The manufacture of musical instruments sector in Spain has shown a consistent decline in the number of employees over the past decade. The peak employment in 2016 with 673 employees gradually decreased to 483 in 2023, marking a year-on-year reduction of 3.4%. The compound annual growth rate (CAGR) over the past five years stands at -3.56%. This trend signifies a steady contraction in the sector, impacted possibly by technological advancements and changing consumer preferences.
Forecasts predict this downward trajectory will continue, with the number of employees expected to reduce to 404 by 2028. The forecasted five-year CAGR stands at -2.86%, reflecting a 13.49% reduction over this period.
Future trends to watch for:
- Technological advancements and automation impacting job numbers.
- Increasing preference for digital music tools over traditional instruments.
- Potential shifts in global supply chains affecting local manufacturing jobs.
- Emerging opportunities in niche markets and high-end instrument craftsmanship.