Shifting consumer tastes will continue to constrain industry performance
New York, NY (PRWEB) April 22, 2015
Despite improvements in consumer spending levels and disposable income in recent years, unfavorable shifts in consumer preferences and increased competition from imports and substitute products have challenged drum set manufacturers. For example, demand for acoustic drum sets has declined significantly in recent years as consumers have increasingly turned to electronic drums and similar accessories. Furthermore, alternative leisurely activities such as outdoor recreation, social media and video games have increasingly taken away free time for practicing and performing with musical instruments. As fewer consumers choose to play musical instruments in their free time, demand for drum sets and other percussion products has waned. Accordingly, industry revenue is expected to decline over the five years to 2015.
According to IBISWorld Industry Analyst Ibrahim Yucel, “Despite a weak domestic market for drum sets, strong international demand for US-made cymbals and handheld percussion instruments has partially offset this decline.” Accordingly, exports have grown over the past five years. In addition, although demand for drum sets from the consumer market has plummeted in recent years, demand for some product segments has remained relatively stable. For example, the educational percussions product segment, which manufactures percussion instruments for use in school orchestras and marching bands, has grown in recent years, as student participation in school music programs has remained strong. In addition, demand for handheld percussion instruments such as cajon has increased as a growing share of Americans developed an interest in folk instruments.
“During the next five years, increased pressure from imports, external competition from electronic musical instruments and shifting consumer tastes will continue to constrain industry performance,” says Yucel. These factors will likely force uncompetitive businesses out of the market, while industry employment is expected to drop during the five-year period. Overall, industry revenue is expected to decline over the five years to 2020.
For more information, visit IBISWorld’s Drum Set Manufacturing in the US industry report page.
Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189
IBISWorld industry Report Key Topics
This industry manufactures acoustic percussion musical instruments such as drums, cymbals, tambourines and other related parts and accessories. The industry does not include electronic percussion instruments such as electronic drum kits.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.