What Is The Definition Of The Global Guitar Market?
A guitar is a musical instrument that has six strings and is played by strumming or plucking the strings. It produces sound acoustically or through electrical amplification, depending on the type of guitar.
Guitar Global Market Report 2024 provides data on the global guitar market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Guitar market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Guitar Market Size And Growth Rates Projected To Evolve?
The guitar market has experienced rapid growth, rising from $8.54 billion in 2023 to $9.25 billion in 2024 with a compound annual growth rate (CAGR) of 8.3% in the historic period. This growth is attributed to the evolution of musical genres driving instrument sales, influence of cultural icons promoting guitar music, continuous innovation in guitar design and technology, trends in music education fostering instrument adoption, and demographic shifts influencing consumer preferences. Looking forward, the market is expected to see rapid growth, projected to expand to $12.86 billion by 2028 with a CAGR of 8.5%. Factors contributing to this growth include increasing interest in music education and self-expression through guitar playing, influence of social media platforms and digital influencers promoting musical engagement, rising popularity of home recording studios stimulating instrument sales, resurgence of live music events boosting instrument purchases, and diversification of guitar models catering to niche market demands. Major trends anticipated in the forecast period encompass the integration of digital connectivity in guitars enhancing performance and user experience, adoption of smart guitar technologies enabling interactive learning features, revival of vintage and retro guitar styles appealing to collectors, growth of artisanal and boutique guitar markets catering to niche preferences, and customization and personalization trends driving consumer engagement in guitar selection and ownership.
What Are The Essential Drivers Behind The Growth Of The Guitar Market?
The growing popularity of live musical performances and concerts is driving the guitar market. Live music events serve as platforms for connecting music enthusiasts with guitar brands, showcasing products to a captivated audience. The surge in live music interest, evidenced by a record-breaking 51.6 million unique visitors to Ticketmaster's platforms in October 2022, underscores the strong demand for musical experiences. This increased engagement with live performances boosts the demand for guitars, enhancing market growth as more individuals embrace music as a cultural and recreational pursuit through 2028.
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How Is The Global Guitar Market Divided Into Key Segments?
The guitar market covered in this report is segmented –
1) By Type: Acoustic Guitars, Electric Guitars, Solar Guitars
2) By Number Of Strings: Six Strings, Eight Strings, Twelve Strings, Other Number Of Strings
3) By Distribution: Offline, Online
What Trends Are Reshaping The Future Of The Guitar Market?
Major players in the guitar market are developing ergonomic and lightweight designs to enhance their competitive edge. An ergonomic and lightweight guitar focuses on comfort, ease of playability, and reducing physical strain. For instance, in October 2023, Fender Musical Instruments Corporation (FMIC), a US-based manufacturer of musical instruments and amplifiers, launched The Highway Series. This series features ergonomic, lightweight guitars with integrated Fishman pickup systems and advanced features for optimal sound quality. Designed to combine modern innovations with the classic appearance of traditional guitars, The Highway Series offers a feedback-resistant, ergonomic design and Fishman Fluence pickups, catering to today's live acoustic performers.
What Is The Fastest Growing Region In The Guitar Market?
Asia-Pacific was the largest region in the guitar market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the guitar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
