The music and electronics industries have been evolving rapidly in recent years, driven by technological advances, consumer preferences changes, and the increasing globalization of markets. But what is the future of the music and electronics industry?
According to Statista, the worldwide revenue of the musical instruments market was around $38 billion in 2022 and is projected to grow annually at a rate of 9.8% CAGR from 2022-2026.
On the other hand, the Global Electronics Manufacturing Services Market is forecasted to experience a growth of $167.02 bn between 2023 and 2027, with a projected CAGR of 6.6% throughout the anticipated period.
And Mexico, Tijuana in particular, has emerged as an ideal destination for foreign companies looking to manufacture musical instruments and electronic gadgets for global exports.
Music and Electronics Strength in Tijuana
One of the key advantages of manufacturing in Tijuana is the lower labor cost compared to the United States. This makes it an attractive option for foreign corporations looking to reduce their manufacturing costs without sacrificing quality.
Additionally, Tijuana has a well-established supply chain, with easy access to raw materials and components from Mexico and the United States.
Another benefit of Tijuana manufacturing is the proximity to the US market. This makes it easier for enterprises to ship their products to customers in the United States, reducing shipping times and expenses.
Also, Tijuana has a well-developed transportation infrastructure, with a large airport and a network of highways connecting it to other parts of Mexico and the United States.
Because of this, the city has attracted numerous global electronics companies, such as Samsung and Foxconn, who have set up manufacturing plants in the region.
Similarly, the music industry in Tijuana has seen significant growth in recent years. The city is home to many music instrument manufacturers, including Fender, one of the largest guitar makers in the world.
These parties have tapped into the city’s well-developed infrastructure and lower labor costs to produce high-quality electronic goods at a competitive price.
What can we expect in the coming years?
In conclusion, Tijuana is rising, with a bright future in both sectors. As the demand for electronic products and musical instruments continues to grow, the city is well-positioned to capitalize on these trends.
Now that you know what is the future of the music and electronics industry, and If you are considering starting a business in Mexico or expanding your business to this vibrant and dynamic metropolis, we invite you to explore our services.
As the city’s leading economic development agency, Tijuana EDC is committed to helping businesses succeed by providing various support services, including contract manufacturing solutions, market research, site selection, talent acquisition, and investment facilitation.
Whether you are looking to invest in the electronics and music manufacturing industry or other sectors such as aerospace, medical devices, or software development, Tijuana EDC can help you make the most of the opportunities available.
Contact us today to learn more about how we can help you succeed in Tijuana.
