Musical Instrument Manufacturing in China - Market Research Report (2013-2028)
Beijing, China
Last Updated: March 2023
2431Revenue
$7.9bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
84,870
Businesses
274
Wages
$X.Xbn
Musical Instrument Manufacturing in China industry analysis
Revenue for the Musical Instrument Manufacturing industry is expected to grow at an annualized 0.1% over the five years to 2022, to $7.9 billion. This trend includes a 11.9% decrease in the current year. The industry was previously highly export-oriented, with exports reaching a high of 69.0% of industry revenue in 2005. This share has substantially declined over the subsequent decade. Exports are expected to account for just 25.5% of industry revenue in 2022. Exports are forecast to increase at an annualized 5% over the five years through 2027. Domestic demand for musical instruments is steadily increasing as people pay more attention to leisure and entertainment. In addition, children's education in art and culture has become increasingly important for young parents.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has grown at a CAGR of 0.1% over the past five years, to reach an estimated $7.9bn in 2023.
Trends and Insights
- Revenue for the Musical Instrument Manufacturing industry is expected to grow at an annualized 0.1% over the five years to 2022, to $7.
- Additional trends and insights available with purchase
Biggest companies in the Musical Instrument Manufacturing in China
| Company
2022 | Market Share (%)
2022 | Revenue ($m)
2022 | Profit ($m)
2022 | Profit Margin (%)
2022 |
|---|---|---|---|---|
Guangzhou Pearl River Piano Group Ltd. | ||||
Parsons Music Corporation | ||||
Medeli Electronics Co., Ltd |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Products & Services Segmentation
Industry revenue is measured across several distinct product and services lines, including Western musical instruments, Musical instrument parts and Electronic musical instruments. Western musical instruments is the largest segment of the Musical Instrument Manufacturing in China.
Trends and Insights
<B>Western musical instruments</B>
- More insights available in the full report
Widen you competitive advantage with related industries
Related Domestic Industries
- This industry manufactures balls, athletic equipment, fitness training equipment, sports protection equipment and other sporting and athletic goods.
- This industry manufactures various toy products for the entertainment and education of children.
Table of Contents
About this industry
Industry definition
Revenue for the Musical Instrument Manufacturing industry is expected to grow at an annualized 0.1% over the five years to 2022, to $7.9 billion. This trend includes a 11.9% decrease in the current year. The industry was previously highly export-oriented, with exports reaching a high of 69.0% of industry revenue in 2005. This share has substantially declined over the subsequent decade. Exports are expected to account for just 25.5% of industry revenue in 2022. Exports are forecast to increase at an annualized 5% over the five years through 2027. Domestic demand for musical instruments is steadily increasing as people pay more attention to leisure and entertainment. In addition, children's education in art and culture has become increasingly important for young parents.
What's included in this industry?
Western musical instrument manufacturingChinese musical instrument manufacturingElectronic musical instrument manufacturingMusical instrument part manufacturingWestern musical instrumentsMusical instrument partsElectronic musical instrumentsChinese musical instrumentsCompanies
Guangzhou Pearl River Piano Group Ltd.Parsons Music CorporationMedeli Electronics Co., LtdPurchase this report to view all 5 major companies in this industry.
Related Terms
PERCUSSION INSTRUMENTSTRING INSTRUMENTWIND INSTRUMENTIndustry Code
2431 - Musical Instrument Manufacturing in China
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Domestic Goods Prices. Timber and metal are the main raw materials used to manufacture musical instruments. Purchase costs account for over 60% of industry revenue, and any in...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
<B>Western musical instruments</B>
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2023
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Guangdong province is the largest manufacturing base of musical instruments in China. The largest piano manufacturer, Guangzhou Pearl River Piano Group, is located in this pro...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each region in 2023
- Number and share of revenue each region accounts for in 2023
- Number and share of wages each region accounts for in 2023
- Number and share of employees in each region in 2023
Detailed analysis
- Geographic spread of the industry across Asia Pacific, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Establishment of brand names. Brands play a crucial role in the industry, as they can attract more customers to form a loyal customer base. Companies can gain a competitive ad...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Player Performance Guangzhou Pearl River Piano Group Ltd. (PRPG), established in 1956, is a state-owned enterprise. As one of the leading piano manufacturers in the world, P...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Guangzhou Pearl River Piano Group Ltd.'s performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Parsons Music Corporation's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Medeli Electronics Co., Ltd's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of revenue, market share and profit margin trend for 2 additional companies
Detailed analysis
- Description and key data for Guangzhou Pearl River Piano Group Ltd., and factors influencing its performance in the industry
- Description and key data for Parsons Music Corporation, and factors influencing its performance in the industry
- Description and key data for Medeli Electronics Co., Ltd, and factors influencing its performance in the industry
- Description, key data and performance trends for 2 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
<B>Institutional framework</B>
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
Detailed analysis
- Demographic and macroeconomic factors influencing the industry
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
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Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources globally include:
- United Nations Comtrade
- Organization for Economic Cooperation & Development
- World Bank
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
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Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the estimated market size of the Musical Instrument Manufacturing industry in China in 2023?
The market size of the Musical Instrument Manufacturing industry in China is $7.9bn in 2023.
How many businesses are there in the Musical Instrument Manufacturing in China industry in 2023?
There are 274 businesses in the Musical Instrument Manufacturing industry in China, which has declined at a CAGR of 1.9% between 2018 and 2023.
Has the Musical Instrument Manufacturing industry in China grown or declined over the past 5 years?
The market size of the Musical Instrument Manufacturing industry in China has been at a CAGR of 0.1% between 2018 and 2023.
What is the forecast growth of the Musical Instrument Manufacturing industry in China over the next 5 years?
The Musical Instrument Manufacturing in China market is forecast to over the five years from 2023 to 2028
What are the biggest companies in the Musical Instrument Manufacturing market in China?
The biggest companies operating in the Musical Instrument Manufacturing market in China are Guangzhou Pearl River Piano Group Ltd., Parsons Music Corporation and Medeli Electronics Co., Ltd
What does the Musical Instrument Manufacturing in China include?
Western musical instrument manufacturing and Chinese musical instrument manufacturing are part of the Musical Instrument Manufacturing industry.
Which companies have the highest market share in the Musical Instrument Manufacturing in China?
The company holding the most market share in China is Guangzhou Pearl River Piano Group Ltd..
How many people are/were employed in the Musical Instrument Manufacturing in China in 2023?
There are 84,870 employed in the Musical Instrument Manufacturing industry in China 2023.
