NEW YORK, May 13, 2024 /PRNewswire/ — The global guitar market size is estimated to grow by USD 1.95 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 7.75% during the forecast period.
For more insights on the forecast market size and historic data (2017 – 2021) – Buy Report
Technavio has announced its latest market research report titled Global Guitar Market 2023-2027
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.75% |
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Market growth 2023-2027 |
USD 1.95 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
5.72 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 43% |
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Key countries |
US, Canada, China, Japan, and Germany |
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Key companies profiled |
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. |
Market Driver
The global guitar market is undergoing a transformation, driven by advancements in technology and the rise of online retailing. This shift is influenced by various factors including curriculum policies, musical bands, demographic trends, and internet penetration. Online platforms offer unparalleled convenience, providing access to a vast selection of guitar brands, models, and price ranges. Key players in the industry, such as Guitar Center and E-commerce retailers, are capitalizing on this trend, reaching a wider audience and eliminating geographical limitations. Online retailing caters to diverse musical genres, including rock, metal, and acoustic, and offers virtual classes, online performances, and digital music tools. This trend is particularly significant in regions with high internet penetration, such as Dubai and the UAE, where commercial music schools and colleges are embracing online learning.
Market Challenges
The prolonged replacement cycle of guitars emerges as a primary obstacle to the growth of the guitar market.
Customers increasingly favor branded guitars for their reputation of reliability and high quality.
Various factors impact the lifespan of guitars, including environmental conditions, playing techniques, and music genres.
Guitar manufacturers prioritize durability, designing instruments to withstand rigorous use in diverse settings.
The guitar market encompasses diverse segments, such as live music performances, electric and acoustic guitars, and music education.
Branded guitars emphasize reliability and quality, utilizing premium materials to ensure longevity and resilience.
Consumer interest in guitars is driven by keywords like e-commerce, retail stores, guitar centers, and music schools.
Innovations such as digital whiteboards, mobile apps, and cloud-based systems enhance the guitar learning experience.
Traditional wood-based guitars face competition from lighter, more durable alternatives.
Market trends are influenced by factors like the endorsement of famous musicians, consumer hobbies, and sales data.
Demand for guitars remains strong, fueled by rock concerts and the growing popularity of online music education platforms.
Research report provides comprehensive data on impact of trend, driver and challenges – Request a sample report!
Segment Overview
This guitar market report extensively covers market segmentation by
Type
1.1 Acoustic
1.2 Electric
Distribution Channel
2.1 Offline
2.2 Online
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 South America
3.5 Middle East and Africa
1.1 Acoustic- In the dynamic world of musical instruments, the guitar market continues to evolve, with both acoustic and digital segments gaining traction. Acoustic guitars, the largest segment, remain popular due to their affordability and accessibility in developing countries. However, the premium segment, including digital whiteboards and apps for digital sheet music, is witnessing significant growth in developed markets. These tools offer convenience and versatility, allowing users to learn and perform with cloud-based systems. Competitors in the musical instruments industry are leveraging technology to cater to consumer interest. For instance, solid-body electric guitars, a key offering in the premium segment, are increasingly being used in rock concerts and musical bands. Meanwhile, online music education platforms, such as YouTube and commercial music schools, are driving product demand through curriculum policies and school curricula in global schools. Demographic trends, particularly the adolescent population’s growing interest in hobbies and leisure activities, are fueling sales of guitars. Online retail platforms and Internet penetration in economies like Dubai and the UAE are further boosting sales. The promotion industry, with its focus on online performances and virtual classes, is also playing a crucial role in driving consumer engagement. In conclusion, the guitar market is witnessing a shift towards digital tools and technologies, with both acoustic and electric guitars finding a place in the music ecosystem. From digital sheet music apps to online music education programs, the future of guitar playing is increasingly digital.
For more information on market segmentation with geographical analysis including forecast (2023-2027) and historic data (2017 – 2021) – Download a Sample Report
Research Analysis
In the dynamic world of music, the Guitar Market caters to various genres and preferences. From the strumming of six-string acoustic guitars for rhythm and lead parts, to the electrified sounds of electric guitars for metal and rock, our platform is a one-stop solution for musicians and enthusiasts. Our offerings include both new and used instruments, ensuring affordability for students and professionals alike. Our offerings extend beyond just guitars, with pianos, music schools, and even small amplifiers and PA systems available. We understand the importance of amplification in creating the desired sound, whether it’s for a live music show or a home practice session. Our e-commerce platform provides consumers with the convenience of shopping from the comfort of their homes. Additionally, we offer features such as video conferencing, file sharing, and instant messaging for a seamless buying experience. Digital whiteboards and digital sheet music are also accessible, allowing for easier collaboration and learning. Joining our community grants you access to a wealth of knowledge, with famous musicians and educators sharing their expertise through tutorials on YouTube and other digital platforms. Explore the Guitar Market today and let your musical journey begin!
Market Research Overview
In the dynamic world of music, the Guitar Market serves as a central hub for musicians and enthusiasts alike. Here, you’ll find a comprehensive collection of musical instruments, with a special focus on guitars. Musicians seek out this market for its extensive range of electric, acoustic, and classical guitars, each catering to various playing styles and preferences. Moreover, the market offers a variety of accessories such as strings, picks, amplifiers, and cases. These essentials ensure that every musician can optimize their playing experience. Additionally, the market provides expert advice and guidance, making it an invaluable resource for those new to the instrument or looking to upgrade. The Guitar Market is not just a place to purchase goods but also a community where musicians connect, share knowledge, and inspire one another. It’s a place where passion for music meets practicality, making it an integral part of the musical journey for guitarists everywhere.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Acoustic
Electric
Distribution Channel
Offline
Online
Geography
North America
Europe
APAC
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio