Global Guitar Market Outlook, 2028

Global Guitar Market Outlook, 2028

String instruments like the guitar are played by plucking their strings. The guitar has a slender neck and a hollow wooden body that are covered in six strings. One of the most often used instruments is the guitar, which is also one of the most accessible, portable, and reasonably priced. The guitar is a very adaptable tool that may be utilised to create a wide variety of music. A very accessible instrument is also produced annually in great quantities. The popularity of the guitar has steadily increased over the past few decades. It is now more in demand than things like the piano. More students than ever are enrolling in music schools to study the guitar. The demand for guitars is being greatly fuelled by the increasing global interest in music. Rock and metal are two popular music genres that cannot exist without electric guitars. Several people are inspired to study the guitar because these genres are so popular.

According to the research report, “Global Guitar Market Outlook, 2028”, published by Bonafide research the market is anticipated to reach USD 7.31 Billion by 2028 with a CAGR of 7.06% from USD 4.93 Billion in 2022. Around the world, both the quantity of live music performances and the number of people who attend them are rising quickly. This further inspires, stimulates, and encourages people to pursue music as a career and to learn how to play various guitars. As a result, it is anticipated that the global popularity of music-related leisure activities will support the expansion of the guitar market. Throughout the projection period, the extended replacement cycle will pose a significant challenge to the guitar market. The expansion of musical events and the continuous popularity of rock and metal music represent the biggest prospects.

The popularity of leisure pursuits like music, travel, and sports is rising globally as they provide a break from people's busy and repetitive lives. One of the most popular pastimes across the globe is learning to play an instrument. Due to people having more discretionary income, music lessons are growing in popularity all around the world. Also, the number of individuals attending live music performances is increasing quickly. Additionally, it encourages/inspires people to learn how to play various guitar styles and to pursue careers as musicians. Because of this, the global appeal of music-related leisure activities is projected to boost the growth of the global guitar market.

Due to the presence of manufacturers in areas like the USA, the region's fastest-growing and most populous country, North America is predicted to experience the greatest increase in terms of the worldwide market. The large population of those with musical interests and the presence of some of the most well-known and revolutionary music figures are expected to be the main drivers of the rising revenue. According to Sound charts, the American music industry is one of the most lucrative, with devoted fans of music all over the world and a current market worth of USD 43 billion. Throughout the projection period, Asia Pacific is anticipated to develop at a substantial CAGR of 8.07%. Due to a significant consumer influence and rapidly shifting consumer preferences brought on by rising per capita disposable income levels, the region's guitar industry has been growing. The market is also expected to expand as a result of the increasing popularity of music, the ability to spend money on leisure activities, the increase in the number of musical groups hosting concerts and festivals, and the increase in the number of musical groups performing at concerts and festivals. China hosts one of the major international trade fairs for musical instruments. These significant trade events enable the production of electric guitars. These factors are increasing the demand for electric guitars.

As per Product Type, the segment for electric guitars is anticipated to grow at the quickest CAGR of 8.86% during the course of the projected period. Rock and metal music are played on electric guitars. The electronics business is mostly driven by the extreme popularity of these genres. Lifestyle modifications, increasing disposable income, high standards of living, and a rise in the number of music bands worldwide are all factors pushing consumers to participate in more leisure activities. During the anticipated term, these elements are anticipated to fuel category expansion. In terms of market share, the acoustic sector held the majority with 53.38% in 2022. Acoustic guitar is used in a variety of musical genres. Folk, country, and blues are a few of the most well-liked genres. Jazz and popular music both make extensive use of the acoustic guitar. Despite the fact that acoustic guitar is frequently linked to mellower musical styles, it has many other applications. An acoustic guitar can be used for many different things and can be performed solo or in a band. As a result, it receives a lot of use globally and brought in a lot of money in 2022.

In terms of market share, the offline sector held onto a sizable market with 58.15% in 2022. The retail establishment sells a selection of guitars from different brands. Guitar sales through offline outlets rose as the lockdowns were progressively lifted in numerous nations around the world. For instance, according to a blog post by Guitar.com, the famous Guitar Centre store on Sunset Boulevard in Hollywood, California, saw a triple-digit increase in sales in August 2020 (compared to August 2019), which the company attributed to an increase in podcasters and amateur musicians purchasing equipment to use while under lockdown for COVID-19. Thus, a sizable portion of revenue in 2022 came from the offline category. However the quickest CAGR of 8.78% is predicted for the online category during the projection period. Guitar sales in traditional stores have been surpassed by e-commerce. Consumers prefer making purchases from online channels due to rising internet usage and advantages like convenient access and payment alternatives. Any guitar sold online has a different selling price from the market price. This is typically a result of the deals and discounts that may be found on business websites or any other internet resource. Throughout the projected period, these variables will continue to be favourable for the segment.

The Use of a guitar is linked to a Number of Problems the market's expansion is anticipated to be impeded by the stringent laws and regulations controlling the acquisition of rosewood. In addition, guitars are losing ground to music production software, which could further impede the expansion of the guitar market. For instance, the United States' implementation of the Lacey Act and the Convention on International Trade in Endangered Species (CITES) restricts the use of rosewood and other endangered wood species in musical instruments.

Recent Development:
• In July 2022, Yamaha Music Square introduces a brand-new line-up of Revstar electric guitars launched recently by Yamaha Music Worldwide
• In January 2022, Samsung divulged a smart and new electric guitar named the ZamString to ease and simplify the learning process for learners. It is a part of ZamStar which is a combination of the app and guitar.
• 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
• In 2021, Fender Musical Instruments collaborated with the company for the launch of Kyser’s electric guitar capos. This newly launched electric guitar capos are available at Fender and Kysermusical.
• In September 2020, Harley Benton, a leading guitar creator, demoed three new double guitar effects pedals as additions to its double pedal range

Covid-19 Impact:
Due to the covid-19 pandemic, there was a significant increase in demand for fitness products, and the guitar industry grew in 2020 as a result. Many had started to take up new hobbies with the extra time that Covid-19 had given those who could afford it, with playing the guitar being one of the most obvious options. According to Music Strive, guitar sales rose by 15.0% between 2019 and 2020. One of the biggest American guitar makers, Fender, reported that during the pandemic, their sales of guitars surged by 17. 0% as housebound consumers looked for new pastimes.

Companies Mentioned in this Report:
Fender Musical Instruments Corporation, Gibson Brands, Inc., Karl Höfner GmbH & Co. KG , Yamaha Corporation, Cort Guitars, Paul Reed Smith Guitar, G&L Musical Instruments, Godin Guitars, Samick Musical, Instrument Co., Ltd, Schecter Guitar Research, Taylor Guitars, Rickenbacker International Corporation , C.F. Martin & Co. Inc, Armadillo Enterprises, Inc., Hoshino Gakki, Kiesel Guitars, Roland Corporation, B.C. Rich Guitars, The ESP Guitar Company, Casimi.

Considered in this report
• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Global Guitar market with its value and forecast along with its segments
• Region-wise Guitar market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:
• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• SAMEA (Brazil, Saudi Arabia)

By Product Type:
• Acoustic Guitar
• Electric Guitar

By Distribution Chanel:
• Offline
• Online

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Guitar industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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