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The guitar market size is forecast to increase by USD 1.95 billion between 2022 and 2027, accelerating at a CAGR (Compound Annual Growth Rate) of 7.75%. The growth of the market depends on factors such as the growing popularity of music-related leisure activities, growing celebrity endorsements, and music teaching classes as a co-curricular activity in educational institutions.
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Key Driver
The growing popularity of music-related leisure activities is a key factor driving the market growth. Leisure activities like music, travel, and sports are providing a welcome break from busy routines worldwide. Learning to play musical instruments, including the guitar, is gaining popularity among people of all ages. Parents are also encouraging their children to explore music as a career or extracurricular activity for holistic development. Increasing disposable income supports instrument adoption and music class enrollment.
Moreover, the global rise in live music shows and attendance is inspiring more people to pursue music as a career and learn to play various types of guitars. This increasing interest in music-related leisure activities is expected to boost the market's growth in the forecast period.
A key factor shaping the guitar market growth is the growing online retailing. 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 the market growth during the forecast period.
Acoustic Segment Holds the Largest share in the Market
The acoustic segment was the largest segment and was valued at USD 1.94 billion in 2017. 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 market growth and trends during the forecast period.
Market - Revenue Share by Acoustic Segment, 2017-2027
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North America Holds a Prominent Position in the Market
North America is estimated to contribute 43% to the growth of the global market during the forecast period. Key factors driving the US regional market's growth include the introduction of innovative products, the increasing use of online platforms for guitar purchases, and a rising demand for designer guitars. While the US's economic challenges may pose a potential obstacle during the forecast period, there is a significant push for eco-friendly guitars, primarily crafted from non-CITES-listed wood types like figured ebony, koa, poplar, basswood, khaya, and ovangkol, as well as materials like aluminum and carbon fiber. These eco-friendly guitars are lightweight and typically come at a higher price point than regular guitars.
For example, a new eco-guitar series was launched by Breedlove, a US-based instrument manufacturer, in July 2021, demonstrating their commitment to sustainable basswood at all price levels. This shift towards eco-friendly guitars is expected to boost their sales in North America, further propelling the regional market's growth during the forecast period.
Market Size, By Region, Global, 2017-2027
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The market is fragmented in nature. Some significant players include Armadillo Enterprises Inc., Astha Guitars, B.C. Rich LLC, C. F. Martin and Co. Inc., CorTek Corp.
The market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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.
The guitar market offers a diverse landscape, reflecting its status as a versatile and accessible instrument. With the rise of online and offline segments, e-commerce platforms and physical stores alike cater to a wide range of consumers, enhancing accessibility. The electric guitar segment, particularly popular in rock and metal music scenes, thrives alongside the traditional acoustic guitar market. Traveling musicians and amateur players contribute to a steady replacement cycle, while music events and podcasts further promote guitar as a career choice. Despite lockdowns, guitar sales persist, with iconic locations like Guitar Center on Sunset Boulevard, Hollywood, California, remaining pivotal hubs for enthusiasts and professionals alike.
The guitar market growth analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2021.
Market Scope |
|
Market Report Coverage |
Details |
Page number |
156 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.75% |
Market growth 2023-2027 |
USD 1.95 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.72 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 43% |
Key countries |
US, Canada, China, Japan, and Germany |
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 analysis, 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 forecast period |
Customization purview |
If our market growth and forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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