The Manufacture of Musical Instruments sector in Belgium has experienced fluctuations over the past decade. Between 2013 and 2015, production saw a steady increase, with notable year-on-year growth in 2015 at 17.24%. A significant jump occurred in 2017, with a year-on-year increase of 20.62%, followed by a decline of 16.77% in 2018. Recovery was observed with a remarkable 44.19% increase in 2019, although production slightly dipped in 2020 and showed a moderate rise in the subsequent years, reaching €18.4 million in 2023. The compound annual growth rate (CAGR) over the last five years up to 2023 was 7.36%.
Looking forward, the production in this sector is forecasted to continue a stable growth path. The projected annual growth rate is moderate, with a five-year CAGR of 1.35%, anticipated to increase to €20.1 million by 2028.
Future trends to watch for:
- Technological advancements in manufacturing processes.
- Increasing demand for high-quality, locally-manufactured instruments.
- Potential impact of global supply chain disruptions on production capacity.
