The global digital keyboard market was valued at $1.82 billion in 2015 and is projected to grow at a annual rate of 2.52 per cent to reach $2.06 billion by 2020, according to the latest report from Technavio.
The global digital keyboard market is anticipated to grow during the forecast period due to the increasing demand for electronic keyboards in both developed and developing countries. These instruments are capable of producing the sounds of other instruments such as organs, pianos, and harpsichords, and can store preset music. The increased need for different types of musical sounds will drive this market.
The digital keyboard market in the Asia-Pacific region was valued at $654.7 million in 2015 and is projected to grow at a CAGR of 5.41 per cent to reach $852 million by 2020. The market in APAC is anticipated to grow rapidly during the forecast period. Attributed mainly to the increase in disposable income, which boosts the spending capacity on leisure activities in developing countries including China, India, Indonesia, and Thailand. This is leading to an increased adoption of digital keyboards by a large segment of the population.
In the Americas the market was valued at $609.4 million in 2015 and is projected to grow at a CAGR of 0.66 per cent to reach $629.9 million by 2020. The market there is likely to experience stagnant growth during the forecast period. The market is nearing saturation with the presence of a large number of musicians. In addition, changing consumer trend toward leisure activities such as sports, video games, and other online entertainment and health-related activities is expected to decrease its market share during the forecast period.
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