The vinyl records market in Europe is expected to grow by USD 91.94 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Vinyl Records Market in Europe 2020-2024 (Graphic: Business Wire)
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The demand for vinyl records is increasing in Europe despite the growing popularity of digital music. They are highly preferred by collectors, audiophiles, and DJs who treat them as prized possessions. Also, there is a growing demand for the first versions of rare records that were never played, glossy records, and faded and scratched used records owing to their aesthetic appeal. Moreover, vinyl records represent important events in pop music history and heritage and provide a sense of the cultural background. All these factors are fueling the growth of the vinyl records market in Europe.
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As per Technavio, the increasing number of promotional events will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Vinyl Records Market in Europe: Increasing Number of Promotional Events
Promotional events play a crucial role in the increasing the adoption of vinyl records. For instance, the annual Record Store Day which was founded in 2007, is held on the third Saturday every year. The event celebrates the culture of vinyl records by distributing several records to participating shops. The trend is currently gaining popularity in the US and other countries in Europe. The organization of such events is providing new opportunities for market vendors, thereby fueling market growth.
“Increasing demand for vinyl records of old music and songs and the growing number of music enthusiasts will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Vinyl Records Market: Segmentation Analysis
This market research report segments the vinyl records market by Product (LP/EP vinyl records and Single vinyl records), Geography (UK, Germany, The Netherlands, and Rest of Europe), and Distribution channel (Online retail channel, Independent retailers, and Supermarket/departmental stores).
The UK led the vinyl records market in 2019, followed by Germany, The Netherlands, and the Rest of Europe respectively. During the forecast period, the UK is expected to register the highest incremental growth due to the increasing number of new vinyl album releases in the country.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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