PUBLISHER: Allied Market Research | PRODUCT CODE: 1140129
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140129
Musical instrument insurance protects against any loss or damage to musical instrument in an actual or attempted robbery or burglary at insured premises. Insuring a musical instrument is a good idea if the instrument is cost-prohibitive to replace it, or if the instrument is needed regularly for performances or teaching. Musical instrument insurance often covers more than just the actual instrument, it might also cover the case, accessories and even sheet music.
Surge in demand for music instruments among consumers is a major driving factor for the musical instrument insurance. As the consumers are attracted towards playing instruments such as guitar, piano, drums and others. The need for insuring these instruments becomes a necessity. In addition, the cost of musical instruments are generally higher, and thus any damage caused to these instruments might cost huge amount of money to the owner for repairing it. Thus, to safeguard their instruments for any repair cost, consumers prefer to purchase musical instrument insurance. Therefore, this is a propelling factor for the market growth. Moreover, there is a rising awareness among musicians about the musical instrument insurance, thus these factors are driving the musical instrument insurance market growth. However, the cost of purchasing musical instrument insurance is generally higher since the risk factor of damage and theft is high which restricts consumers from purchasing musical instruments insurance. Hence, this is a major factor limiting the growth of musical instrument insurance market. On the contrary, the younger generation is interested towards taking up music as their profession. Moreover, the demand for professional music course have grown in the recent years. Therefore, as people take up music as their profession, the demand for musical instruments will grow which will eventually lead to the rise in demand for musical instrument insurance. Thus, this factor is expected to provide lucrative growth opportunities for the market in coming years.
The musical instrument insurance market is segmented on the basis of application, distribution channel, end user, and region. By application, it is segmented into music production/direction and personal use. The music production/direction segment is further sub segmented into digital instruments, guitar, piano/keyboard, and others. The digital instruments sub segment is further bifurcated into computers & tablets, and electronic wind instruments (EWIs). By distribution channel, it is bifurcated into direct response, musical stores, online channels, and others. Based on end user, it is segregated into professionals and amateur. By region, it is analyzed across Asia-Pacific, Europe, North America, and LAMEA.
The report analyzes the profiles of key players operating in the musical instrument insurance market such as Aon plc., AXA Insurance Ltd., Assetsure, Aston Lark, Anderson Musical Instrument Insurance Solutions, LLC, Allianz Insurance plc, Bajaj Finance Limited, EBM, Erie Indemnity Co., Front Row Insurance, Insurance Zebra, Insuranks.com, musicGuard, MusicPro Insurance Agency LLC, Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, and ValuePenguin. These players have adopted various strategies to increase their market penetration and strengthen their position in the musical instrument insurance industry.
Key Benefits For Stakeholders
Key Market Segments
By Application
By Distribution Channel
By End User
By Region