$6.0bn
$XXX.Xm
31,872
8,800
$XXX.Xm
The Musical Instrument and Supplies Stores industry has fallen out of tune as strong external competition has drowned out the sound made by independent stores. As large-scale retailers and online stores made their way into the musical equipment industry, accelerated by COVID-19, traditional brick-and-mortar retailers experienced revenue steadily fall over the past five years. Music stores that have expanded into the online space have experienced more success than those operating strictly in physical locations, but they still have struggled to compete with the prices of larger retailers. Industry revenue is expected to fall at a CAGR of 1.0% to $6.0 billion in 2024, despite a dip of just 1.0% in 2024 alone.
Industry revenue has declined at a CAGR of 1.0 % over the past five years, to reach an estimated $6.0bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Guitar Center, Inc. | 1,682.1 | 7.0 | 0.4 |
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Industry revenue is measured across several distinct product and services lines, including New guitars, New other instruments and Used violins, drums, guitars and other instruments. New guitars is the largest segment of the Musical Instrument & Supplies Stores in the US.
New pianos, guitars and other instruments are the largest product segment
The Musical Instrument and Supplies Stores industry retails an extensive selection of musical instruments, sheet music and related supplies, such as microphones, amplifiers and audio systems. These products are usually sold directly to end consumers. Many industry operators also repair and rent these products and provide music instruction.
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NAICS 45114 - Musical Instrument & Supplies Stores in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Music stores are being aggressively replaced by big-box retailers and online merchants. Even peer-to-peer music websites are taking notes from the historic revenue generator,...
Learn about an industry's products and services, markets and trends in international trade.
New instrument sales, mainly of guitars, pianos and string instruments, drive the most revenue for stores. Add-ons and repair services may not drive revenue themselves but pu...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The distribution of establishments for the Musical Instrument and Supplies Stores industry closely follows the United States population. This is a characteristic of retail in...
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.
Music stores experience greater competition from external marketplaces than from other music retailers. Stores that are unable to compete on price or product offering often e...
Learn about the performance of the top companies in the industry.
Guitar Center, the music industry's largest company, focuses almost exclusively on sales of guitars. Smaller music stores, by contrast, often cater to more classical instrume...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Musical instrument and supplies stores are subject to a light level of regulation. Stores must adhere to all common labor and safety laws and obtain any required licensing.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Profit has continued to stagnate as external competition has increased. The rise in competition has forced stores to lower their prices, limiting profit.
Including values and annual change:
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Key data sources in the US include:
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These sources include:
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The market size of the Musical Instrument & Supplies Stores in the US industry in United States is $6.0bn in 2024.
There are 8,800 businesses in the Musical Instrument & Supplies Stores in the US industry in United States, which has declined at a CAGR of 2.2 % between 2019 and 2024.
The market size of the Musical Instrument & Supplies Stores in the US industry in United States has been declining at a CAGR of 1.0 % between 2019 and 2024.
Over the next five years, the Musical Instrument & Supplies Stores in the US industry in United States is expected to grow.
The biggest company operating in the Musical Instrument & Supplies Stores market in United States is Guitar Center, Inc.
New guitars and New other instruments are part of the Musical Instrument & Supplies Stores in the US industry.
The company holding the most market share in United States is Guitar Center, Inc..
The level of competition is moderate and increasing in the Musical Instrument & Supplies Stores in the US industry in United States.