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The guitar market size is forecast to increase by USD 1.84 billion at a CAGR of 7.02% between 2023 and 2028. The market is experiencing steady expansion, propelled by several influential factors. A significant driver is the rising preference for music-related leisure activities, where playing the guitar plays a central role. Celebrity endorsements also play a crucial role in shaping consumer choices regarding musical instruments, leveraging the influence of prominent figures in the music industry. Furthermore, music teaching classes have gained traction as popular co-curricular activities in schools and colleges, nurturing a new wave of musicians and guitar enthusiasts. These factors together contribute to the growing demand and widening appeal of guitars, including electric guitars, across various demographics, highlighting a robust market trajectory driven by both cultural trends and educational pursuits.
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The market thrives with a diverse range of offerings catering to musicians worldwide. From live music shows to e-commerce platforms like Guitar Center, enthusiasts can find everything from string instruments like guitars to pianos. Music schools nurture aspiring students in various genres, including metal, mastering techniques like plucking for rhythm or lead. Amplification solutions, from small amplifiers to PA systems, make every instrument louder. Favored by famous musicians, guitars now integrate with modern technology, enabling video conferencing, file sharing, and digital sheet music access via platforms like YouTube, enhancing the global musical experience. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the global guitar market growth is the growing popularity of music-related leisure activities. There is an increasing participation of people in different leisure activities across the world including music, luxury travel, and sports. The main reason for this increasing participation is that it offers a break from their hectic and monotonous lifestyles.
Moreover, people from different age groups tend to participate in various kinds of music-related activities including playing guitar. Furthermore, the increase in disposable income is fuelling the adoption of various musical instruments and their enrollment in music classes, thus driving the demand for music production equipment. Hence, such factors are positively impacting the market which, in turn, is driving guitar market growth and trends during the forecast period.
The growing online retailing is a primary trend in the market. The emergence of online retailing has fuelled a shift in consumer behavior as well as distribution channels. For instance, the guitar industry is mainly capitalizing on the several advantages of online retail to reach a wider audience as the advancement of technology and digital platforms have made consumers more accessible to products.
Moreover, the main advantages of online platforms for guitar enthusiasts include convenience which enables them to browse, compare and purchase guitars from the comfort of their homes. Additionally, online platforms overcome geographical challenges and help to expand the consumer base. Hence, such factors are positively impacting the market which in turn will drive guitar market growth during the forecast period.
The long replacement cycle of guitars is one of the major challenges hindering guitar market growth. There is an increasing preference for branded guitars among customers due to their reliability and quality. Some of the key factors that influence the lifespan of the guitar include the environment and the type and ways of playing music, and the company designs guitars to withstand extreme operational conditions.
Moreover, one of the main factors that influence the global guitar market is replacement sales. However, the long lifespan of the guitar negatively impacts the frequency of product replacements. Additionally, several guarantees and warranties are offered by the manufacturers of guitars which further impact the replacement sales. Hence, such factors hinder guitar market growth.
The guitar market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the guitar market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
C. F. Martin and Co. Inc: The company offers guitars such as DJR 10E, OM Biosphere, and D 18 StreetLegend.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The acoustic segment is estimated to witness significant growth during the forecast period. One of the main factors that is significantly contributing to the growth of the acoustic segment is the increasing adoption of acoustic guitars in developing countries. This segment is designed in such a way that it does not need any electric amplification for modulation or the projection of sound.
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The acoustic segment was the largest and was valued at USD 1.98 billion in 2018. The design of the acoustic guitar is such that it has a hollow body that amplifies the string vibration, and projects sound acoustically through the air. Even though acoustic guitar demand is saturated in developed countries such as UK and US, there is a significant increase in demand for this segment in developing countries including India and Brazil due to factors such as high affordability and availability, along with their low cost and low initial investment requirement when compared to electric guitars. Furthermore, there is an increasing preference for the acoustic guitar segment by beginners and learners as the strings of acoustic guitars are thick and hard when compared to electric guitars, which enables beginners to get control over the strings. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market growth and market trends and analysis that shape the market during the forecast period. Another Region offering significant growth opportunities to companies in North America. The market in the US is experiencing significant growth, driven by various factors. Rock concerts and the popularity of hobbies such as playing music continue to fuel sales of guitars. Online music education platforms and school curricula in global schools are increasingly incorporating music education programs, thereby influencing curriculum policies and product demand.
