NEW YORK, Oct. 19, 2023 /PRNewswire/ — The guitar market is estimated to grow by USD 1.9 billion from 2022 to 2027, growing at a CAGR of 7.75%. The guitar market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer guitar market are 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. The report provides a full list of key companies, their strategies, and the latest developments. Buy report!
Technavio has announced its latest market research report titled Global Guitar Market 2023-2027
Company Offering:
Martin and Co. Inc: The company offers guitars such as DJR 10E, OM Biosphere and D 18 StreetLegend.
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By Geography, the market is classified as North America, Europe, APAC, South America, and Middle East and Africa. North America will have the largest share of the market.
North America accounts for 43% of the growth of the global market during the forecast period. The US is one of the main countries that is significantly contributing to the growth of the global guitar market in North America due to several 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. In addition, the increasing demand for eco-friendly guitars is expected to positively impact the market growth in the region. Furthermore, the main aspect of the eco-friendly guitar is that is made from wood types that are not specified under the Convention on International Trade in Endangered Species (CITES) such as ebony, koa, poplar, basswood, khaya, and ovangkol. In addition, other factors that are fuelling the market growth in the region include 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. Hence, such factors drive the market growth in the region.
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Impactful driver- Growing popularity of music-related leisure activities
Key Trend – Growing online retailing
Major Challenges – Long replacement cycle of guitars
Market Segmentation
The market share growth of the acoustic segment is significant during the forecast period. The increasing adoption of acoustic guitars in developing countries is signficantly contributing to the growth of this segment. The main feature of the segment is that it is designed in such a way that it does not need any electric amplification for modulation or the projection of sound. There is a growing adoption of this segment across various 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. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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TOC:
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 Market Segmentation by Geography
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Company Landscape
13 Company Analysis
14 Appendix
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