The Guitar Market is driven by the widespread popularity of this musical instrument across various genres and musical styles. electric guitar are commonly used in rock, blues, and metal, while acoustic guitars are favored for folk, country, and singer-songwriter styles. The versatility of guitars, allowing them to serve as both rhythm and lead instruments, contributes to their widespread use in bands and solo performances. The market is characterized by a wide range of guitar manufacturers, offering diverse models, styles, and price ranges to cater to customer preferences. Blog topics could include guitar maintenance tips, a guitar buying guide, famous guitarists and their signature models, and exploring different guitar playing techniques.
According to Data Bridge Market Research, the global guitar market is expected to reach USD 9,369.91 million by 2030, which is USD 7,115.62 million in 2022, registering a CAGR of 3.50% during the forecast period of 2023 to 2030.
“The increasing demand for acoustic guitars facilitates market growth”
The increasing demand for acoustic guitars serves as a driver for the guitar market. Acoustic guitars have a timeless appeal and are widely used in various genres of music, including folk, country, and singer-songwriter styles. The warm and natural sound of acoustic guitars and their versatility and portability make them a popular choice among musicians of all levels. Additionally, the rising popularity of unplugged performances, acoustic sessions, and intimate live performances further fuels the demand for acoustic guitars. As a result, manufacturers and retailers are experiencing a growing market for acoustic guitars worldwide.
What restraints the growth of the global guitar market?
“Increasing usage of music production software”
The increasing usage of music production software restricts the guitar market. With technological advancements, musicians and music producers now have access to a wide range of digital instruments and software-based music production tools. These software programs offer a variety of virtual instruments, including guitar simulations, which can replicate the sound and feel of real guitars. As a result, some musicians and producers may opt for these digital alternatives instead of purchasing physical guitars, leading to a potential decline in the demand for traditional guitars in the market.
Segmentation: Global Guitar Market
The guitar market is segmented on the basis of type and application.
- On the basis of type, the guitar market is segmented into acoustic guitars, electric guitars.
- On the basis of application, the guitar market is segmented into online retail, offline retail.
Regional Insights: Asia-Pacific dominates the Global Guitar Market
Asia-Pacific's dominance in the guitar market is driven by the region's growing awareness and appreciation for concerts and music. The middle-class population's increasing disposable income enables them to invest in musical instruments, including guitars. The demand for guitars is fueled by the desire to learn and play music as entertainment and self-expression. Additionally, the presence of popular music genres in the region contributes to the high demand for guitars.
In North America, the guitar market is expected to experience significant growth, particularly in the electric guitar segment. Rock musicians and enthusiasts drive the demand for electric guitars due to their versatility and wide range of tones. The popularity of rock music and its subgenres fuels the demand for electric guitars among musicians who seek to create unique sounds and styles. The region's vibrant music culture and the influence of iconic rock musicians contribute to the growth of the electric guitar market in North America.
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Recent Developments in Global Guitar Market
- In 2021, Gibson Brands, Inc announced a partnership with Kirk Hammett of Metallica to launch a signature line of guitars. This collaboration aims to bring unique instruments to guitar enthusiasts and fans of Kirk Hammett's iconic style.
- In 2021, Fender Musical Instruments collaborated with Kysermusical for the launch of Kyser's electric guitar capos. These capos, specifically designed for electric guitars, offer enhanced functionality and are available for purchase through Fender and Kysermusical.
- In January 2022, Samsung introduced the ZamString, a smart electric guitar aimed at simplifying the learning process for beginners. The ZamString is part of the ZamStar system, combining an app and the guitar to provide an interactive and immersive learning experience.
The Prominent Key Players Operating in the Global Guitar Market Include:
- Fender Musical Instruments Corporation (U.S.)
- Gibson Brands, Inc, (U.S.)
- Karl Höfner GmbH & Co. KG (Germany)
- PRS Guitars (U.S.)
- Yamaha Corporation (Japan)
- B.C. Rich Guitars (U.S.)
- Cort Guitars (Indonesia)
- The ESP Guitar Company (U.S.)
- G&L Musical Instruments (U.S.)
- Godin Guitars (Canada)
- SAMICK MUSICAL INSTRUMENT CO.,Ltd (South Korea)
- Schecter Guitar Research (U.S.)
- TAYLOR-LISTUG, INC (U.S.)
- Rickenbacker International Corporation (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global guitar market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Guitar Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
