In 2023, the global guitar market is anticipated to reach US$ 11.09 billion, with a growth rate of 7.6% CAGR. By 2033, the market has been estimated to reach US$ 23.29 billion. The rising popularity of music-related leisure activities is a key factor propelling the market’s expansion.
The global guitar market presents a complex landscape with both promising opportunities and potential hurdles.
A Continued Love Affair with the Guitar
Despite some challenges, the guitar market demonstrates enduring popularity:
- Music Events Surge: The rise of music events and the continued popularity of rock and metal music are fueling interest in guitars and guitar playing.
- Wood Reigns Supreme: The demand for wood-based guitars continues to rise, driven by their superior sound quality and traditional appeal.
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Lifestyle Chords: A Symphony of Growth Factors
Several lifestyle trends are contributing to a positive outlook for the guitar market:
- Changing Lifestyles: The evolving lifestyles of individuals, with a growing emphasis on leisure and hobbies, are creating a fertile ground for guitar playing.
- High Living Standards: Increased disposable income in developed economies puts guitars within reach of more aspiring musicians.
Premium Performance, Personalized Appeal
The premium segment of the guitar market is experiencing a boost:
- Customization Craze: Manufacturers offering customized guitars are attracting discerning players who value unique instruments.
Rock On! Live Events Fuel Demand
Live music is another key driver of market growth:
- Concert Surge: The increasing number of rock concerts worldwide creates excitement and inspires potential guitarists.
Free to Play? The Challenge of Apps
However, the market faces a potential obstacle:
- Free Instrument Apps: The widespread adoption of free music instrument learning apps may limit the market growth by offering a seemingly cost-effective alternative to purchasing guitars.
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A Harmonious Future for the Guitar Market
The global guitar market offers a mixed outlook. While challenges like free learning apps exist, the enduring appeal of the guitar, fueled by rising demand in premium segments, the increasing popularity of live music events, and evolving lifestyles, suggests a future filled with promising melodies.
Key Takeaways from the 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.
Competitive Landscape:
Manufacturers are closely monitoring rapidly changing consumer preferences to capitalize on market demand. Existing players are adding guitars to their inventory and acquiring updated ones.
As businesses continue to focus on raising discovery through a broad range of cultural and novelty influences, they are refining what they offer to appeal to a global audience. Top players in the global guitar market compete on price, quality, and innovation.
Several prominent companies dominate this market, including
- Fender Musical Instruments Corporation
- Gibson Brands, Inc,
- Karl Höfner GmbH & Co. KG
- Yamaha Corporation
- B.C. Rich Guitars
- Cort Guitars
- PRS Guitars
- The ESP Guitar Company
- G&L Musical Instruments
- Godin Guitars
- Samick Musical Instrument Co., Ltd
- Schecter Guitar Research
- TAYLOR-LISTUG, Inc
- Rickenbacker International Corporation
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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
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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