The market is dominated by foreign suppliers, as imports account for 50.1% of total market size in 2023. Households drive market demand, with household spending representing 57.6% of total demand in 2023. India has the eighth largest market size for musical instruments regionally, with demand reaching USD114 million in 2023. GS Metallica is the largest company in India, generating 1.6% of the industry’s total production value in 2023. The industry is fragmented, with the top five companies generating 6.4% of total production value in 2023. The total number of companies increases in 2023, to 1,853 units. The costs of the industry increase by 0.6% in 2023, largely driven by rising B2B costs. The industry’s profitability decreases and stands at 4.6% of production value in 2023, the 16th highest regionally. The industry’s exports share decreases in 2023 to 38.5% of total production output. With production value of USD74.4 million, India accounts for 0.5% of the Asia Pacific total in 2023.
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This Euromonitor industrial report provides unique information on Musical Instruments in India: ISIC 3692. With this industrial report, you’ll be able to explore the industry from its sources of supply to its buyers. The Musical Instruments in India: ISIC 3692 report includes: Industry datagraphics including production data, exports, imports, cost structure, and profitability
Household Goods is an aggregation of Furniture, Jewellery and Related Articles, Musical Instruments; Imitation Jewellery, Brushes and Other Personal Items, Sports Goods, Toys and Games, Watches and Clocks.
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