The global viola market is expected to post a CAGR of close to 2% during the period 2019-2023. However, according to the latest market research report by Technavio the market is expected to decelerate on a year-on-year basis during the forecast period.
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Technavio has released a new market research report on the global viola market for the period 2019-2023. (Graphic: Business Wire)
With advancements in web technology, a number of online tutorial sites use videos, reference articles, and other teaching methodologies to help individuals learn how to play viola. This has also simplified the learning process for individuals who have busy work schedules and do not find time to join classes. Also, online tutorials help individuals who cannot afford to pay a high fee for these music classes by offering courses at no or minimal cost. The availability of learning materials online encourages individuals to buy, learn, and play viola and, hence, is expected to drive the market during the forecast period.
As per Technavio, the increased popularity of live events will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global viola market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global viola market: Increased popularity of live events
There is an increased passion and love for music among the younger generation, which is contributing to the growing demand for live events. With the increasing preference for live events, there is an exponential increase in the number of artists worldwide. Hotels, social gatherings, restaurants, and shopping malls arrange for live events so that people can watch their favorite artists' performances. This creates a strong demand for various types of high-tech and high-priced equipment from companies that organize or sponsor such events, thereby contributing to the growth of the market. Moreover, professional musicians and artists inspire their fans and followers to buy violas and other musical instruments. Hence, the increasing number of concerts, bands, and live performances has contributed to the popularity of musical instruments, thereby supporting the market's growth.
“Apart from the increased popularity of live events, educational advancements, rising interest in music-related leisure activities, growing popularity of online retail, and the rising preference for pre-owned violas among musicians are some major aspects that are contributing largely to the growth of the market, at the global level,” says a senior analyst at Technavio.
Global viola market: Segmentation analysis
This market research report segments the global viola market by end-user segment (professional and amateur) and geographical regions (North America, APAC, Europe, South America, MEA).
Geographically, North America led the market in 2018 with a market share of over 45%, followed by APAC, Europe, South America, and MEA respectively. However, during the forecast period, the MEA region is expected to register the highest incremental growth, followed by the South American region.
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