How Has the Guitar Market Size Evolved in Recent Years?
The guitar market has seen considerable growth due to a variety of factors.
• The size of the guitar market has seen significant expansion in the recent past. The market, which is expected to escalate from $9.25 billion in 2024 to $10.07 billion in 2025, is projected to witness a compound annual growth rate (CAGR) of 8.9%.
This growth during the historical period is credited to the development of music styles, cultural figures and influencers, advancements in guitar architecture, trends in music education and learning, and demographic changes.
What Is The Forecast For The Guitar Market Size?
The guitar market is expected to maintain its strong growth trajectory in upcoming years.
• The guitar industry is anticipated to witness robust growth in the forthcoming years, with expectations of reaching $13.95 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 8.5%.
The surge in growth over the forecast period can be ascribed to increasing interest in music education, the impact of social media and influencers, the rising trend of home-based recording studios, the resurgence of live music, and the growth of specialized markets. Notable trends predicted during this period consist of the emergence of digital connectivity, advancements in smart guitar technology, a renaissance of vintage and retro styles, artisanal and boutique guitars, and the demand for customization and personalization.
What Are The Essential Drivers Behind The Growth Of The Guitar Market?
The guitar market is experiencing growth fuelled by the surging popularity of live music events and concerts. Such musical gatherings are not just entertainment sources, but they also enhance mood, stimulate emotions, promote health, and provide a venue for socialization. These events bring together people with similar music preferences, making for an ideal platform for guitar makers to present their offerings to an engaged audience of music lovers. For instance, Prism.fm, a US-based concert and live event platform, reported that the global live music market saw a 25% rise in 2023 over the previous year, totaling $33 billion. Projections estimate the live music industry's value peaking at $50 billion by 2030. Hence, the growing frequency of live music events and concerts has escalated the demand for guitars.
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
Subsegments:
1) By Acoustic Guitars: Dreadnought, Concert, Parlor, Jumbo, Travel Guitars
2) By Electric Guitars: Solid Body Electric Guitars, Hollow Body Electric Guitars, Semi-Hollow Body Electric Guitars
3) By Solar Guitars: Solar-Powered Acoustic Guitars, Solar-Powered Electric Guitars
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How Are New Trends Impacting The Size Of The Guitar Market?
Leading firms in the guitar market are concentrating on producing innovative products like ergonomic and lightweight guitars to offer a competitive advantage. An ergonomic and lightweight guitar features a design that stresses on player comfort, uncomplicated playability, and minimized strain. For instance, Fender Musical Instruments Corporation (FMIC), a notable US company that manufactures musical instruments and amplifiers, introduced The Highway Series in October 2023. This series is marked by its ergonomic, lightweight design, its complete integration of Fishman pickup systems, and its novel attributes that produce a sound fit for the road. The aim of the series is to transform the acoustic guitar experience by merging modern developments with the timeless look of traditional guitars. The Highway Series guitars are developed with a feedback-resistant and ergonomic design and are equipped with Fishman Fluence pickup to facilitate seamless setup. This provides the iconic feel of a conventional acoustic guitar, enhanced with upgraded features suitable for the contemporary acoustic performer.
Who Are the Key Players In The Guitar Market?
Major companies operating in the guitar market report are:
• Yamaha Corporation
• Gibson Brands Inc.
• Taylor Guitars
• Fender Musical Instruments Corporation
• Martin Guitar Company
• Eastman Guitars
• PRS Guitars
• Collings Guitars
• Schecter Guitar Research
• Godin Guitars
• Rickenbacker International Corporation
• Dean Guitars
• Takamine Guitars
• Washburn Guitars
• Breedlove Guitars
• Guild Guitars
• ESP Guitars
• Ibanez
• Jackson Guitars
• Alvarez Guitars
• Cort Guitars
• Epiphone
• G&L Musical Instruments
• Gretsch Company
• Music Man
• Ovation Guitars
• Seagull Guitars
What Are The Regional Insights Into The Guitar Market?
Asia-Pacific was the largest region in the guitar market in 2024. 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.
