NEW YORK, Dec. 10, 2023 /PRNewswire/ — The guitar market is estimated to grow by USD 1.29 billion from 2021 to 2026. The market is estimated to be growing at a CAGR of 5.63% during the forecast period. North America is estimated to account for 42% of the global market growth during the forecast period. Factors such as the growing use of online platforms to shop for guitars, the launch of innovative products, and the surging demand for designer guitars facilitate the guitar market growth in North America over the forecast period. The market in this region will grow faster than the growth of the market in the European regions. Hence, such factors drive the regional market growth during the forecast period. For Comprehensive details on the market size, historic period (2017 to 2021), and forecast period (2023-2027) – View Sample report
Guitar Market – Vendor Landscape
The guitar market is fragmented; the vendors are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances and the price of the products –The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now
Guitar Market – Market Dynamics
Major Drivers & Challenges-
A major factor driving growth of the guitar market is the growing popularity of music-related leisure activities. Globally, people opt for various leisure activities, such as music, traveling, and sports. Such activities offer a break from their hectic and monotonous lifestyles and one of the leisure activities gaining popularity across the globe is learning to play musical instruments. The rising disposable income of people supports the adoption of different musical instruments and their enrollment in music classes. Furthermore, the number of live music shows and those attending such shows is growing rapidly across the world. Hence, such factors drive the growth of the guitar market during the forecast period.
The long replacement cycle will be a major challenge hindering the guitar market during the forecast period. Given their reliability and quality, consumers prefer branded guitars. Since the lifespan of guitars depends on several factors including the environment and the type and ways of playing music, vendors design guitars to withstand extreme operational conditions. These days, vendors manufacture guitars made of high-grade wood and other raw materials, making them lightweight and durable. They also carry out in-depth R&D to introduce innovative and durable materials to extend the lifespan of guitars. Generally, the average lifespan of acoustic guitars is ten years, whereas the average lifespan of electric guitars is almost 20-30 years. But the long lifespan of guitars reduces the frequency of product replacements, which adversely affects the year-over-year growth of the market. hence, such challenges impede market growth during the forecast period.
Key Trends–
The growing online retailing is a guitar market trend that is expected to have a positive impact during the forecast period. Due to the growth of the global guitar market, the online market for musical instruments has grown significantly in the past couple of years. The increase in product visibility, coupled with the availability of a comprehensive range of products, helps online retailing grow globally. Online retailing is expected to grow faster than offline retailing during the forecast period, even though it accounts for a small share of the global guitar market. Hence, factors such as rising consumer awareness about the existence of various online retail platforms are contributing to the growth of online retailing in the global guitar market.
Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. – View Sample Report
Company Profiles
The guitar market report includes information on the product launches, sustainability, and prospects of leading vendors including B.C. Rich Guitars, BBE Sound Inc, C. F. Martin and Co. Inc., Cor-Tek Corp., Cordoba Music Group, Dean Guitars, Drum Workshop Inc., Fender Musical Instruments Corp., Gibson Brands Inc., Godin Guitars, Gretsch Guitars, HOSHINO GAKKI Co. Ltd., Karl Hofner GmbH and Co. KG, Kiesel Guitars, Paul Reed Smith Guitars, Rickenbacker International Corp., Schecter Guitar Research Inc., Taylor Listug Inc., The ESP Guitar Co., and Yamaha Corp.
Competitive Analysis
The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.
Guitar Market – Market Segmentation
This report extensively covers guitar market segmentation by product (acoustic and electric) and geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The market share growth by the acoustic segment will be significant during the forecast period. The rapid growth of the segment can be attributed to the high adoption of acoustic guitars in developing countries. In developed markets, such as the US and the UK, the demand for acoustic guitars is almost stagnant. But acoustic guitars witness huge demand in developing countries, such as India and Brazil. This is because of their high affordability and availability, coupled with their low cost and low initial investment requirement, compared with electric guitars. Hence, such factors drive the segment growth during the forecast period.
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Product
- Market Segmentaion by Deployment
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus 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.
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