New York, NY (Top40 Charts) The global vinyl records market size is estimated to grow by USD 663.77 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 8.41% during the forecast period. North
America is estimated to account for 32% of the global market growth. For more insights on the historic market size (2017 to 2021) and forecast market size (2023 to 2027).
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Global competitiveness and key competitor positions
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Vinyl Records Market - Segmentation Assessment
Segment Overview
This report extensively covers market segmentation by product (LP/EP vinyl records and single vinyl records), distribution channel (online and offline), and geography (APAC, North America, Europe, Middle East, and Africa, and South America).
The market share growth by the LP/EP vinyl records segment will be significant for market growth during the forecast period. Most of the record labels use LP vinyl as the standard format for vinyl records. The segment growth can be attributed to the increasing demand for retro music. Different colors in LP vinyl records for retro music with creative packaging are also offered by various market vendors to attract customers to the market. Furthermore, EP (extended play) vinyl records were introduced as singles through the vinyl format. Moreover, the rising popularity and promotional activities of EP records would further propel the demand for LP/EP vinyl records. Hence, such factors boost the segment growth during the forecast period.
Geography Overview:
By geography, the global vinyl records market is segmented into North America, APAC, Europe, South America, and
Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global vinyl records market.
North
America is projected to account for 32% of market growth during the forecast period. The existence of several music publishers and vinyl record-pressing plants across North
America drives the market growth in the region. Furthermore, the high GDP per capita indicates the high spending capacity of the population, which allows them to spend on vinyl records. Such factors are likely to increase the revenue generated by the music market in the country. Hence, such factors boost the regional market growth during the forecast period.
Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report
Vinyl Records Market - Market Dynamics
Key factor driving market growth
The aesthetic appeal of vinyl records drives the market growth during the forecast period. The medium of music has changed in form and content over the years. But for an audiophile or a music lover, vinyl records are still considered an auratic product.
The ability to represent important events in pop music history and heritage while providing a sense of the cultural background, which is modern and urbane is considered an important feature in vinyl records. Moreover, music enthusiasts collect vinyl records as collectibles, as most records are packaged artistically and presented creatively. Hence, such factors drive the growth of the market during the forecast period.
Leading trends influencing the market:
Promoting vinyl records as special editions or deluxe products is an emerging trend in the market. Young people listen to music on many devices and in different formats. But they increasingly invest in vinyl records for their most loved recordings.
Thus, various market players try to differentiate their product offerings by launching special and deluxe editions of their copies. Additionally, various artists and labels promote their products as deluxe products, quoting a higher price to increase revenue. Hence, such trends boost the market growth during the forecast period.
Major challenges hindering the market growth:
Digital music formats challenge the growth of the market during the forecast period. The music industry is going through a transition and the current trend is the streaming format. This format has witnessed significant growth over the past few years.
Moreover, a fast
Internet connection has allowed people to access music directly via cell phones or other electronic devices. Hence, such factors will hinder the growth of the market during the forecast period.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)!
What are the key data covered in this Vinyl Records Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the vinyl records market between 2023 and 2027
Precise estimation of the size of the vinyl records market and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the vinyl records market across North America, APAC, Europe, South America, and
Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of vinyl records market vendors
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Vinyl Records Market Scope
Base year - 2022
Historic period - 2017-2021
Forecast period - 2023-2027
Growth momentum & CAGR - Accelerate at a CAGR of 8.41%
Market growth 2023-2027 - USD 663.77 million
Market structure - Fragmented
YoY growth 2022-2023 (%) - 6.97
Regional analysis - North America, APAC, Europe, South America, and
Middle East and Africa
Performing market contribution - North
America at 32%
Key countries - US, Japan, Germany, France, and UK
Competitive landscape - Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and
Industry Risks
Key companies profiled - Austep Music,
Erika Records Inc., GZ Media AS, handle with care manufacturing, Implant Media Pty Ltd., Independent Record Pressing, Microforum Services Group, MPO France, Optimal media GmbH, Pallas Group, PrimeDisc International Ltd., Quality Record Pressings, R.A.N.D. MUZIK GbR, Record
Industry BV, Stereodisk LLC, Takt Direct GmbH, The Vinyl Factory Ltd., United Record Pressing, VINYL PRESENTS Ltd., and Zenith Records
Market dynamics - Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
Customization purview - If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
