MUMBAI: This year’s Musical Expo 2013 will focus on tapping potential overseas markets for Indian Musical Instruments (MI) manufacturers. The expo, which will attract up to 25-30 foreign MI companies from US, UK, Europe and China among others, will also be attended by their Indian counterparts who will showcase their products and services in the music business for foreign and domestic clientele.
A market study by the Expo’s parent company, US based Diversified Communications expects MI market to reach $96 million by 2017. Dealers have also reported significant increase in sales of MI among the general population as awareness on music rises, and many parents feel taking up music (at least) as a hobby is good for their wards.
The MI industry is divided into the foreign made instruments which are more expensive but better built and the local companies which offer less superior but cheaper instruments. Foreign instruments account for 45 per cent of the market while the domestic players’ share stands at 65 per cent.
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But the market is heavily skewed in favour of the foreign brands and the newly introduced cheap but well finished Chinese instruments. In 2012, India imported Rs 1,518 million worth of parts & accessories, Rs 744 million worth of electric guitars, Rs 558 million on keyboards and Rs 215 million on string instruments.
Speaking with Radioandmusic.com, Palm Expo and Musician Expo director, Ramesh Chetwani said that although the Rs 340 crore (FY11-12) MI market was still a niche one, it had a huge potential.
“Our focus is on both Western and Indian musical instruments and how to support the players. Figures for the actually size are hard to get but we’re working on it. The foreign companies are also working to find the size of the MI market. Our exporters (of MI) are a little shy to share their data with us and we’re trying to get (foreign) importers to participate,” he said.
Chetwani said that they expect the market to grow at 12-15 per cent in the next 2-3 years and become Rs 500 crores by 2017.
With export figures and industry details so hard to come by, Palm Expo is also trying to seek the assistance of the Human Resource Ministry on how to support the country’s MI manufacturers.
The Expo will also hold a seminar on how to spread interest in music via educational institution. A number of musical schools, institutions along with non-musical institutions will participate in it. In addition to the stalls, there will be an ‘acoustic village’ and a Piano Hall to showcase different kinds of the instrument.
“There is a huge market we have to tap. We expect things to open up next year,” he said.
The Musician Expo will be held between 30 May- 1 June at the Bombay Exhibition Centre.
