| SIC Codes: | 3931 |
| NAICS Codes: | 339992 |
The US musical instrument manufacturing industry includes about 600 companies with combined annual revenue of about $2 billion. Major companies include Fender, Gibson Guitar, and Steinway. The industry is highly concentrated: the 50 largest companies generate more than 80 percent of revenue.
Demand is largely driven by consumer income and education demographics. The profitability of individual companies depends on cost efficiencies. Many large companies benefit by offering a wide range of products. Small companies can compete effectively by specializing in high-end or niche instruments.
Major products are string instruments (including violins and guitars), electronic keyboards, pianos, and woodwinds. Other products include brass wind instruments, percussion instruments, and organs. Replacement parts and accessories, such as strings, mouthpieces, and music stands, account for a significant portion of industry sales.
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