Further, musical bands and demographic trends, particularly among the adolescent population, are also contributing to the market's expansion. Leisure activities, including playing solid-body electric guitars for rock music, remain popular. Online retail platforms have gained traction, offering convenience and accessibility to customers. Economies in regions such as Dubai and the UAE, with high internet penetration rates, are providing opportunities for commercial music schools and colleges to thrive. Moreover, the promotion industry, with its focus on online performances and virtual classes, is driving demand for digital music tools. The eco-friendly guitar trend is also gaining momentum, with houses and musicians opting for guitars made from wood types not listed in the CITES, such as figured ebony, koa, poplar, basswood, khaya, and ovangkol. These factors collectively contribute to the ongoing growth of the guitar market in the US.
The guitar market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is thriving amidst a surge in live music shows and online music education. String instruments like guitars and pianos are at the forefront, catering to a diverse audience, including students passionate about metal and rock genres. With consumer behavior shifting towards e-commerce, retailers like Guitar Center are witnessing unprecedented demand. Musicians are exploring digital avenues through video conferencing, file sharing, and instant messaging, while digital sheet music and YouTube tutorials are reshaping music schools. Enhanced rhythmic experiences are achieved through plucking techniques, amplified by the small amplifier and the PA system with pickup to make the instrument louder. Aspiring artists follow in the footsteps of famous musicians, harnessing hands to master the six strings and take the lead. Understanding consumer behaviour drives innovation, with emphasis on rhythm and tone shaping. Technologies like small amplifiers and pickups enhance the playing experience, while digital whiteboards revolutionize online music education markets, offering interactive learning. Whether in a physical store or browsing online, consumers seek instruments that resonate with their musical aspirations.
In addition, the market thrives within various channels, including the retail store and online music education markets, reflecting diverse consumer behaviour and interests. With a small amplifier and pickup, players explore new sounds, while apps and cloud-based systems offer innovative learning experiences. In the premium segment, wood-based guitars attract discerning buyers, intensifying competition among competitors. As consumer interest in rock concerts and indoor activities grows, so does the demand for guitars, bolstered by technological advancements. Schools globally integrate guitars into school curricula, aligning with music education programs and demographic trends, catering to the adolescent population's hobbies. Events and musical shows continue to drive sales, cementing guitars as a symbol of artistic expression worldwide.
| Market Scope | |
| Report Coverage | Details |
| Base year | 2023 |
| Historic period | 2018 - 2022 |
| Forecast period | 2024-2028 |
| Growth momentum & CAGR | Accelerate at a CAGR of 7.02% |
| Market Growth 2024-2028 | USD 1.84 billion |
| Market structure | Fragmented |
| YoY growth 2023-2024(%) | 6.08 |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Performing market contribution | APAC at 39% |
| Key countries | US, China, Canada, Germany, and Japan |
| Competitive landscape | Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
| Key companies profiled | Armadillo Enterprises Inc., Astha Guitars, B.C. Rich LLC, C. F. Martin and Co. Inc., CorTek Corp., Fender Musical Instruments Corp., G and L Musical Instruments, Gibson Brands Inc., Godin Guitars, HOSHINO GAKKI Co. Ltd., Karl Hofner GmbH and Co. KG, Kiesel Guitars, Paul Reed Smith Guitars, Rickenbacker International Corp., Roland Corp., Schecter Guitar Research Inc., TAKAMINE GAKKI CO. LTD., Taylor Listug Inc., The ESP Guitar Co., and Yamaha Corp. |
| Market dynamics | Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this guitar market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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