The global guitar market is predicted to reach US$ 11.09 billion in 2023, growing at a compound annual growth rate of 7.6%. The market was projected to reach US$ 23.29 billion by 2033. One of the main reasons propelling the market’s expansion is the growing popularity of leisure activities involving music.
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.
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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 (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.
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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
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