Originally published on Technavio:Vinyl Records Market Analysis Across North America, APAC, Europe, South America, Middle East, and Africa - US, Japan, Germany, France, UK - Size and Forecast 2024-2028

Forecast for Vinyl Records Market 2024-2028
The global vinyl records market size is projected to increase by USD 790.55 million between 2023 and 2028. The market is experiencing rapid growth with a compound annual growth rate (CAGR) of 9.22%. The report presents market size, historical data spanning from 2018 to 2022, and future projections, all quantified in terms of value in USD million for each mentioned segment. It also provides an in-depth analysis of key drivers, trends, and challenges encountered by the market.

Major Companies
Companies are adopting various strategies such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches to bolster their presence in the Market. Some of the major companies in the market include:

Edel SE and Co.: The company offers a wide range of vinyl records, including colored vinyl, etched vinyl, inkspot vinyl, picture vinyl, and others, through its subsidiary Optimal Media GmbH.

Market Dynamics
Our researchers analyzed data using 2023 as the base year, identifying key drivers, trends, and challenges. A comprehensive analysis of drivers will assist companies in refining their marketing strategies to gain a competitive advantage.

Key Drivers
The aesthetic appeal is a significant driver of market growth. Despite the prevalence of digital media, vinyl records remain one of the fastest-selling and growing music mediums. The experience of listening to music played on vinyl is a major reason for the demand for these records. Additionally, vinyl records represent important events in pop music history and heritage, providing a sense of modern and urban cultural background. These factors have increased market demand and are expected to continue during the forecast period.

Significant Trends
Promoting vinyl records as special editions or deluxe products is a key trend driving market growth. While young people listen to music on various devices and formats, they are increasingly investing in vinyl records for their favorite recordings. Consequently, various players are differentiating their product offerings by launching special and deluxe editions of their copies. Artists and labels are also promoting their products as deluxe items, quoting higher prices to increase revenue. Pricing plays a crucial role, with additional features included in vinyl albums increasing product prices. Hence, these factors will support market growth during the forecast period.

Major Challenges
The challenge posed by digital music formats will hinder market growth. The music industry is undergoing a transition, with streaming formats witnessing significant growth in recent years. Fast internet connections enable people to access music directly via cell phones or other electronic devices. Streaming culture, especially in developed countries, continues to be a niche segment. Thus, these factors may impede market growth during the forecast period.

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Market Segmentation and Region
The LP/EP vinyl records segment is expected to witness significant growth during the forecast period. Most record labels use LP vinyl as the standard format for vinyl records. The increasing demand for retro music is the major factor driving segment growth. Companies are also offering LP vinyl records in different colors with creative packaging to attract customers. LP/EP vinyl records are preferred by music lovers, especially vinyl record aficionados. The LP/EP vinyl records segment was the largest segment, valued at USD 1,070.12 million in 2018. Additionally, EP (extended play) vinyl records were introduced as singles in vinyl format. LP/EP vinyl records are primarily used in album launches. The rising popularity and promotional activities of EP records would further propel segment demand during the forecast period.
Vinyl Records Market Share by Geography

Technavio analysts have elaborated on regional market growth and trends shaping the market during the forecast period. The US is the major revenue contributor in the region, with several music publishers and vinyl record-pressing plants. The high spending capacity of the population drives market growth in the US, with high GDP per capita indicating the population's high spending capacity. This is likely to increase revenue generated by the music market in the country, with sales witnessing continuous growth, driving regional market growth during the forecast period.

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The market is experiencing growth due to factors like rapid urbanization and the adoption of omnichannel retailing practices. Despite the rise of digital music formats, vinyl records continue to hold appeal, with enthusiasts valuing their analog sound quality. This has led to a demand for high-end vinyl playback equipment.

Innovations in manufacturing technologies, such as those developed by Viryl Technologies, have made it easier to produce vinyl records, contributing to market expansion. Companies in this market are employing both organic and inorganic expansion tactics to capitalize on growing interest.

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Technavio Research

Jesse Maida

Media & Marketing Executive

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