The turnover of musical instruments in Belgium saw significant fluctuations over the past decade. Starting at 8.5 million Euros in 2013, there was a general upward trend despite some annual variations. Notable growth was observed in 2019 with a remarkable 43.61% year-on-year increase, reaching 19.1 million Euros. By 2023, the market stood strong at 20.8 million Euros, representing a steady increase of 5.58% from the previous year. Analyzing the latest five years, the compound annual growth rate (CAGR) is calculated at 9.36%, indicating a solid growth trajectory for the industry.
Forecasts suggest continuous growth with expected turnover reaching 26.2 million Euros by 2028, representing a forecasted 5-year CAGR of 3.65%. This indicates a steady, albeit slower, growth rate compared to the past five years.
Future trends to watch for include:
- The impact of digitalization and new technologies on musical instrument sales
- Changes in consumer preferences and the popularity of various types of musical instruments
- Economic factors such as disposable income and consumer spending on leisure activities
