The overall change in the Australian music products market in 2024, based on inflation-adjusted import values across all sections, was a decline of 10% compared to 2023.

2023 total market value (Adjusted): $AU500 million (imports) / $AU1.25 billion (retail value)
2024 total market value: $AU450 million (imports) / $AU1.13 billion (retail value)
Year-on-year change: −10%

Economic Overview

Key Economic Indicators	2024 (Year-End)	2023 (Year-End)	Notes
GDP Growth (annual)	1.30%	0.80%	Calendar year growth to Dec 2024.
Unemployment Rate	4.00%	4.00%	Seasonally adjusted, Dec 2024.
Inflation (CPI, annual)	2.40%	4.10%	Year to Dec 2024.
Cash Rate (end of year)	4.35%	4.35%	Held steady throughout 2024.
AUD/USD Exchange Rate (avg)	0.645	0.675	Average rate across calendar year 2024.
Household Consumption Growth	0.10%	0.10%	Minimal growth in Dec quarter 2024.
Retail Trade Turnover Growth	1.50%	2.00%	Nominal growth over the year to Dec 2024.

In 2024, Australia’s economy experienced modest growth, with GDP increasing by 1.3% over the calendar year. This growth was supported by both public and private expenditure, alongside an uptick in exports of goods and services.[1]

The labour market remained resilient, with the unemployment rate steady at 4.0% as of December 2024. The participation rate was 67.1%, and the underemployment rate stood at 6.0%, indicating a stable employment environment.[2]

Inflationary pressures eased, with the Consumer Price Index (CPI) recording a 2.4% increase over the year to December 2024, bringing it within the RBA target range of 2–3%. The RBA maintained the cash rate at 4.35% throughout 2024, reflecting a cautious approach to monetary policy amid global economic uncertainties.

The Australian dollar’s average exchange rate against the US dollar was 0.645 over the calendar year 2024, indicating relative stability in foreign exchange markets.

Household consumption showed minimal growth, with a 0.1% increase in the December quarter of 2024, suggesting cautious consumer spending behaviour. Retail trade turnover grew by 1.5% in nominal terms over the year to December 2024, reflecting subdued consumer demand amid cost-of-living pressures.[3]

Music Products Market Summary

The 2024 market for music products in Australia reflects a consolidation following the pandemic-era peaks and a high-inflation recovery period. Across major sections including Guitars, Percussion, Pianos & Keyboards, Pro Audio and more, total units and total value mostly declined compared to 2023, with fewer segments showing growth in either metric. Average unit values remain higher than pre-pandemic benchmarks, but the real value of imports has fallen in most categories. A small number of product categories showed stability or growth, but the overall pattern points to reduced consumer demand and lower trade volume for music products in 2024.

Pianos & Keyboards

The Pianos & Keyboards section experienced a modest 3.3% increase in total units in 2024 compared to 2023 but remains 25.7% below the five-year average and 23.0% below the 10-year average. This marks a slight rebound from 2023’s low point but does not yet represent a recovery to pre-pandemic levels. Within the section, Digital Pianos grew by 9.2%, Electronic Keyboards by 6.6%, and Upright Pianos by 5.9%, while Grand Pianos fell by 23.8%. These shifts suggest stabilisation in mid-market digital and educational segments, while premium acoustic instruments remain under pressure.

In value terms, the section fell significantly, with a 26.6% drop in total value, and a 28.8% decline value compared to 2023. This places 2024 real value 27.4% below the five-year average. The value for Digital Pianos ($AU19.97 million) and Electronic Keyboards ($AU7.49 million) remained well below their recent peaks. Despite modest unit growth, subdued values indicate lower average prices, margin pressure, and/or reduced high-end sales. Overall, the segment continues to recalibrate after pandemic-era surges, with digital formats maintaining relevance but without recovering earlier value levels.

