In 2023, the Manufacture of Musical Instruments sector in Belgium had a turnover of 18.7 million euros. Forecasted data from 2024 to 2028 shows a consistent year-on-year increase, with turnovers of 18.9 million euros in 2024, 19.2 million euros in 2025, 19.4 million euros in 2026, 19.6 million euros in 2027, and 19.8 million euros in 2028. This represents a steady year-on-year growth ranging from approximately 1.06% to 1.03%. Over the five-year period from 2024 to 2028, the Compound Annual Growth Rate (CAGR) is about 1.10%.
Future trends to watch for:
- Technological advancements in instrument manufacturing
- Shifts in consumer preferences towards digital and electronic instruments
- Impact of economic factors on discretionary spending for musical instruments
- Growth in musical education and associated demand for instruments
