Market Insights Consumer Toys & Hobby Musical Instruments

String Instruments - BRICS

BRICS

In 2024, the revenue generated in the String Instruments market amounts to US$2.2bn.
This market segment is expected to grow annually by 8.10% (CAGR 2024-2028).
When compared globally, the highest revenue is generated in China, with US$1,092.0m in 2024.
In relation to the total population figures, per person revenues of US$0.66 are generated in 2024.
It is worth mentioning that the BRICS countries (Brazil, Russia, India, in China, and South_Africa) collectively play a significant role in this market segment.
In Brazil, the demand for traditional Brazilian string instruments such as the cavaquinho and berimbau is on the rise, reflecting a growing interest in preserving cultural heritage.

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

Market

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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.