Guitars

The Guitars section posted a 15.1% increase in units in 2024, marking a welcome reversal after several years of decline. However, overall volume remains 18.8% below the five-year average, indicating the market has not yet returned to pre-pandemic levels. Electric Guitars (+15.2%) and Bass Guitars (+12.8%) helped drive growth, while Acoustic Guitars surged 28.0%, suggesting recovery in core categories. Combo Amps and Ukuleles also recorded modest growth. The trend in volume was the same to varying degrees: an increase from 2023 to 2024, but below each of the previous three years.

In value terms, the section recorded a −5.8% decline in value, falling to $AU91.7 million, and now sits 20.7% below the five-year average. Most major categories declined in real value, including Electric Guitars (−9.3%), Bass Guitars (−11.7%), and Combo Amps (−28.8%), while Acoustic Guitars grew by 15.9%. The disconnect between unit growth and falling value suggests increasing price sensitivity, inventory discounting, and/or a shift toward lower-priced products. While demand appears to be returning, margins and average unit value remain under pressure.

Brass, Wind & Strings

The Brass, Wind & Strings section saw a sharp contraction in 2024, with units falling by 23.5% compared to 2023 and remaining 17.0% below the five-year average. This result is disproportionately affected by a significant downturn in the two largest categories by volume: the relatively low value Other Wind (−27.6%), and Orchestral Strings (−9.5%). Brass and woodwind categories varied in performance — Clarinets and Brass both increased by over 28% in units while Flutes and Piccolos declined by 40.1%.

In value terms, the section recorded a modest 0.6% increase in real terms but remains slightly below its five- and ten-year averages. While Clarinets grew by 7.8% in value, and Flutes and Piccolos were stable, Brass declined by 3.5%, and Saxophones by 19%. The only major outlier was Other Wind, which saw a substantial jump in value, possibly due to a change in product mix or reporting. Overall, the section remains mixed — with selected rebounds in volume but little sustained growth in value.

Percussion

The Percussion section declined overall but recorded strong growth in two important categories, Individual Drums (+23.4%) and Drum Kits (+27.2%). The significant fall in the lowest value category, as well as a 6.4% decline in Cymbals, led to total units falling 17.3% from the previous year and slightly more compared to the 5- and 10- year averages.

In value terms, the section contracted overall, with value falling by 6.9%. Educational & Other Percussion saw a large drop in value, while the growth categories—Drum Sets (+6.3%) and Individual Drums (+5.6%)—offset some of the losses. Cymbals also declined in value (−8.3%), consistent with the decline in units. The result positions percussion as a mixed-performance segment, with resilience in core drum categories but continued decline in low-value educational products.

DJ & Electronic Instruments

This section is unusual this year in that almost every measure (Units, Value, AUV) on every comparison (Year-on-year, 5- & 10- year averages) is in positive territory, although it is hard to generalise about the result with this combination of products. The 2025 report includes a note of caution about using the Turntables category at all, and readers should consider that the very strong result in a particular category (Turntables almost doubling) is really a recovery from the previous year, and the overall volume in 2024 almost matches the 5 year average exactly (+0.8%). This section saw a strong rebound in 2024, with unit volumes increasing by 65.7% over the previous year. This was driven primarily by a 93% surge in Turntables and a 63.2% increase in Other Electronic Instruments, while Synthesizers declined slightly by 7.5%.

Import value rose 30.2% year-on-year, bringing the section to $AU36.6 million, and placing it 4.8% above the five-year average. Growth was strongest in Turntables (+76.8%), followed by Other Electronic Instruments (+26.2%), both benefiting from increased demand and possibly higher unit prices. Synthesizer value, however, declined by 11.1%.

Pro Audio

The Pro Audio section posted a 13.8% increase in units in 2024, its strongest year of volume growth since 2021. However, total unit volume remains 8.2% below the five-year average, underscoring the depth of earlier declines. Microphones (+38.1%) and Power Amplifiers (+30.8%) led the recovery, while categories like Wireless Microphones (−1.4%), Signal Processors (−7.7%), and Unpowered Mixers (−9.4%) remained flat or declined, reflecting an uneven rebound across the section.

