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Guitar Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025

  • Published: Aug 2021
  • Pages: 119
  • SKU: IRTNTR40025
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The guitar market share is expected to increase by USD 1.14 billion from 2020 to 2025, and the market's growth momentum will decelerate at a CAGR of 5%. This guitar market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The guitar market report also offers information on several market vendors, including C. F. Martin & Co. Inc., Fender Musical Instruments Corp., Gibson Brands Inc., HOSHINO GAKKI Co. Ltd., Paul Reed Smith Guitars, Rickenbacker International Corp., Schecter Guitar Research Inc., Taylor-Listug Inc., and Yamaha Corp. among others.  Furthermore, this report extensively covers guitar market segmentation by product (acoustic and electric) and geography (North America, Europe, APAC, South America, and MEA).

What will the Guitar Market Size be During the Forecast Period?

Guitar Market Size

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Guitar Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing popularity of music-related leisure activities is notably driving the guitar market growth, although factors such as long replacement cycle may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the guitar industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Guitar Market Driver

One of the key factors driving the guitar market is the growing popularity of music-related leisure activities. People across the globe are opting for various leisure activities, such as music, traveling, and sports. These activities offer a break from their hectic and monotonous lifestyles. One of the leisure activities gaining popularity across the globe is learning to play musical instruments. People belonging to all age groups are gradually taking part in music-related leisure activities, such as playing guitar. Many parents are also encouraging their children to adopt music as their career or as an extracurricular activity for their overall development. Moreover, the rising disposable income of people is supporting the adoption of different musical instruments and their enrollment in music classes. In addition, the number of live music shows and those attending such shows is growing rapidly across the world. This is further encouraging/inspiring/motivating people to adopt music as a career and encouraging them to learn to play different types of guitars. Thus, the growing popularity of music-related leisure activities across the world is likely to augment the growth of the global guitar market during the forecast period.

Key Guitar Market Trend

Another key factor driving the guitar market growth is the increasing demand for customized guitars. The customization of guitars is an emerging trend in the market. Guitars made of different types of wood and various other raw materials, such as aircraft-grade aluminum and carbon fiber, are also being customized. Over the last five years, customized products have gained popularity in developed regions, such as the Americas and Europe. Various emerging nations, such as India and China, are also experiencing a surge in demand for customized guitars. In the premium segment, leading market players offer customized products that are visually appealing and of high quality. The extent of customization can vary, from the color of a guitar to its strap and buckles, as well as the embroidery. A name can be added as well. Customization allows buyers to personalize their guitars. Moreover, customized products are more expensive than standard products. This will increase the sales of upmarket guitars. Thus, during the forecast period, the customization and personalization of guitars are expected to support the growth of the global guitar market.

Key Guitar Market Challenge

Long replacement cycle is one of the key challenges hindering the guitar market growth. The paper manufacturing process usually emits harmful gases such as carbon monoxide and methane, which cause pollution and negatively impact the environment. Toxic emissions are one of the major challenges expected to hamper the growth of the market during the forecast period. Stringent regulations on the manufacturing of paper notebooks for environmental safety significantly influence the existing practices and future opportunities in the paper industry. The regulations are the preventive measures, which must be complied with by vendors to reduce the negative environmental impacts of manufacturing paper notebooks. For instance, the US Environmental Protection Agency (EPA) implemented the Formaldehyde Standards for Composite Wood Products Act of 2010. This act regulates the emissions of formaldehyde from composite wood products during the manufacture of paper and paper notebooks. Owing to these regulations, vendors operating in the market incur high production costs and compliance costs associated with the production of paper products such as paper notebooks. This may lead to a decline in the production of paper notebooks and hamper the growth of the market during the forecast period.

This guitar market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global guitar marketas a part of the global leisure products market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the guitar market during the forecast period.

Who are the Major Guitar Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • C. F. Martin & Co. Inc.
  • Fender Musical Instruments Corp.
  • Gibson Brands Inc.
  • HOSHINO GAKKI Co. Ltd.
  • Paul Reed Smith Guitars
  • Rickenbacker International Corp.
  • Schecter Guitar Research Inc.
  • Taylor-Listug Inc.
  • Yamaha Corp.

 

This statistical study of the guitar market encompasses successful business strategies deployed by the key vendors. The guitar market is fragmented and the vendors are deploying growth strategies such as focussing on procuring high-quality raw materials and product-related R&D to compete in the market.

