The latest report by IMARC Group, titled “Vinyl Record Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.″ offers a comprehensive analysis of the industry, which comprises insights on the global vinyl record market report. The global vinyl record market size reached US$ 1.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.8 Billion by 2028, exhibiting a growth rate (CAGR) of 9.4% during 2023-2028.
A vinyl record, also known as "record," is a physical audio storage medium used for playing music. It is a flat, circular disc made primarily of vinyl plastic with grooves etched into its surface. These grooves contain the analog audio information, which is played back using a stylus or needle on a turntable. Vinyl records were the primary format for music distribution from the mid-20th century until the rise of digital formats like CDs and digital downloads. They come in various sizes, but the most common are 12-inch LP (long-playing) records and 7-inch singles. The larger LPs typically contain full albums, whereas the singles feature one or two songs per side. Vinyl records are known for their warm, analog sound quality, which many audiophiles find appealing. At present, vinyl records are gaining immense traction across the globe as a beloved physical format for music enthusiasts due to their audio quality and tactile and nostalgic appeal.
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Vinyl Record Market Trends and Drivers:
The global vinyl record market is primarily driven by the rising consumer demand for analog and vintage music formats, with vinyl records offering a tangible and nostalgic appeal in the digital age. Moreover, the superior audio quality of vinyl and the collector value associated with rare and limited-edition records are positively influencing market growth. Additionally, the heightening popularity of vinyl records as collectibles and memorabilia, particularly among enthusiasts and audiophiles, is another major growth-inducing factor. Apart from this, the rising adoption of vinyl records by mainstream artists and the inclusion of vinyl releases in music marketing strategies are positively influencing market growth. Furthermore, the establishment of Record Store Day and other vinyl-focused events that create a sense of community and excitement around vinyl records is contributing to market growth. Other factors, including the rising aesthetic appeal of vinyl records as tangible and collectible music items, increasing vinyl records as a premium gift item, and the availability of reissued classic albums, are also anticipated to drive the market toward growth in the coming years.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Product:
- LP/EP Vinyl Records
- Single Vinyl Records
Breakup by Feature:
- Colored
- Gatefold
- Picture
Breakup by Gender:
- Men
- Women
Breakup by Age Group:
- 13-17
- 18-25
- 26-35
- 36-50
- Above 50
Breakup by Application:
- Private
- Commercial
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Independent Retailers
- Online Stores
- Others
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Competitive Landscape With Key Players:
- 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
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