In 2023, the global guitar market is anticipated to reach US$ 11.09 billion, with a growth rate of 7.6% CAGR. By 2033, the market has been estimated to reach US$ 23.29 billion. The rising popularity of music-related leisure activities is a key factor propelling the market’s expansion.
Rock and metal music genres have caused some people to learn guitar. The popularity of the guitar has steadily grown in recent years. The popularity of live music shows and the number of people attending such shows is growing rapidly. Furthermore, the guitar has become more popular than the piano, due to its accessibility.
A growing interest in music is resulting in a significant increase in demand for the instrument. The rise in popularity of popular music genres such as metal and rock encourage people to learn guitar.
Electric guitars are essential to these genres of music. As a result of changing lifestyles, increased disposable income, and high living standards, consumers are increasingly engaging in leisure activities. The result is an expanding music band around the globe.
Transform Your Strategy: Request a Sample Report to Elevate Your Business! https://www.futuremarketinsights.com/reports/sample/rep-gb-16650
Growth Drivers:
- Rising Popularity of Online Learning Platforms: The proliferation of online guitar learning platforms and tutorials has made learning the instrument more accessible, driving demand for guitars among beginners and enthusiasts globally.
- Innovations in Guitar Technology: Advancements in guitar manufacturing technology, including the integration of digital effects, improved pickup systems, and lightweight materials, are attracting both seasoned players and novices, stimulating market growth.
- Expanding Music Industry: The continuous growth of the music industry, fueled by streaming platforms and live events, is contributing to increased demand for musical instruments, including guitars, as more individuals engage in music creation and performance.
- Celebrity Endorsements and Influencer Marketing: Partnerships with musicians, influencers, and celebrities across social media platforms are amplifying brand visibility and driving consumer interest in guitars, particularly among younger demographics, fostering market growth.
- Rising Disposable Incomes in Emerging Markets: Economic growth and rising disposable incomes in emerging markets are expanding the consumer base for guitars, with countries like China, India, and Brazil showing significant potential for market expansion.
Industry Restraints:
- Competition from Digital Instruments and Software: The increasing popularity of digital instruments, virtual synthesizers, and software-based music production tools presents a challenge to traditional guitar manufacturers, as some musicians opt for more versatile and cost-effective digital solutions.
- Supply Chain Disruptions and Raw Material Shortages: Disruptions in the global supply chain, exacerbated by factors such as trade tensions, natural disasters, and the COVID-19 pandemic, have led to shortages of key components and raw materials, hindering production and increasing manufacturing costs for guitar makers.
- Declining Interest Among Younger Generations: Despite efforts to attract younger consumers, there’s a gradual decline in interest in traditional instruments like guitars among certain demographics, as preferences shift towards digital music production and genres less reliant on conventional instruments.
- Environmental Concerns and Sustainability: Growing environmental consciousness among consumers is prompting scrutiny of manufacturing practices within the guitar industry, particularly regarding the sourcing of exotic woods and the environmental impact of production processes, posing challenges for companies that rely heavily on traditional materials.
- Economic Uncertainty and Consumer Spending: Periods of economic uncertainty, such as recessions or downturns, can dampen consumer spending on discretionary items like musical instruments, leading to reduced demand and sales within the guitar market. Economic volatility can also affect purchasing power and investment in music education, further impacting market growth.
Key Takeaways from the Market Study
- The guitar market is expected to register a CAGR of 7.6% over the forecast period.
- According to estimates, the guitar market in North America is expected to remain strong throughout the length of the forecast period.
- The electric guitar segment is expected to record a CAGR of 8.3%, while the acoustic segment is expected to thrive at a CAGR of 7.6%.
- The United States, a leading guitar market, is expected to expand at a CAGR of 8.9%, while most sales come from China and it’s estimated to be US$ 9,253.00 million in 2023.
Request the Full Report Methodology Now!
https://www.futuremarketinsights.com/request-report-methodology/rep-gb-16650
Competitive Landscape:
Manufacturers are closely monitoring rapidly changing consumer preferences to capitalize on market demand. Existing players are adding guitars to their inventory and acquiring updated ones.
As businesses continue to focus on raising discovery through a broad range of cultural and novelty influences, they are refining what they offer to appeal to a global audience. Top players in the global guitar market compete on price, quality, and innovation.
Several prominent companies dominate this market, including
- 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
Recent Developments:
- In July 2022, Yamaha Music Square launched a new lineup of Revstar electric guitars from Yamaha Music Worldwide.
- As part of the ZamStar app and electric guitar platform, Samsung introduced a smart electric guitar dubbed ZamString in January 2022.
- In July 2021, Gibson Brands, Inc. announced a partnership with Kirk Hammett of Metallica. This partnership could result in a signature guitar line from Gibson Brands, Inc.
- Fender Musical Instruments partnered with Kyser in September 2021 to offer electric guitar capos featuring Kyser’s design. The stylish guitar caps can be found on both Fender and Kyser musical instruments.
Gain Immediate Access to Detailed Market Insights: https://www.futuremarketinsights.com/checkout/16328
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
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube