The global vinyl record market reached a value of US$ 1.3 Billion in 2020. A vinyl record, or phonograph record, refers to an analog sound storage device that consists of a disc manufactured using polyvinyl chloride plastic. The discs can have a metal, resin, cardboard or glass core, and the modulated sound information is inscribed in the surface materials in grooves. The disc is incised on both sides with a single concentric spiral groove, in which a sapphire or diamond needle or stylus is run. Traditionally, these records were used as the primary medium for commercial music production; however, they are now gaining immense traction among the new-generation artists as well.
The market is primarily being driven by rapid urbanization, along with the adoption of omnichannel retailing practices by vendors to increase their consumer base. Music collectors, audiophiles and disc jockeys (DJs) consider vinyl records as a prized possession and are increasingly using them for concerts, shows and music recordings. Furthermore, these records also represent a significant part of pop music history and heritage, which is increasing their demand significantly in the contemporary music scenario. Popular music labels are organizing events to release and offering deluxe or limited-edition albums to promote vinyl records. Additionally, product manufacturers are integrating various technological advancements in the records to enhance disc capacity, maintain high-definition (HD) audio quality and minimize the overall costs of production. Other factors, such as aggressive promotional activities by celebrities and music personalities, along with increasing expenditure capacities of consumers, are projected to drive the market further. Looking forward, IMARC Group expects the global vinyl record market to exhibit moderate growth during the next five years.
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The report has also analysed the competitive landscape of the market with some of the key players being 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, United Record Pressing, etc.
Key Questions Answered in This Report
The global vinyl records market size was valued at US$ 1.30 Billion in 2020.
According to the estimates by IMARC Group, the global vinyl records market is expected to witness a CAGR of 6.80% from 2021 to 2026.
The increasing adoption of omnichannel retailing practices for vinyl records along with their rising acceptance as heritage masterpiece by renowned artists, represent some of the drivers for the global vinyl records market.
The growing penetration of several technological advancements to enhance disc capacity and maintain high-definition (HD) audio quality of vinyl records, represents one of the key trends in the global vinyl records market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary shutdown of numerous manufacturing units of vinyl records, thereby hampering the market growth.
On the basis of the product, the market has been bifurcated into LP/EP vinyl records and single vinyl records. Currently, LP/EP vinyl records hold the majority of the total market share.
On the basis of the feature, the market has been divided into colored, gatefold, and picture. Among these, colored represents the largest segment.
On the basis of the application, the market has been classified into private and commercial. Among these, the commercial sector holds the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global vinyl records market are 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, United Record Pressing, etc.
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