Market Insights Consumer Toys & Hobby Musical Instruments

String Instruments - Mongolia

Mongolia

In Mongolia, the revenue generated in the String Instruments market amounted to US$1.3m in 2024.
It is expected that this market will experience an annual growth rate of 6.99% (CAGR 2024-2028).
When comparing this to the global market, it is noteworthy that the majority of revenue is generated in China, with a value of US$1,092.0m in 2024.
Furthermore, in relation to the total population figures, the per person revenue generated in 2024 amounts to US$0.37.
Mongolia's traditional string instruments, such as the morin khuur, continue to be cherished and preserved, reflecting the nation's deep cultural heritage.

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

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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.