The global vinyl record market, which reached a size of US$1.7 billion in 2022, is poised for substantial growth in the coming years according to ResearchAndMarkets.com’s offering, with an anticipated market size of US$2.8 billion by 2028. This growth is expected to be characterized by a robust compound annual growth rate (CAGR) of 9.4% during the forecast period spanning from 2023 to 2028.
A vinyl record, also known as a phonograph record, is an analog sound storage device made of polyvinyl chloride (PVC) plastic. These discs may have a core composed of metal, resin, cardboard, or glass, and they contain grooves with modulated sound information. Vinyl records are experiencing a resurgence in popularity among both music collectors and contemporary artists, making them a cherished medium for music production.
Several key factors are contributing to the growth of the global vinyl record market:
- Rapid Urbanization: Urbanization is on the rise globally, and vendors are adopting omnichannel retailing practices to expand their consumer base.
- Music Enthusiasts and Collectors: Music collectors, audiophiles, and DJs value vinyl records as prized possessions, using them for concerts, shows, and music recordings. Vinyl records also hold significant cultural and historical value in the world of music.
- Music Label Promotion: Popular music labels are organizing events and offering deluxe or limited-edition albums to promote vinyl records.
- Technological Advancements: Manufacturers are integrating technological advancements into vinyl records to enhance their capacity, maintain high-definition (HD) audio quality, and reduce production costs.
- Celebrity Promotion: Celebrities and music personalities are actively promoting vinyl records, contributing to their growing demand.
- Increasing Consumer Spending: The rising disposable incomes of consumers are driving the demand for vinyl records.