Market Insights Consumer Toys & Hobby Musical Instruments

String Instruments - Turkey

Turkey

In Turkey, the revenue in the String Instruments market reached US$49.4m in 2024.
Analysts project an annual growth rate of 11.88% (CAGR 2024-2028) for this market segment.
When compared globally, in China stands out as the top revenue generator with US$1,092.0m in 2024.
Looking at the per person revenues in relation to the total population figures, in Turkey generates US$0.57 in 2024.
Turkey's rich musical heritage and cultural traditions have fueled a growing demand for traditional Turkish string instruments, such as the bağlama and the oud.

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.