The United States guitar market is projected to achieve a CAGR of 8.9% during the forecast period, driven by the rising popularity of live music and an increase in concert attendance. Leading manufacturers such as Gibson Brands, Inc., Fender Musical Instruments, and Yamaha Corporation are launching innovative product variants to capture market share. By introducing new models, these companies aim to attract a diverse and growing customer base across the United States.
In 2023, the global guitar market is set to hit USD 11.09 billion, expanding at a remarkable CAGR of 7.6% and projected to soar to USD 23.29 billion by 2033. This growth is largely attributed to the increasing popularity of music-related leisure activities, making guitar-playing a prominent choice for hobbyists and aspiring musicians alike.
The surge in music-related leisure activities offers individuals a much-needed escape from their busy lifestyles. With many turning to musical instruments, the guitar has emerged as a favorite globally. The rise of live music events has further fueled this trend, motivating more individuals to learn to play the guitar and pursue careers in music.
Key Takeaways
- The global guitar market is set to reach USD 23.29 billion by 2033, growing at a CAGR of 7.6%.
- Increased interest in music-related leisure activities is driving guitar market growth.
- Rising live music events are motivating more people to learn the guitar.
- Demand for electric guitars is outpacing traditional instruments like pianos.
- The U.S. market is projected to grow at an 8.9% CAGR due to a vibrant live music culture.
- Online music education and digital tools are enhancing accessibility to guitar learning.
- Challenges include long replacement cycles and competition from free music apps.
- Opportunities lie in the booming live music scene and popularity of rock and metal genres.
Competitive Landscape
Key players operating the global guitar market include
- Fender Musical Instruments Corporation
- Gibson Brands, Inc,
- Karl Höfner GmbH & Co. KG
- Yamaha Corporation
- B.C. Rich Guitars
- Cort Guitars
- PRS Guitars
- The ESP Guitar Company
- G&L Musical Instruments
- Godin Guitars
- Samick Musical Instrument Co., Ltd
- Schecter Guitar Research
- TAYLOR-LISTUG, Inc
- Rickenbacker International Corporation
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Guitar Market by Category
By Product:
- Acoustic
- Electric
By Distribution Channel:
- Offline
- Online
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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