Guitar Market Size to Grow by USD 1.95 billion from 2023 to 2027, Analyzing market growth in Acoustic Segment, Technavio

NEW YORK, March 22, 2024 /PRNewswire/ — The Guitar Market size is forecast to increase by USD 1.95 billion between 2022 and 2027, accelerating at a CAGR of 7.75%. The acoustic segment dominates the market. Its design amplifies string vibrations, projecting sound acoustically. While demand in developed nations like the UK and US is stable, developing countries like India and Brazil show increasing interest due to affordability and ease of learning, driving market growth.

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Vendor Analysis
Vendor Landscape – The global guitar market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer guitar in the 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. and others.

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Segment Overview
Technavio has segmented the market based on type, Type (Acoustic and Electric), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). 

The acoustic segment, valued at USD 1.94 billion in 2017, dominates the market due to its design, amplifying string vibrations for acoustic projection. While demand in developed nations like the UK and US is steady, developing countries like India and Brazil are experiencing a surge in interest due to affordability and accessibility. Additionally, beginners and learners prefer acoustic guitars for their thicker and harder strings, facilitating skill development. These factors are poised to propel segment growth and overall market trends in the forecast period.

Geography Overview
By geography, the global guitar market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global guitar market.

North America is poised to contribute 43% to global market growth, driven by innovative product introductions and increased online guitar purchases. Despite economic challenges in the US, there’s a growing demand for eco-friendly guitars made from sustainable materials like basswood. For instance, Breedlove launched a new eco-guitar series using sustainable basswood in July 2021, signaling a shift towards environmentally conscious instruments that is expected to drive regional market growth.

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Market Dynamics

The growing popularity of music-related leisure activities is a key factor driving the market growth:

The surge in music-related leisure activities is a key growth driver. Amidst busy lifestyles, there’s a rising interest in learning musical instruments, notably the guitar, across all age groups. Parents are encouraging their children to explore music, supported by increasing disposable incomes. Additionally, the global trend of live music shows is inspiring more individuals to pursue music as a career, fuelling market growth.

The rise in online retailing is a pivotal factor driving guitar market growth. Online platforms offer convenience, enabling consumers to browse and purchase guitars from their homes. Moreover, they overcome geographical limitations, expanding the consumer base and facilitating wider product accessibility, thus driving market growth.

Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a 

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What are the key data covered in this Guitar Market report?

CAGR of the market during the forecast periodDetailed information on factors that will drive the growth of the Guitar Market between 2023 and 2027Precise estimation of the size of the Guitar Market size and its contribution to the market in focus on the parent marketAccurate predictions about upcoming trends and changes in consumer behaviorGrowth of the Guitar Market industry across North America, Europe, APAC, South America, and Middle East and AfricaA thorough analysis of the market’s competitive landscape and detailed information about vendorsComprehensive analysis of factors that will challenge the growth of Guitar Market vendors

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Analyst Review:

The Guitar Market offers a diverse range of instruments and accessories catering to musicians across various genres and skill levels. From Acoustic guitars to Electric guitars, Bass guitars, and Classical guitars, enthusiasts can find instruments suited to their preferences. Guitar accessories like strings, picks, cases, straps, and stands enhance playing experience and ensure instrument maintenance.

A wide array of Guitar amplifiers, pedals, effects, tuners, cables, and parts further enriches the musical journey, providing options for customization and sound manipulation. Leading brands such as Fender, Gibson, Yamaha, and Ibanez dominate the market, offering quality instruments renowned for their craftsmanship and tone.

Music genres like Rock, Blues, Jazz, Country, Metal, Pop, and Folk drive demand for specialized guitars tailored to each style. Notable players and famous guitarists inspire enthusiasts worldwide, contributing to the market’s growth. Guitar techniques, lessons, tutorials, chords, scales, tabs, solos, and compositions empower aspiring musicians to hone their skills and explore creativity.

With an ever-expanding repertoire of instruments, accessories, and educational resources, the Guitar Market continues to evolve, serving as a vibrant hub for musical expression and innovation.

Market Overview:

The Guitar Market offers a diverse range of instruments and accessories catering to musicians of all levels and genres. From acoustic to electric, bass to classical, guitars come in various styles and brands like Fender, Gibson, and Yamaha. Accessories such as amplifiers, pedals, and cases enhance the playing experience. Music genres like rock, blues, and jazz drive guitar preferences, while famous players inspire aspiring musicians. Guitar lessons and tutorials proliferate, fostering skill development and creativity. With an array of techniques, chords, and scales, the guitar market thrives on innovation and tradition, catering to a global community of enthusiasts and professionals alike.

Related Reports: 

Global Electric Guitar Market Size is estimated to grow by USD 955.77 million at a CAGR of 7.75% between 2022 and 2027.

The electronic musical instruments market size is estimated to grow at a CAGR of 3.13% between 2022 and 2027. 

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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.

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