The global guitar market size was worth around USD 6875 million in 2021 and is predicted to grow to around USD 11800 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.0% between 2022 and 2030. The report analyzes the global guitar market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the guitar market.
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The guitar is an extremely popular musical instrument that has consumers across the world and is not specific to a particular region. It is a form of fretted instrument which means that it is composed of thin strips of metal wire, the most commonly used, or other material. The strips are laterally positioned at specific locations along the fretboard or the neck of the stringed guitar. While playing the instrument, the sound can either be projected acoustically or by using a resonant chamber. The sound can be amplified using an amplifier or an electric pickup. Guitar falls under the category of chordophone which is a classification for instruments that use vibrating strings attached along two separate points, to produce sound. Traditionally, the famous instrument was created using wood and strings made of catgut, however with the musical revolution in recent years, guitars made of steel were introduced in the United States where the strings were made of nylon.
Covid-19 Impact
The global cap was positively influenced during the peak of the virus-driven by the lockdown impositions and remote work culture. These factors led to people having more time at hand to explore their hobbies. A lot of companies encouraged employees to showcase their talents while working remotely, as a part of the organization’s initiatives to boost their morale and help them navigate through the critical conditions that arose during the pandemic. The global market faced challenges initially because of delays in the supply chain, the absence of raw materials, and other factors but in the long run, the impact seems to be positive.
Key Insights
● As per the analysis shared by our research analyst, the global guitar market is estimated to grow annually at a CAGR of around 7.0% over the forecast period (2022-2030).
● In terms of revenue, the global guitar market size was valued at around USD 6875 million in 2021 and is projected to reach USD 11800 million, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
● Based on mode of purchase segmentation, offline was predicted to show maximum market share in the year 2021
● Based on type segmentation, the electric guitar was the leading revenue-generating type in 2021.
● On the basis of region, North America was the leading revenue generator in 2021
This research report categorizes the Guitar market based on product type, Application, and region.
On the basis of product type:
● Electric Guitar
● Hawaiian Guitar
● Acoustic Guitar
On the basis of Application:
● Offline
● Online
The key players in the Guitar market include
● Fender Musical Instruments Corp
● HOSHINO GAKKI Co. Ltd
● C. F. Martin & Co. Inc
● Rickenbacker International Corp
● Gibson Brands Inc
● Schecter Guitar Research Inc.
● Yamaha Corp
● Taylor-Listug Inc.
North America to lead market growth during the forecast period
The global guitar market is projected to be led by North America in the coming years owing to the high market penetration of guitar manufacturers. The electric guitar was first invented in the US in the 1940s and since then the country has become the hub of guitar players. The US music industry and its world-famous artists, contribute heavily to the regional market growth. The industry along with its players is highly influential where the guitar is a standard and popular part of their music culture. For instance, the guitar of Kurt Donald Cobain, a pioneer in the American music industry, was sold for USD 4.6 million in an auction in May 2020. The global market may also benefit from Asia-Pacific owing to its rising population and the subsequent number of people interested in learning guitar. Even though the instrument is commonly found, with the emergence of schools and other teaching institutes focusing solely on music, it is expected that the region will grow further.
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