By 2023, the Global Guitar Market is estimated to reach US$ 11.09 billion, recording a 7.6% CAGR. The market is expected to reach US$ 23.29 billion by 2033. Music-related leisure activities are becoming increasingly popular, which is one of the key factors driving its growth.
To meet the surging market demand and evolving consumer preferences, key manufacturers in the guitar industry are proactively adapting their strategies. This includes expanding their inventory by adding new guitar models and exploring opportunities for acquisitions to strengthen their market position.
In the quest for global market dominance, businesses are keenly focused on enhancing product discovery, leveraging a diverse range of cultural and novelty influences, and continuously refining their offerings to appeal to a broader consumer base.
Find a comprehensive report summary that describes the market size and forecast along with the research methodology. The Sample report is available in PDF format@ https://www.futuremarketinsights.com/reports/sample/rep-gb-16650
In the competitive global guitar market, top players vie for supremacy through their commitment to quality, competitive pricing, and continuous innovation.
In July 2022, Yamaha Music Square unveiled an updated lineup of Revstar electric guitars from Yamaha Music Worldwide, showcasing their dedication to staying at the forefront of innovation and meeting customer demands.
In January 2022, Samsung made a noteworthy entry into the guitar market with the introduction of ZamString, a smart electric guitar designed to simplify and streamline the learning process. Part of the ZamStar app and electric guitar platform, this innovative product aims to enhance accessibility and make learning the guitar more convenient.
A significant partnership between Gibson Brands, Inc. and Kirk Hammett of Metallica was announced in July 2021. This collaboration paves the way for Gibson Brands, Inc. to potentially launch a signature guitar line, a move that highlights their strategic approach to securing prominent endorsements and expanding their product portfolio.
Several prominent companies dominate this market, including Fender Musical Instruments Corporation, Gibson Brands, Inc, Karl Höfner GmbH & Co. KG (Germany), Yamaha Corporation (Japan), B.C. Rich Guitars, Cort Guitars (Indonesia), PRS Guitars, The ESP Guitar Company, G&L Musical Instruments, Godin Guitars (Canada), Samick Musical Instrument Co., Ltd (South Korea), Schecter Guitar Research, TAYLOR-LISTUG, Inc, Rickenbacker International Corporation, and others.
Rock and metal music genres have caused some people to learn guitar. The popularity of the guitar has steadily grown in recent years. The popularity of live music shows and the number of people attending such shows is growing rapidly. Furthermore, the guitar has become more popular than the piano, due to its accessibility.
A growing interest in music is resulting in a significant increase in demand for the instrument. The rise in popularity of popular music genres such as metal and rock encourage people to learn guitar.
Electric guitars are essential to these genres of music. As a result of changing lifestyles, increased disposable income, and high living standards, consumers are increasingly engaging in leisure activities. The result is an expanding music band around the globe.
Key Takeaways from Market Study
- The guitar market is expected to register a CAGR of 7.6% over the forecast period.
- According to estimates, the guitar market in North America is expected to remain strong throughout the length of the forecast period.
- The electric guitar segment is expected to record a CAGR of 8.3%, while the acoustic segment is expected to thrive at a CAGR of 7.6%.
- The United States, a leading guitar market, is expected to expand at a CAGR of 8.9%, while most sales come from China and it’s estimated to be US$ 9,253.00 million in 2023.
Talk with our analyst and get the complete information of report now@ https://www.futuremarketinsights.com/ask-question/rep-gb-16650
Recent Developments:
- In July 2022, Yamaha Music Square launched a new lineup of Revstar electric guitars from Yamaha Music Worldwide.
- As part of the ZamStar app and electric guitar platform, Samsung introduced a smart electric guitar dubbed ZamString in January 2022.
- In July 2021, Gibson Brands, Inc. announced a partnership with Kirk Hammett of Metallica. This partnership could result in a signature guitar line from Gibson Brands, Inc.
- Fender Musical Instruments partnered with Kyser in September 2021 to offer electric guitar capos featuring Kyser’s design. The stylish guitar caps can be found on both Fender and Kyser musical instruments.
Guitar Market by Category
By Product:
- Acoustic
- Electric
By Distribution Channel:
- Offline
- Online
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
Ask For Customization@ https://www.futuremarketinsights.com/customization-available/rep-gb-16650
Read Related Reports@
https://faceblox.mn.co/posts/35694468?utm_source=manual
https://globalsocials.mn.co/posts/35694466?utm_source=manual
https://drujrake.mn.co/posts/35694472?utm_source=manual
https://nethxt.mn.co/posts/35694479?utm_source=manual
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com
