According to the latest report by IMARC Group, titled "Vinyl Record Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global vinyl record market reached a value of US$ 1.5 Billion in 2021. A vinyl record is an analog sound storage device that is generally used for storing music. This rotating device is manufactured from polyvinyl chloride (PVC) that is pressed thin with grooves to produce sound. It is a plastic plate that contains a single continuous groove that produces sound when tracked by a turntable needle, known as stylus. Along with this, it is equipped with a turntable, tone arm, cartridge, pre-amplifier and amplifier. Traditionally, it was widely adopted as the primary medium for commercial music creation. However, in recent years, it has gained immense traction among new-generation musical artists as well.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Vinyl Record Market Trends:
The global market is primarily driven by the increasing popularity of promotional activities of extended play (EP) records. Moreover, the aesthetic appearance of vinyl records has led to the rising product demand across the globe. Since these records are widely adopted by audiophiles, collectors and disc jockeys (DJs) and is the fastest growing and selling medium of music, despite the acceptance of digital media, this is creating a positive market outlook. Along with this, numerous leading players are heavily investing in the launching of limited or deluxe-edition albums, which is significantly supporting the product demand on the global level. Apart from this, continual technological advancements in the manufacturing of vinyl records in order to maintain high-definition (HD) audio quality, improve disc capacity and minimize the overall costs of production are contributing to the growth of the market. Other factors, including rapid urbanization and the rising adoption of aggressive marketing strategies and promotional campaigns by music personalities, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 2.6 Billion by 2027, exhibiting a CAGR of 8.4% during 2022-2027.
- On the basis of the product, the market has been segmented into LP/EP and single vinyl records.
- Based on the feature, the market has been bifurcated into colored, gatefold and picture.
- On the basis of gender, the market has been classified into men and women.
- Based on the age group, the market has been categorized into 13-17, 18-25, 26-35, 36-50 and above 50.
- On the basis of the application, the market has been segregated into private and commercial.
- Based on the distribution channel, the market has been classified into supermarkets and hypermarkets, independent retailers, online stores and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.?Some of these players include GZ Media, Implant Media Pty Ltd., Independent Record Pressing, MPO International (Aker Solutions), Optimal Media (Brand Networks), PrimeDisc International Limited, Quality Record Pressings, R.a.n.d.muzik Record Manufacturing, Record Industry, Pallas Group, Stereodisk LLC and United Record Pressing.
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