The turnover in the manufacture of musical instruments sector in Sweden has shown a general upward trend from 2013 to 2023, starting at 270.8 million Swedish Kronas (MSEK) in 2013 and reaching 486.8 MSEK in 2023. From 2014 to 2018, the sector experienced significant growth, with notable peaks in 2018 (+22.03% year-on-year) and a subsequent decline in 2019 and 2020 due to market adjustments and external factors. From 2021 onwards, the sector recovered steadily, boasting a lower but consistent growth rate, closing 2023 with a year-on-year increase of 4.11%. Over the last five years, the compound annual growth rate (CAGR) from 2018 to 2023 was approximately 2.81%.
The forecast for the sector up to 2028 indicates a continued growth trajectory, reaching an estimated 581.1 MSEK by 2028. The forecasted five-year CAGR stands at approximately 2.81%, suggesting a stable yet moderate increase. Future trends to watch for include technological advancements in instrument manufacturing, shifts towards digital and electronic instruments, and potential impacts of global economic conditions on consumer spending.