Despite the rise in volume, import value fell by 11.7%, bringing the section 8.2% below the five-year average, and ending the year at $AU188.8 million. Major declines in real value were seen in Microphones (−15.0%), Wireless Microphones (−21.6%), and Signal Processors (−22.2%).

Accessories

The Accessories section remained stable in 2024, with total value rising 0.4% compared to 2023. However, the section still sits 2.1% below the five-year average, indicating a plateau after strong growth in previous years. As most categories do not report unit data, value remains the key indicator. Notably, Piano Parts & Accessories increased sharply by 55%, while Mic Stands & Accessories and Other Strings (excluding Guitar/Bass) saw more modest gains.

With a total real value of $AU63.6 million, the Accessories segment continues to contribute reliably to the broader market.

Print Music data was not available at the time of reporting.

Notable Trends

Among the strongest year-on-year growth categories in 2024 were Clarinets, which surged by 96.2%, and Synthesizers, up 82.3%, marking significant rebounds in high-skill or enthusiast-driven segments. The DJ & Electronic Instruments section overall rose 34.2%, led by strong gains in turntables and broader electronic product uptake. Drum Sets also delivered solid value growth of +6.3%, driven by a parallel increase in units, suggesting renewed consumer interest in core percussion categories.

On the other end of the spectrum, the steepest real declines in value came from Signal Processors, down 22.2%, and Wireless Microphones, which dropped 21.6%, both likely reflecting falling average prices or post-pandemic corrections in inventory and demand. Electric Guitars declined by 9.3%, despite a rise in units, highlighting price pressure or a shift toward lower-cost imports. Flutes and Piccolos also saw a significant drop in value (−18.4%), continuing a multi-year trend of volatility in this category.

In contrast, the most stable categories in terms of inflation-adjusted value over the five years to 2023 were Cymbals, Drum Sets, and Grand Pianos. These product lines have shown consistently low year-to-year variation in value, indicating steady institutional and consumer demand, and relatively stable pricing structures. Clarinets, despite their dramatic increase in 2024, were also among the most consistent categories prior to this year, further suggesting that their surge represents a short-term spike rather than ongoing volatility.

All figures in this Executive Summary refer to inflation-adjusted values.

How to use this report

I want to see broadly what happened in the market in a few minutes

See 10 Years At A Glance

I want to get an overview of the whole market, and specific categories

See the Executive Summary then 10 Years At A Glance
Then go to the Section Pages (Pianos & Keyboards, Guitars, Percussion, Brass / Wind / Strings, Pro Audio, Print Music & Accessories, DJ & Electronic Instruments)

I want to see one collection of products only (eg. Guitars), and specific products within that

From the home page / sidebar, see the relevant Section page (eg. Guitars, Pianos & Keyboards)
From that Section page (eg. Guitars), find the relevant Category (eg. Electric Guitars)

I want to determine our market share for particular product categories

From the home page / sidebar, find the relevant page/s, see Tables 3 & 4 in particular.
If necessary, download the data (click ‘Get the data’ on any table)

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From the menu, find the relevant page/s
See Table 5, showing 1) units imported, each quarter, for that category, showing the trend throughout the year (for example, some are typically higher in the March & December quarters); 2) how the most recent year (red) compares to the average of the past 10 years (black) and all other years
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nb. Accessories categories use ‘value’ because units are not available.

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Go to Tidy Data and download a .csv file showing Period (Quarter), Category name, Units, and Value for the past 12 years, all categories in the report, and analyse the data in your own way.

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[1] https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia/dec-2024?utm_source=chatgpt.com

[2] https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia/dec-2024?utm_source=chatgpt.com

[3] https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-national-income-expenditure-and-product/jun-2024?utm_source=chatgpt.com