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Parts & Accessories of Musical Instruments - Suriname

Suriname
  • in Suriname, a country located South_America, also contributes to the revenue in the Parts & Accessories of Musical Instruments market.
  • In 2024, the revenue in this market segment amounts to US$1.1m.
  • Looking ahead, the market is expected to grow annually by 10.97%, according to the Compound Annual Growth Rate (CAGR) for the period of 2024-2029.
  • When compared to other countries globally, China generates the highest revenue in this market segment, reaching a staggering US$4.9bn in 2024.
  • It is also worth noting that in relation to the total population figures, the per person revenues in Suriname reach US$1.81 in 2024.
  • Despite its small market size, Suriname has seen a surge in demand for high-quality guitar strings and drumsticks.

Definition:

Parts and accessories of musical instruments include products that are used to maintain, repair, or enhance the performance of musical instruments. These products include strings, reeds, drumheads, picks, stands, cases, and amplifiers. Parts and accessories are essential for musicians to ensure that their instruments are in good condition and produce the desired sound. The market for parts and accessories of musical instruments is driven by factors such as the increasing number of musicians and music enthusiasts, the need for replacement and repair of parts, and the growing demand for high-quality sound and performance.

Additional Information:

The market comprises revenue and average revenue per capita. Figures are generated through both online and offline sales channels and include spending by consumers (B2C). Key players in the market are companies like D'Addario, Fender, Gibson, and Shure. These companies are leaders in their respective segments and are known for their innovative products, brand reputation, and extensive distribution networks. For more information on the data displayed, use the info button right next to the boxes.

In-Scope

  • Parts of musical instruments, such as guitar strings, saxophone reeds, mouthpieces and drumheads
  • Accessories of musical instruments, such as cases, guitar straps, metronomes and stands

Out-Of-Scope

  • Printings, such as sheet music and music books
  • Electric devices accessories such as cables, connectors, power adapters and batteries

Revenue

Notes: Data was converted from local currencies using average exchange rates of the respective year.

Most recent update: Jul 2024

Source: Statista Market Insights

Most recent update: Jul 2024

Source: Statista Market Insights

Sales Channels

Most recent update: Mar 2024

Source: Statista Market Insights

Global Comparison

Most recent update: Jul 2024

Source: Statista Market Insights

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.

Key Market Indicators

Notes: Based on IMF, World Bank, UN and Eurostat

Most recent update: Sep 2024

Source: Statista Market Insights

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