Musical Instrument Insurance Market Size to Generate $2,475.33 Thousand by 2031
The growing demand for musical instruments serves as a potential opportunity for the expansion of the global musical instrument insurance market. The outbreak of the COVID-19 pandemic had a negative impact on the growth of the market. Based on region, North America held the largest share in 2021, contributing to more than one-third of the global musical instrument insurance market share.
Portland, OR, July 28, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global musical instrument insurance market garnered $1,650.00 thousand in 2021, and is projected to reach $2,475.33 thousand by 2031, growing at a CAGR of 4.3% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
|Market Size in 2021||$1,650.00 thousand|
|Market Size in 2031||$2,475.33 thousand|
|No. of Pages in Report||324|
|Segments covered||Application, Distribution Channel, End User, and Region.|
|Drivers||Musical instrument insurance holds emotional value for the owner|
|Opportunities||Rise in the demand for music instruments|
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global musical instrument insurance market, owing to implementation of global lockdown.
- Aall the concerts and events got cancelled due to the lockdown restrictions. Musicians had to cancel their shows and tours, which resulted in cancellation of the musical instrument insurance policies, since the instruments were not in use.
- However, the insurance providers offered musical insurance policies at reduced rates and also offered customized insurance, which covered any damage caused to the instrument due to keeping instruments in an idle state.
The research provides detailed segmentation of the global musical instrument insurance market based on application, distribution channel, end user, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on application, the music production/direction segment accounted for the highest share in 2021, contributing to more than four-fifths of the global musical instrument insurance market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the personal use segment is expected to manifest the highest CAGR of 10.4% from 2022 to 2031.
Based on sales channel, the direct response segment accounted for the highest share in 2021, holding more than one-third of the global musical instrument insurance market, and is expected to continue its leadership status during the forecast period. However, the others segment is estimated to grow at the highest CAGR of 5.8% during the forecast period.
Based on end user, the professionals segment held the highest share in 2021, accounting for more than four-fifths of the global musical instrument insurance market, and is expected to continue its leadership status during the forecast period. However, the amateur segment is expected to register the highest CAGR of 9.1% from 2022 to 2031.
Based on region, North America held the largest share in 2021, contributing to more than one-third of the global musical instrument insurance market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 5.9% during the forecast period.
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Leading market players of the global musical instrument insurance market analyzed in the research include Front Row Insurance, Insurance Zebra, Anderson Musical Instrument Insurance Solutions, LLC, Insuranks.com, MusicPro Insurance Agency LLC, Progressive Casualty Insurance Company, EBM, Nationwide, Aston Lark., Assetsure, Allianz Insurance plc, Erie Indemnity Co., AXA Insurance Ltd., ValuePenguin, Bajaj Finance Limited, Benzinga, Aon plc.
The report provides a detailed analysis of these key players of the global musical instrument insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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