Guitar Industry Overview
The global Guitar Market, valued at USD 10.30 billion in 2022, is projected to grow at a CAGR of 7.7% from 2023 to 2030. A significant driver fueling this expansion is the increasing popularity of music-related leisure activities worldwide. As individuals seek respite from demanding lifestyles, many are turning to hobbies such as music, travel, and sports. Among these, learning to play musical instruments, particularly the guitar, is gaining considerable traction globally.
The rapidly increasing number of live music shows and the growing attendance at these events further inspire individuals to pursue music as a career and learn various types of guitars. Consequently, the rising global popularity of music-related leisure activities is expected to significantly augment the growth of the global guitar market. However, the long replacement cycle of guitars will pose a major challenge during the forecast period. Conversely, the increasing prevalence of music events and the sustained popularity of rock and metal music present the most significant opportunities for market growth.
Detailed Segmentation:
- Product Insights
The acoustic segment dominated the market in terms of share and is estimated to expand at a CAGR of 7.5% during the forecast period. Several genres of music feature acoustic guitar. Some of the most popular are folk, country, and blues. An acoustic guitar is also largely used in jazz and pop music. Despite the fact that acoustic guitar is often associated with mellower genres of music it can be used in a variety of ways. An acoustic guitar can be played solo or in a band setting and it can be used for a variety of different purposes. Therefore, it is largely used all over the world and generated large revenue in 2022.
- Distribution Channel Insights
The online segment is estimated to expand with the fastest CAGR of 10.1% during the forecast period. E-commerce has edged over physical stores in selling guitars. With increasing internet penetration and benefits such as easy access and payment options, consumers prefer purchasing products from online channels. The selling price of any guitars sold online differs from its market price. This is usually due to the offers and discounts available on company websites or any other online platform. These factors will continue to bode well for the segment during the forecast period.
- Regional Insights
North America is anticipated to develop at the fastest CAGR of 8.3% during the forecast period. This is due to the growing concept of live music in connection with the growing number of music concerts in the U.S. Michael Kelly Guitar Co. and others are introducing new variants to attract the largest customer base in the region. Moreover, several major manufacturers such as Gibson Brands, Inc.; Fender Musical Instruments; and Yamaha Corporation are launching innovative variants to penetrate further into the market. These factors are expected to drive the market growth throughout the forecast period.
Gather more insights about the market drivers, restraints, and growth of the Guitar Market
Key Companies & Market Share Insights
Key manufacturers are majorly focusing on rapidly changing consumer preferences so that market demand can be capitalized. Existing players are expanding their collection of on-hand guitars and acquiring new players.
- In July 2022, Yamaha Music Square introduces a brand-new lineup of Revstar electric guitars launched recently by Yamaha Music Worldwide
- In September 2021, Fender Musical Instruments Corporation (FMIC) announced the launch of the all-new Player Plus Series. As a new generation of guitar players continues to emerge, Player Plus puts the power of guitar squarely in their hands with new versions of Fender's most iconic models
- In July 2021, Gibson Brands, Inc. announced a partnership with Kirk Hammett, a popular guitarist from the well-known heavy metal band Metallica. With this partnership, the company aims to introduce a signature line of guitars
Some of the key players in global Guitar Market include:
- C. F. Martin & Co. Inc.,
- Fender Musical Instruments Corp.,
- Gibson Brands Inc.,
- HOSHINO GAKKI Co. Ltd.,
- Karl Höfner GmbH & Co. KG,
- Paul Reed Smith Guitars,
- Rickenbacker International Corp.,
- Schecter Guitar Research Inc.,
- Taylor-Listug Inc.,
- Yamaha Corp.
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