NEW
YORK, July 15, 2024 /PRNewswire/ -- The global
guitar market size is estimated to grow by USD 1.84 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
over 7.02% during the forecast period. Growing
popularity of music-related leisure activities is driving
market growth, with a trend towards growing online
retailing. However, long replacement cycle of guitars
poses a challenge. Key market players include 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..
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Guitar 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 1840.6
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
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
|
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 Driver
The global guitar market is undergoing a transformation as
consumer behavior and distribution channels evolve. Online
retailing is a leading trend, providing unmatched convenience for
guitar enthusiasts. This accessibility eliminates geographical
restrictions and expands the market to a global audience. Online
platforms offer a vast selection of guitars, brands, models, and
price ranges, along with comprehensive product information. Many
manufacturers and boutique brands sell directly to consumers
online, fostering customer engagement and loyalty. Customization
options and advanced technology, such as VR and AR, enhance the
shopping experience. Online retailers provide educational
resources, tutorials, and forums for the guitar community. Price
transparency and competition drive demand, leading to potential
growth in the guitar market.
The guitar market is experiencing significant growth due to
increasing trends in music education programs in school curricula
and global schools. Curriculum policies prioritizing music
education have led to higher product demand. Musical bands continue
to be popular among adolescent population, fueling the leisure
activity sector. Online retail platforms like E-commerce, Guitar
Center, and others, have made buying musical instruments, such as
solid-body electric guitars, acoustic guitars, and pianos, more
accessible. Dubai and
UAE's economies, with high internet penetration, have seen a surge
in demand for digital music tools and online performances.
Commercial music schools and colleges are also thriving.
Demographic trends show a rise in rock music, metal, and live music
shows, boosting the market. String instruments, including guitars,
remain a staple in the musical instrument industry.
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Market Challenges
- The guitar market caters to consumers who value the reliability
and quality of branded musical instruments. Vendors prioritize
durability in their designs, addressing environmental factors that
can impact the longevity of wooden guitars. They use high-grade
materials, such as wood and other raw components, to create
lightweight and robust instruments. Extensive research and
development efforts introduce innovative, long-lasting materials to
extend guitar lifespans. Acoustic guitars typically last ten years,
while electric guitars can endure for 20-30 years. Despite
replacement sales being common in commercial applications, the
extended lifespan of guitars limits market growth due to fewer
replacements. Manufacturers provide product warranties and
guarantees, while adherence to industry regulations ensures
durability. The guitar market's long replacement cycle is
anticipated to restrain its growth throughout the forecast
period.
- In the dynamic music industry, guitar sales face unique
challenges. With live music shows on hold due to the pandemic,
string instruments like electric and acoustic guitars have seen
varying demand. E-commerce and retail stores like Guitar Center
adapt, selling six-string musical instruments to students learning
rhythm and lead parts for rock and metal genres. Amplification
solutions, from small amplifiers to PA systems, remain essential
for making guitars louder. Famous musicians' video conferencing
lessons and digital whiteboards fuel online music education.
Consumer interest in wood-based guitars, piano, and other musical
instruments continues, with premium segment sales strong.
Competitors in the market include music schools and hobbies like
YouTube, apps, cloud-based systems, and digital sheet music. Sales
of guitars, whether acoustic or electric, remain robust, driven by
consumer passion for music.
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Segment Overview
This guitar market report extensively covers market segmentation
by
- Type
- 1.1 Acoustic
- 1.2 Electric
- Distribution Channel
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Acoustic- The Guitar Market is a thriving
industry with numerous businesses selling various types of guitars
and related accessories. These businesses cater to diverse customer
segments, including beginners, hobbyists, and professional
musicians. They offer a wide range of products, from acoustic to
electric guitars, and provide excellent customer service to ensure
customer satisfaction. Successful businesses in this market
implement effective marketing strategies, maintain competitive
pricing, and offer quality products to stay ahead of
competitors.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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The global electric guitar market is experiencing significant
growth driven by increasing interest in music and rising disposable
incomes. Key players like Fender, Gibson, and Yamaha dominate the
market, continually innovating to meet diverse consumer
preferences. The popularity of online music learning platforms and
the influence of rock and pop culture further propel market
expansion. Additionally, the growing trend of live music events and
concerts contributes to increased demand. With technological
advancements and a broadening consumer base, the electric guitar
market is poised for sustained growth in the coming years.
Research Analysis
Guitar Market: A Vibrant World of Six-String Magic! Discover the
enchanting realm of guitar market, bursting with a diverse range of
string instruments. From electric to acoustic, these six-string
wonders ignite the stage at live music shows, fueling the rhythm
and lead of rock and metal bands. The marketplace is a melting pot
of e-commerce and retail stores, where consumers connect with their
favorite musical instruments. Acoustic guitars, with their rich,
resonant sound, are perfect for solo performances or collaborative
jam sessions. Electric guitars, on the other hand, amplify the
energy with their powerful sound, made louder through small
amplifiers or PA systems. Students hone their skills at music
schools, inspired by famous musicians showcased on YouTube. In
today's digital age, the guitar market adapts with video
conferencing, file sharing, and instant messaging, allowing
musicians to connect and learn from anywhere. Digital whiteboards
and sheet music offer new ways to explore music theory, while
pickups and amplification technology continue to innovate,
enhancing the overall sound experience.
Market Research Overview
Guitar Market: A Thriving Industry of String Instruments and
Live Music The guitar market is a vibrant and dynamic industry that
caters to the needs of musicians and music enthusiasts worldwide.
This market encompasses various types of string instruments,
including electric and acoustic guitars, and extends to related
accessories such as amplification systems, picks, and strings. Live
music shows remain a significant driver of demand for guitars, with
both amateur and professional musicians utilizing these instruments
in various genres, from rock and metal to classical and folk. The
market's reach extends beyond traditional retail stores to
e-commerce platforms, enabling global access to musical
instruments. Acoustic guitars, with their warm, resonant sound,
continue to be popular choices for students and hobbyists, while
electric guitars, with their amplified sound and versatility,
dominate the premium segment. The market also caters to the needs
of music schools, with digital whiteboards, video conferencing,
file sharing, and digital sheet music facilitating online music
education. Demographic trends, such as the adolescent population's
growing interest in music and leisure activities, fuel sales of
guitars. The market's growth is further driven by technological
advancements, including solid-body electric guitars, small
amplifiers, PA systems, and digital music tools. The promotion
industry and online performances also contribute to the market's
expansion, with virtual classes and houses of famous musicians
offering instruction and inspiration to students worldwide.
Competitors in the guitar market include various musical instrument
manufacturers and retailers, with Guitar Center being a notable
player. The market's growth is influenced by consumer interest,
economic factors, and curriculum policies in global schools and
music education programs. The UAE and Dubai, with high internet penetration
and a thriving music scene, present significant opportunities for
market expansion. In conclusion, the guitar market is a thriving
industry that continues to evolve, driven by technological
advancements, changing consumer preferences, and the enduring
appeal of music. Whether for hobbyists, students, or professional
musicians, the guitar remains a beloved instrument that brings joy
and creativity to people around the world.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Distribution Channel
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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