Market Insights Consumer Toys & Hobby Musical Instruments

Electronic & Electromechanical Musical Instruments - Chile

Chile

In Chile, the revenue in the market segment of Electronic & Electromechanical Musical Instruments market is projected to reach a total of US$57.5m in 2024.
This market is anticipated to experience an annual growth rate of 5.64% between 2024 and 2028, according to the compound annual growth rate (CAGR).
Comparing globally, in China stands out as the largest generator of revenue in this market, with an estimated total of US$2,347.0m in 2024.
Considering the population figures, in 2024, the per person revenue generated in Chile in this market segment amounts to US$2.92.
Chile's growing interest in electronic music has led to a surge in demand for electronic and electromechanical musical instruments in the country.

Key regions: Asia, Indonesia, India, United Kingdom, United States

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Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on goods people buy for their leisure activities and hobbies.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use in-house market research, national statistical offices, international institutions, trade associations, third-party studies, and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and household number. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for forecasting the Toys & Hobby market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.