The production value of musical instruments in Italy saw substantial fluctuations between 2013 and 2023. The value stood at EUR 159.5 million in 2023, reflecting a slight decrease of 0.31% compared to the previous year. Over the past decade, the market experienced peaks and troughs, with notable growth spurts, particularly in 2016 and 2018. The five-year compound annual growth rate (CAGR) preceding 2023 was -1.47%, indicating a slight decline in production value.
In 2021, there was a significant decline of 5.09% year-on-year, which aligns with the broader global disruptions during that period. However, 2018 remains a high point with an 8.87% increase. Moving forward, from 2024 onwards, the production value is expected to continue its slight downward trend at a forecasted five-year CAGR of -0.23%, nearing EUR 157.2 million by 2028.
Future trends to watch include the impact of emerging digital music production technologies, changes in consumer preferences towards more digitally produced music, and potential shifts in global trade policies affecting instrument manufacturing and exports.
