Indian musical instruments are selling like hot cakes abroad
New Delhi, November 5 (IANS): Indian music is famous all over the world and so are musical instruments. Now, what may sound like music to many ears is that the export of Indian musical instruments increased to Rs 172 crore, compared to the same period in 2013-14.
This is 3.5 times more than eight years ago. Meanwhile, the exports were only worth Rs 49 crore, Indian Commerce Minister Piyush Goyal informed.
According to Facts and Factors, the global musical instrument market was worth around $13 billion in 2021, and it is expected to grow by around $15.2 billion by 2028.
The majority of Indian musical instruments and accessories are exported to Germany, Japan and the United States. Between April and November of 2020s and 2021, India exported musical instruments worth $19.39 million.
Prime Minister Narendra Modi also expressed his joy at the growth and said, “With Indian music gaining popularity around the world, there is a great opportunity for further development in this sector.”
According to the report by MusicWatch, a music consumer research company, 90% of consumers use social media platforms to search for new music and learn about local music events.
Live music concerts have also become increasingly popular on social media, Indiatimes.com reported.
The Indian musical instruments market is segmented into electronic musical instruments, stringed musical instruments, wind instruments, stringed instruments, percussion instruments; other musical instruments: parts and accessories and distribution channel: online and offline, according to an article by Newsonair.
Recently, Yamaha Corporation built a musical instrument factory in India, with the intention of making it an export center. The first phase involved an investment of Rs 380 crore. It is said that they are currently producing portable keyboards and can create 1.50 lakh of portable keyboards and 2 lakh of acoustic guitars every year.
At the launch, the company said, “We have been selling our music products in India since 2008. Until now, they were imported from China. We recorded a turnover of Rs 200 crore. We are coming to India at the right time.
People had more time to themselves during the Covid-19 pandemic, and music was one way to use that time. It was also said to have an impact on the global market trend.
Educators have moved to online courses and music enthusiasts now have easy access to instruments as these instruments can be ordered online. Rising demand for electronic music has also contributed to the growth of the market, Indiatimes cited the reason.
As the world moves towards more technical advancements, the demand for electronic music has also increased. Music composers can tune sound with more control in electronic music devices. The ability of composers to customize and personalize instruments can further boost market growth.
Furthermore, the Government of India’s National Electronics Policy 2019 aims to establish a $400 billion electronics manufacturing ecosystem by 2025 in the country. It would also greatly increase the investments in the electronic musical instruments segment.