Product Insights and News

  • C. F. Martin & Co. Inc.- The company offers a wide range of guitar series such as junior series, custom and special editions, and more.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The guitar market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Guitar Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the guitar market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Guitar Market?

Guitar Market Market segmentation by region

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40% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for guitar in North America. Market growth in this region will be faster than the growth of the market in Europe regions.

The launch of innovative products, the growing use of online platforms to shop for guitars, and the surging demand for designer guitars will facilitate the guitar market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 led to travel restrictions and lockdowns in several parts of North America, resulting in the closure of a majority of non-essential businesses such as music studios. This had compelled many hobbyist musicians and amateur podcasters to purchase their own musical instruments rather than renting them. This factor spurred the sales of guitars in several parts of the region, especially in the US. A few retailers, such as Guitar Center, witnessed triple-digit growth in the sales of guitars during the lockdown in the US between April 2020 and July 2020. Hence, the outbreak of COVID-19 has had a positive impact on the sales of guitars in North America.

What are the Revenue-generating Product Segments in the Guitar Market?

Guitar Market Segmentation

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The guitar market share growth by the acoustic will be significant during the forecast period. The dominant share of this segment is attributed to the high adoption of acoustic guitars in developing countries. Acoustic guitars are designed in a way that they do not require any electric amplification for modulation or the projection of sound. Acoustic guitars have a hollow body that amplifies the string vibration and projects sound acoustically through the air. The demand for acoustic guitars is almost stagnant in developed markets, such as the US and the UK. 

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the guitar market size and actionable market insights on post COVID-19 impact on each segment.

 

Guitar Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 5%

Market growth 2021-2025

$ 1.14 billion

Market structure

Fragmented

YoY growth (%)

7.50

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 40%

Key consumer countries

US, China, Germany, Japan, and Canada

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

C. F. Martin & Co. Inc., Fender Musical Instruments Corp., Gibson Brands Inc., HOSHINO GAKKI Co. Ltd., Paul Reed Smith Guitars, Rickenbacker International Corp., Schecter Guitar Research Inc., Taylor-Listug Inc., 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

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What are the Key Data Covered in this Guitar Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive guitar market growth during the next five years
  • Precise estimation of the guitar market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the guitar industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of guitar market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Leisure Products

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Product

    • 5.1 Market segments
      • Exhibit 15: Product - Market share 2020-2025 (%)
    • 5.2 Comparison by Product
      • Exhibit 16: Comparison by Product
    • 5.3 Acoustic - Market size and forecast 2020-2025
      • Exhibit 17: Acoustic - Market size and forecast 2020-2025 ($ million)
      • Exhibit 18: Acoustic - Year-over-year growth 2020-2025 (%)
    • 5.4 Electric - Market size and forecast 2020-2025
      • Exhibit 19: Electric - Market size and forecast 2020-2025 ($ million)
      • Exhibit 20: Electric - Year-over-year growth 2020-2025 (%)
    • 5.5 Market opportunity by Product
      • Exhibit 21: Market opportunity by Product

    6 Customer landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 23: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 24: Geographic comparison
    • 7.3 North America - Market size and forecast 2020-2025
      • Exhibit 25: North America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 26: North America - Year-over-year growth 2020-2025 (%)
    • 7.4 Europe - Market size and forecast 2020-2025
      • Exhibit 27: Europe - Market size and forecast 2020-2025 ($ million)
      • Exhibit 28: Europe - Year-over-year growth 2020-2025 (%)
    • 7.5 APAC - Market size and forecast 2020-2025
      • Exhibit 29: APAC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 30: APAC - Year-over-year growth 2020-2025 (%)
    • 7.6 South America - Market size and forecast 2020-2025
      • Exhibit 31: South America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 32: South America - Year-over-year growth 2020-2025 (%)
    • 7.7 MEA - Market size and forecast 2020-2025
      • Exhibit 33: MEA - Market size and forecast 2020-2025 ($ million)
      • Exhibit 34: MEA - Year-over-year growth 2020-2025 (%)
    • 7.8 Key leading countries
      • Exhibit 35: Key leading countries
    • 7.9 Market opportunity by geography
      • Exhibit 36: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 37: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Landscape disruption
          • Exhibit 39: Landscape disruption
          • Exhibit 40: Industry risks
        • 9.2 Competitive Landscape

