- Single Vinyl Records
- LP/EP Vinyl Records
Vinyl Record Market size was valued at USD 1,798.7 million in 2022, and is expected to grow at a 14.8% CAGR from 2023 to 2029. The vinyl record is an analog sound storage device which consists of a disc made up of polyvinyl chloride plastic. The sound information is inscribed on the surface of the material in grooves by metal, resin, cardboard or glass core. A single concentric spiral groove is incised on both the sides of the disc. The vinyl records were used as a medium for commercial music production in old age time period. However, the vinyl records are gaining more attraction of new generation artists. Furthermore, the vinyl records represent a significant part of pop music heritage which drives the demand for vinyl records in contemporary music. In addition, many music events are being organized by the popular music label companies to release and offer limited edition albums to promote vinyl records are the factors expected to drive the growth of vinyl records market over the forecasted years. In addition, rapid urbanization, and growing investments by the market players in advancement of technology to maintain high-definition music quality to enhance the disc capacity and reduce the total cost is expected to boost the growth of vinyl records market at a significant rate over the forecasted period. Furthermore, increasing promotional activities by music personalities and celebrities, increased expenditures of consumer are expected to trigger the vinyl records market growth. On the other hand the increasing use of internet has led to increased mobility and accessibility which increased the demand for online digital music subscriptions expected to restrain the growth of vinyl records market over the forecasted years. Geographically, North America region held the major market share in 2022 and is expected to dominate the global vinyl record market in the forecasted years.
Vinyl Record Market Key Developments:
In July 2022, PARIS a British vinyl record firm launched world’s first bioplastic vinyl record in UK.
Fastest Growing Market
Vinyl record market is expected to grow over the forecasted period due to the rapid urbanization, increasing preference of consumers in physical music format. Despite of prevalence of digital streaming services, many music enthusiasts still prefer the tactile experience of physical media like vinyl records. Vinyl records are mostly collected by antique collectors who view it with sentimental values. In addition, increasing key player’s focus in making affordable turntables and other vinyl related accessories to make consumer ease is expected to boost the growth of vinyl records market over the forecasted period.
Vinyl Record market was valued at USD 1,798.7 million in 2022, and is expected to grow at a 14.87\% CAGR from 2023 to 2029
Increasing use of internet leads to increasing use online digital paid subscriptions for music which is expected to hinder the market growth over the forecasted period.
The leading players in the global Vinyl Record market are GZ Media, Implant Media Pty Ltd., Independent Record Pressing, MPO International, Optimal Media, PrimeDisc International Limited, Quality Record Pressings, R.A.N.D. muzik Record Manufacturing, Record Industry, Pallas Group, Stereodisk LLC, United Record Pressing
Historic years considered for the market study are 2018 through 2022, 2022 is considered as the base year for market estimation and Seven years forecast presented from 2023– 2029.