Transparency Market Research
The demand within the global market for digital piano has been rising on account of the sophistication within the music industry. In the contemporary times, a number of people choose music as their primary career which gives an impetus to the overall music industry. Guitarists, pianists, and drummers are in great popularity across artistic circles. This factor has directly contributed towards the growth of the global digital piano market in recent times. The advent of music schools across the developed countries has also played a key role in the growth of the global digital piano market. International musicians and artists have held workshops to promote musical instruments which has given a thrust to the growth of the global digital piano market.
Initiatives takes by national governments to preserve various forms of art, music, and literature have also played to the advantage of the global digital piano market. There is a stellar demand digital piano amongst the youth because they are enthusiastic about music. The presence of music teachers in schools and other educational institutes has also created demand for digital piano. Opening of recreation and music centers in the urban areas is a factor that is worthy of being substantiated here.
Several European countries have embraced music as an educational avenue. This factor is projected to bring in voluminous revenues within the global digital piano market. It is expected that the growth rate of the digital piano market in Europe would touch new heights. Besides this, the market for digital piano in North America is also prognosticated to expand at a stellar rate.
Digital Piano Market - Overview
Digital piano is an electronic musical instrument and provides an accurate simulation of an acoustic piano. Piano is an acoustic, stringed musical instrument invented in Italy in the 1700 A.D. After a span of about 250 years, digital piano was invented in the 1980s. What makes a digital piano different from an acoustic piano is the combination of 88 keys weighted action and a small onboard computer, along with the set of in-built speakers. A digital piano has sensors which interprets and sends signals to the computer and creates the corresponding sound.
Increase in awareness and rise in number of concerts and stage performances is fuelling the growth of the global digital piano market. According to a new study, concerts are a good stressbuster. Digital piano is a very popular musical instrument across the world. Increase in number of reality shows and musical competitions are a source of inspiration to children to train in playing musical instruments. Digital piano is gaining popularity in countries, such as, India and China, where people are eager to learn music.
Digital Piano Market - Drivers and Restraints
An upsurge in the global entertainment and media industry has been a key driver for the digital piano market. Increase in consumer preference for good-quality products and growth in disposable incomes of consumers are boosting the digital piano market. Piano manufacturers are striving to offer innovative products in the market. In April 2018, Yamaha launched a new product P-125 in P-Series digital piano. It is a compact, entry level instrument and ideal for beginners. it works with the Yamaha Smart Pianist app (iOS app) to access better control over the piano’s sound and settings.
Digital pianos are available in portable and vertical forms. Portable digital piano is light in weight and easy to carry. It is mostly preferred by beginners to train at home and by artists for concerts and performances. Vertical digital pianos are heavy in weight and require professional assistance for transportation. It is mostly preferred by professional pianists at home and studio. Based on product type, digital pianos are available in grand, upright, and synthesizer. Grand digital pianos are large in size as the name suggests, while the upright ones are medium in size, and synthesizer being small in size and easy to carry.
Digital pianos have certain disadvantages when compared to acoustic ones. An acoustic piano has three pedals: soft pedal, sostenuto pedal, and sustain pedal. A digital piano either comes with a single sustain piano or does not come with any pedal. A digital piano is highly touch sensitive due to the light weight of its keys. Manufacturers are trying to introduce weighted keys to address the issue. According to certain pianists, acoustic piano produces a better sound. The acoustic piano produces a sound when the hammer strikes a string attached to the key. It gives out an authentic, acoustic sound that has a warmer and more resonant tone. Whereas the digital piano can only mimic the sound of the acoustic piano, due to non-existence of pedal in the former.
Digital Piano Market - Segmentation
The global digital piano market can be segmented based on product type, type, and application. Based on product type, the digital piano market can be classified into upright digital piano, grand digital piano, and synthesizer. Based on type, the digital piano market can be divided into portable digital piano and vertical digital piano. Based on application, the digital piano market can be bifurcated into concert and performance, learning and teaching, and entertainment.
Digital Piano Market - Key Players
Key manufacturers operating in the global digital piano market are Casio Computer Co. Ltd, Yamaha Music Foundation, Guangzhou Pearl River Piano Group Co. Ltd, Samick Music Corporation, Kawai Musical Instruments Mfg. Co. Ltd., Roland Corporation, Ringway Tech Co. Ltd, and Medeli Electronics Co. Ltd.
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