New Delhi, Nov 5 (SocialNews.XYZ) Indian music is famous globally, so are the musical instruments. Now what may sound as music to many ears is that the export of Indian musical instruments has increased to Rs 172 crore, compared to the same period in 2013-14.
It is a 3.5 times jump from eight years ago. During that time the exports were worth just Rs 49 crore, informed India's Commerce Minister Piyush Goyal.
According to Facts and Factors, the global market for musical instruments was worth about $13 billion in 2021, and it is expected to grow by about $15.2 billion by 2028.
The majority of India's musical instruments and accessories are exported to Germany, Japan, and the US. Between April and November of the years 2020 and 2021, India exported musical instruments valued at $19.39 million.
Prime Minister Narendra Modi also expressed his happiness on this growth and said: "With Indian music gaining popularity worldwide, there is a great opportunity to further grow in this sector."
As per the report of MusicWatch, a music consumer research company, 90 per cent of consumers, use social media platforms to search for new music and learn about local music events.
Live music concerts have become increasingly popular on social media as well, reported Indiatimes.com.
The Indian musical instrument market is segmented by-electronic musical instruments, Stringed musical instruments, wind instruments, string-based instruments, percussion instruments; other musical instruments: parts and accessories and distribution channel: online and offline, an article in Newsonair stated.
Recently, Yamaha Corporation constructed a musical instrument plant in India, intending to make it an export hub. The first phase involved Rs 380 crore worth of investment. It is said that they are currently producing portable keyboards and can create 1.50 lakh portable keyboards and 2 lakh acoustic guitars each year.
While launching the company said: "We have been selling our musical products in India since 2008. Till now, they were being imported from China. We posted a revenue of Rs 200 crore. We are coming to India at the right time.
People had more time for themselves during the Covid-19 pandemic, and music was one way to make use of that time. It was also said that this had an impact on the trend in the global market.
Educators opted for online classes and music enthusiasts now have easy access to instruments as these instruments can be ordered online. The rise in demand for electronic music has also contributed to the growth of the market, Indiatimes cited this as the reason.
As the world moves towards more technical advancements, the demand for electronic music has also increased. Music composers can tune in sound with more control in electronic music devices. The ability of composers to customise and personalize instruments can further boost the growth of the market.
Also, the National Electronics Policy 2019 of the Indian government aims to establish a $400 billion electronics manufacturing ecosystem by 2025 in the country. This would also significantly increase the investments in the electronic musical instrument segment.