Market Insights Consumer Toys & Hobby Musical Instruments

Percussion Instruments - Southern Asia

Southern Asia

In Southern Asia, the revenue generated in the Percussion Instruments market is projected to reach a substantial amount of US$292.3m in the year 2024.
This market segment is expected to experience an annual growth rate of 5.29%, as per the compound annual growth rate (CAGR) from 2024 to 2028.
When compared globally, it is worth noting that in China leads the way in terms of revenue, with an estimated US$379.2m in 2024.
Looking at the per capita figures, it can be observed that in 2024, each person in Southern Asia contributes approximately US$0.15 in revenue to the Percussion Instruments market.
In Southern Asia, the demand for traditional percussion instruments, such as tabla and mridangam, is experiencing a resurgence among younger generations.

Key regions: Worldwide, Asia, China, Indonesia, United Kingdom

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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.