          10 Vendor Analysis

          • 10.1 Vendors covered
            • Exhibit 41: Vendors covered
          • 10.2 Market positioning of vendors
            • Exhibit 42: Market positioning of vendors
          • 10.3 C. F. Martin & Co. Inc.
            • 10.4 Fender Musical Instruments Corp.
              • Exhibit 46: Fender Musical Instruments Corp. - Overview
              • Exhibit 47: Fender Musical Instruments Corp. - Product and service
              • Exhibit 48: Fender Musical Instruments Corp. – Key news
              • Exhibit 49: Fender Musical Instruments Corp. - Key offerings
            • 10.5 Gibson Brands Inc.
              • Exhibit 50: Gibson Brands Inc. - Overview
              • Exhibit 51: Gibson Brands Inc. - Product and service
              • Exhibit 52: Gibson Brands Inc. – Key news
              • Exhibit 53: Gibson Brands Inc. - Key offerings
            • 10.6 HOSHINO GAKKI Co. Ltd.
              • Exhibit 54: HOSHINO GAKKI Co. Ltd. - Overview
              • Exhibit 55: HOSHINO GAKKI Co. Ltd. - Product and service
              • Exhibit 56: HOSHINO GAKKI Co. Ltd. - Key offerings
            • 10.7 Karl Höfner GmbH & Co. KG
              • Exhibit 57: Karl Höfner GmbH & Co. KG - Overview
              • Exhibit 58: Karl Höfner GmbH & Co. KG - Product and service
              • Exhibit 59: Karl Höfner GmbH & Co. KG - Key offerings
            • 10.8 Paul Reed Smith Guitars
              • Exhibit 60: Paul Reed Smith Guitars - Overview
              • Exhibit 61: Paul Reed Smith Guitars - Product and service
              • Exhibit 62: Paul Reed Smith Guitars – Key News
              • Exhibit 63: Paul Reed Smith Guitars - Key offerings
            • 10.9 Rickenbacker International Corp.
              • Exhibit 64: Rickenbacker International Corp. - Overview
              • Exhibit 65: Rickenbacker International Corp. - Product and service
              • Exhibit 66: Rickenbacker International Corp. - Key offerings
            • 10.10 Schecter Guitar Research Inc.
              • Exhibit 67: Schecter Guitar Research Inc. - Overview
              • Exhibit 68: Schecter Guitar Research Inc. - Product and service
              • Exhibit 69: Schecter Guitar Research Inc. - Key offerings
            • 10.11 Taylor-Listug Inc.
              • Exhibit 70: Taylor-Listug Inc. - Overview
              • Exhibit 71: Taylor-Listug Inc. - Product and service
              • Exhibit 72: Taylor-Listug Inc. - Key offerings
            • 10.12 Yamaha Corp.
              • Exhibit 73: Yamaha Corp. - Overview
              • Exhibit 74: Yamaha Corp. - Business segments
              • Exhibit 75: Yamaha Corp. - Key offerings
              • Exhibit 76: Yamaha Corp. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Currency conversion rates for US$
                • Exhibit 77: Currency conversion rates for US$
              • 11.3 Research methodology
                • Exhibit 78: Research Methodology
                • Exhibit 79: Validation techniques employed for market sizing
                • Exhibit 80: Information sources
              • 11.4 List of abbreviations
                • Exhibit 81: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              Guitar market growth will increase by $1141.01 million during 2021-2025.
              The guitar market is expected to grow at a CAGR of 5.38% during 2021-2025.
              Technavio has segmented the guitar market by product (Acoustic and Electric) and geographic (North America, Europe, APAC, South America, MEA, North America, Europe, APAC, South America, and MEA).
              C. F. Martin & Co. Inc., Fender Musical Instruments Corp., Gibson Brands Inc., HOSHINO GAKKI Co. Ltd., Karl Höfner GmbH & Co. KG, Paul Reed Smith Guitars, Rickenbacker International Corp., Schecter Guitar Research Inc., Taylor-Listug Inc., Yamaha Corp. are a few of the key vendors in the guitar market.
              North America will register the highest growth rate of 40.37% among the other regions. Therefore, the guitar market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
              • US
              • China
              • Germany
              • Japan
              • Canada
              The key factors driving the guitar market growth are:
              • Growing popularity of music-related leisure activities
              • Growing online retailing
              The guitar market vendors should focus on grabbing business opportunities from the acoustic segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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