Market Insights Consumer Toys & Hobby Musical Instruments

String Instruments - ASEAN

ASEAN

In ASEAN, the revenue in the String Instruments market is projected to reach a staggering amount of US$0.5bn in the year 2024.
This market segment is anticipated to experience a compound annual growth rate (CAGR) of 8.29% from 2024 to 2028.
When compared to other countries worldwide, it is noteworthy that in China generates the highest revenue in this market, with an expected revenue of US$1,092.0m in 2024.
Looking at the revenue per person, it is estimated that in 2024, each individual in ASEAN contributes approximately US$0.69 to the overall revenue in the String Instruments market.
In the ASEAN region, the demand for traditional string instruments, such as the gamelan in Indonesia, is experiencing a resurgence among younger generations.

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

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Region comparison

Currency

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.