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The global guitar market size is forecast to increase by USD 1.95 billion at a CAGR of 7.75% between 2022 and 2027. The growth of the market depends on several 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. This market analysis and report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The market encompasses a diverse array of musical instruments that are integral to various music genres worldwide. With its iconic design featuring six strings, guitars are versatile instruments played by strumming or plucking, producing captivating rhythms and melodies. Whether used as a rhythm instrument or taking the lead, guitars offer amplified sound through small amplifiers, enhancing their versatility across different musical settings. As digital technology evolves, guitars continue to adapt, integrating with modern platforms such as instant messaging and digital whiteboards, further expanding their reach and appeal in the global music landscape.
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 2022 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, traveling, 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. Hence, such factors are positively impacting the market which, in turn, is driving the market growth during 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.
The long replacement cycle of guitars is one of the key challenges hindering the guitar market growth. There is an increasing preference for branded guitars among customers due to their reliability and quality. Some of the key factors which 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 which 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 market growth.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Guitar Market Customer Landscape
This market report extensively covers market segmentation by type (acoustic and electric), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa). In the type segment of the market, various categories cater to diverse consumer preferences and market trends. String instruments, including acoustic and electric guitars, dominate the market, with electric guitars particularly popular in genres like metal and rock. Retail distribution channels, both traditional brick-and-mortar stores like Guitar Center and e-commerce platforms, play a significant role in guitar sales. Moreover, the market is witnessing a surge in online music education, with platforms offering guitar lessons attracting students seeking convenient and accessible learning options. Additionally, live music shows and music schools continue to foster interest in guitar playing, contributing to the overall growth of the market.
The acoustic segment is estimated to witness significant growth during the forecast period. One of the main factors which 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 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 the market growth during the forecast period.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main countries which are significantly contributing to the growth of the global guitar market in North America is the US due to the factors such as the launch of innovative products, the increasing use of online platforms to shop for guitars, and the rising demand for designer guitars. The market for guitar is saturated in the US but the growing demand for eco-friendly guitars are expected to further fuel the market growth in the region.
Moreover, the main feature of the eco-friendly guitar is that it is manufactured from wood types that are not specified under Convention on International Trade in Endangered Species (CITES). Some of these wood types are figured ebony, koa, poplar, basswood, khaya, and ovangkol. But eco-friendly ones are also manufactured using aluminum and carbon fiber. which makes it light in weight and is priced higher than normal ones. Furthermore, factors such as the growing number of rapidly emerging musicians, the increasing number of educational institutions offering music as a subject, and the rising adoption of music as a hobby among the population in North America are expected to drive market growth in the region during the forecast period.
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 market is thriving amidst a surge in live music shows and online music education. String instrument 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.
The market is a dynamic landscape where string instruments hold sway. Both in the retail store and the online sphere, the piano, a versatile musical instrument, stands alongside the guitar. 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.
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.
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Guitar Market Scope |
|
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 trends and analysis, Market growth and trends and inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market 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 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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