The sale of Indian music instruments witnessed huge growth in the global market in recent years. The international musical instruments market was valued at around $13 billion in 2021 and is estimated to grow by about $15.2 billion by 2028. India exports most of its musical instruments and accessories to the United States of America, Germany and Japan. In the year 2020-2021 (April-November), India exported musical instruments worth $19.39 million, India’s Prasar Bharati (PBNS) cited Facts and Factors.
In a recent tweet, Piyush Goyal, Indian Minister of Commerce, endorsed the demand factor for Indian musical instruments by citing another number, 3.5 times rise in April-September 2022.
The current export, according to sources in the Indian Ministry of Commerce, has risen to Rs 172 crore, compared to the same period in 2013-14. “Eight years ago, the exports of musical instruments were worth Rs 49 crores,” Piyush Goyal said in his tweet.
Germany, Japan, and the US are the countries, which received the majority of India’s musical instruments and accessories, as between April and November 2020 and 2021, India exported musical instruments valued at $19.39 million, said the PBNS report.
The point to be noted is the time when the demand for Indian music instruments was the highest in the global market. It was the peak of the Covid-19 pandemic. Music probably was the best companion for people in isolation during the disturbing days of the pandemic.
Taking advantage of the availability of time and, more importantly, to keep constructively engaged, people opted for online classes. Orders for online musical instruments during Covid-19 lockdowns and restriction periods were very high. This is reflected in the high demand for Indian musical instruments. It was easy for educators to offer lessons online while the overall sale demand reflected the growth of the market.
Technical advancement is also a boom factor for the music instrument sector. This gave the Music composers liberty to “tune in sound with more control in electronic music devices, customise and personalise instruments.”
Overall, all these developments helped in the high demand for music and musical instruments.
Indian Prime Minister Narendra Modi expressed happiness over this growth. “With Indian music gaining popularity worldwide, there is a great opportunity to further grow in this sector,” he said.
The Indian government aims to establish a $400 billion electronics manufacturing ecosystem by 2025 in the country under National Electronics Policy 2019. The move is likely to boost investments in the electronic musical instrument segment.
Source : OmanObserver