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21:29, 13-Oct-2017
China's musical instruments sales likely to exceed 6 billion USD in 2017
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Musical instruments sales in China are estimated to exceed 40.6 billion yuan (6.1 billion US dollars) in 2017, an industry association said Friday.
Musical instruments sales have soared recently as more Chinese kids, particularly those in big cities, are taking up music as an enjoyable extra-curricular activity.
In the first half of the year, 253 musical instrument makers, whose sales revenues exceed 20 million yuan each, recorded a total sales of 19 billion yuan, said the China Musical Instrument Association.
The musical instrument market has recently been driven by a number of low-cost, high-selection Internet and mail order companies, which have caused prices to level out by letting consumers compare prices from their own homes.
In 2012, the whole year sales for the Chinese market was 24.5 billion yuan. And the global market of musical instruments is expected to grow by 8.93 percent by 2021, according to the 2017 Global Musical Instrument Market Research Report which is released September.
VCG Photo
VCG Photo
China's musical instrument exports declined slightly in the second quarter, but imports grew 6.9 percent year-on-year after reductions to import duty rates, the association said at the China (Shanghai) International Musical Instrument Expo.
The expo has become the biggest of its kind in the world. With an exhibition space of 125,000 square meters, it has attracted more than 2,000 musical instrument makers from 30 countries and regions.
Over the five years from 2017, revenue for the musical instrument manufacturing industry in China is estimated to grow at an annualized rate of 10.1 percent to 7.2 billion US dollars. China has more than 640,000 musical training agencies, with the music training market exceeding 70 billion yuan last year.
China's musical instrument industry has developed rapidly in the past ten years. Most well-known international instrument brands have set up manufacturing plants or cooperated on manufacturing in China making the country a major production site for mid- and low-end musical instruments.
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