the major factors contributing to the growth of this instruments market is the growing popularity of
live musical concerts
and performances.
Also, the emergence of
social media
platforms like YouTube, as well as the "advancements in
audio technology
are boosting the popularity of live musical performances and concerts, which is creating
new growth avenues
for musical instrument manufacturers".
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