The Manufacture of Musical Instruments sector in Austria experienced variable growth trends from 2013 to 2023. Starting at 65.2 million euros in 2013, it rose to 74.5 million euros in 2023. Despite several fluctuations throughout these years, the sector saw a significant increase from 2013 to 2016, followed by more modest annual changes. Notably, the years 2020 to 2022 were marked by a slight recovery after a sharp decline in 2020, showing a trend of stability with a modest average variation over the last five years (CAGR of -1.12). The short-term year-on-year trends in 2021, 2022, and 2023 showed minor positive changes of 0.41%, 0.41%, and 0.27% respectively.
Future trends to watch for include the gradual growth forecasted from 2024 to 2028, with a forecasted 5-year CAGR of 0.11% and a projected increase in turnover to 75.1 million euros by 2028. This indicates a period of steady but slow growth ahead, with the sector stabilizing and possibly preparing for new market dynamics or shifts in consumer demand and technology advancements.
