Global Vinyl Records Market Outlook 2031:
The global vinyl records market size was valued at USD 1.70 Billion in 2022 and is projected to reach USD 3.82 Billion by 2031, expanding at a CAGR of 9.4% during the forecast period 2023 - 2031. A vinyl record, also known as a gramophone record. Vinyl records deliver consumers a music quality, unrivaled appearance, and record experience.
The discs' cores can be made of metal, resin, cardboard, or glass, and the modulated sound information is written in grooves in the surface materials. A single concentric curved groove is etched on both sides of the disc, through which cobalt or stylus, or diamond needle is driven. Vinyl records continue to be the medium of choice for many audiophiles, as well as specialists in electronic dance music and hip hop.
Vinyl Records Market Trends, Drivers, Restraints, and Opportunities:
- Rapid urbanization, as well as vendors' use of Omni-channel retailing strategies to grow their consumer base, are fueling the market growth.
- Aggressive promotional initiatives by music personalities and celebrities, as well as rising consumer spending power, are expected to boost the market.
- Growing acknowledgment as heritage masterpieces by prominent artists, are some of the factors fueling the market.
- Increasing popularity of live events is expected to propel the market.
- Rising number of social VR spaces is estimated to boost the market.
- Music is streamed directly to mobile phones and other electronic devices due to high internet connections, which are hindering the product market growth.
- Rising number of digital music customers hampers the market.
Scope of Vinyl Records Market report:
The report on the vinyl records market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Attributes
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Details
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Report Title
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Vinyl Records Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Single Vinyl Records and LP/EP Vinyl Records), Features (Colored, Picture, and Gatefold), Applications (Commercial and Private), Distribution Channels (Offline Stores, Online Stores, Supermarkets & Hypermarkets, and Ot
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Independent Record Pressing; R.a.n.d.muzik Record Manufacturing; Optimal Media; GZ Media; MPO International; PrimeDisc International Limited; Implant Media Pty Ltd.; Quality Record Pressings; Record Industry; Stereodisk LLC; and United Record Pressing
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Vinyl Records Market Segment Insights:
The LP/EV vinyl records segment is projected to hold significant market share
Based on products, the vinyl records market can be bifurcated into single vinyl records and LP/EP vinyl records. The LP/EV vinyl records segment is projected to hold significant market share. These are the most popular among consumers, and they have the capability of providing extended play hours, which is also dependent on the labels of the records as provided by the record business.
Single vinyl records segment is projected to expand at a rapid pace in the coming years. Single plays are mostly popular as collectors' items. Single play typically has 1 or 2 songs saved. Because some tracks are rarely available on single vinyl records, consumers desire to have exclusive tunes on single play records for their collection.
The colored feature segment is anticipated to account for a substantial share
On the basis of features, the market can be segmented into colored, picture, and gatefold. The colored feature segment is anticipated to account for a substantial share. As compared to their black counterparts, colorful vinyl discs produce far more noise and screech. These factors are anticipated segment growth.
The commercial segment expands at a rapid pace during the forecast period
In terms of applications, the vinyl records market can be fragmented into commercial and private. The commercial segment expands at a rapid pace during the forecast period. Vinyl records are the major medium for commercial music creation, but they are increasingly gaining popularity among new-generation artists as well.
The offline stores segment is estimated to register a substantial growth rate
Based on distribution channels, the market can be segregated into offline stores, online stores, supermarkets & hypermarkets, and others. The offline stores segment is estimated to register a substantial growth rate during the projected period.
A wider range of variety and promotional events organized by stores, as well as appealing discount offers are the better options. The stores sell rare and collectible vinyl records as well as authentic and vintage gramophones.
Asia Pacific is expected to dominate the market
In terms of regions, the vinyl records market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market. Vintage record purchasers frequently hunt for bargains at thrift stores and antique stores. Millennials and Generation X are following vintage fashion trends that are making a comeback in the market.
Segments
By Products
- Single Vinyl Records
- LP/EP Vinyl Records
By Features
By Applications
By Distribution Channels
- Offline Stores
- Online Stores
- Supermarkets & Hypermarkets
- Others
By Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
By Key Players
Competitive Landscape
Key players in the vinyl records market include Independent Record Pressing; R.a.n.d.muzik Record Manufacturing; Optimal Media; GZ Media; MPO International; PrimeDisc International Limited; Implant Media Pty Ltd.; Quality Record Pressings; Record Industry; Stereodisk LLC; and United Record Pressing. These players have widely engaged in various market development activities including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.