In 2023, the global guitar market is expected to hit USD 11.09 billion, expanding at a CAGR of 7.6%. By 2033, the market was estimated at USD 23.29 billion. There is an increasing popularity of music-related leisure activities, which is one of the key factors driving the market's growth.
People around the world take part in different leisure activities, including music, traveling, and sports. These activities provide them with a break from their hectic and tedious lifestyles. Playing musical instruments, such as the guitar, is one of the leisure activities that has been gaining popularity all over the world.
Live music shows are one of the highest-attended concerts due to their increasing popularity. As a result, this has inspired and motivated certain groups of people to pursue music as a career and to learn to play different kinds of guitar. As a result, the global guitar market is expected to grow due to the growing popularity of music-related leisure activities.
With the growing interest in music around the world, guitar market demand has become more prevalent than instruments like the piano. Music schools are seeing an increasing number of students wanting to learn guitar than ever before. The guitar market is booming due to the growing interest in music around the world.
The popularity of popular music genres such as rock and metal has prompted some people to learn guitar. Over the past few years, the popularity of the guitar has steadily increased. It has become a more popular instrument than the piano.
More students in music schools wish to learn guitar. The growing interest in music is contributing to a significant increase in guitar demand. People are encouraged to learn guitar because of the popularity of popular music genres, such as metal and rock. Electric guitars are essential to these popular music genres.
The guitar market may face a substantial challenge during the forecast period due to the long replacement cycle. Great opportunities are the rise in music events and the continued growth of rock and metal music. Over the last few decades, guitar popularity has steadily skyrocketed.
| Attributes | Details |
|---|---|
| Guitar Market Size Value in 2023 | USD 11.09 billion |
| Guitar Market Forecast Value in 2033 | USD 23.29 billion |
| Guitar Market CAGR Global Growth Rate (2023 to 2033) | 7.6% |
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By 2033, the guitar market is predicted by FMI to reach over USD 23.29 billion. It is estimated that the global market share increased by 4.5% in the first half of 2023, which is a market share valued at USD 10.69 billion. Though not equally distributed throughout all regions, this growth is stronger in developing markets. It is predicted to reach the end of 2023, valued at USD 11.09 billion with a CAGR of 7.6%.
As a result of the pandemic, the indoor activities industry has experienced high demand. Pandemics have allowed people to have more time, they have started to take up new hobbies, with guitars being one of the most prominent. A study conducted by Music Strive found that sales of guitars increased by 16.0% from 2021 to 2022.
| Historical CAGR | 4.5% |
|---|---|
| Historical Market Value (2022) | USD 10.30 billion |
| Forecast CAGR | 7.6% |
Recreational Activities Related to Music are Growing in Popularity
Leisure activities like music, traveling, and sports are growing increasingly popular across the globe, as they offer a break from their hectic and monotonous lifestyles. Learning to play musical instruments is one of the most prevalent leisure activities around the world.
Music classes are becoming more popular around the world due to the increasing disposable income of people. Additionally, live music shows are growing rapidly, and more and more people are attending them.
It also inspires/motivates people to become musicians and to learn how to play different guitar styles. Consequently, the growth of the global guitar market is likely to be augmented by the increasing popularity of music-related leisure activities throughout the world.
Guitar Market Trends are Influenced by online retailing
The online market for musical instruments has expanded significantly in recent years. In addition to increasing product visibility, online retailing provides a comprehensive range of products, which contributes to the growth of the global guitar market.
Due to product visibility and the availability of a wide range of products, online retailing has grown worldwide. While online retailing represents a small share of the global guitar market, it is expected to expand faster than offline retailing during the forecast period.
Several online retail platforms and online retail penetration are contributing to the growth of online retailing in the global guitar market. This is due to technologies such as mobile Internet devices.
Principal Consultant
Due to strict rules and regulations governing rosewood procurement, the growth of the market is expected to be hampered. Moreover, music production software is becoming increasingly popular over guitars, which could further hinder the growth of the guitar market.
For example, the implementation of the Convention on International Trade in Endangered Species (CITES) and the Lacey Act in the United States restrict the use of rosewood and other endangered wood species in musical instruments.
The electric guitar segment is expected to register a CAGR of 8.3% during the forecast period. Electric guitars are popular among rock and metal musicians. For instance, many legendary rock musicians, such as Jimi Hendrix and Jimmy Page, have popularized the use of electric guitars in their respective bands. In addition to being very popular, these genres are a key contributor to the electronics market.
Consumers are increasingly engaging in leisure activities due to changing lifestyles, increased disposable income, and high living standards. This is resulting in an increase in music bands throughout the world. These factors are expected to drive segment growth during the forecast period.
Several genres of music feature acoustic guitars, which dominate the acoustic segment in terms of share. The acoustic segment is expected to record a CAGR of 7.6% during the forecast period. In addition to folk, country, and blues, acoustic guitars are also featured extensively in jazz and pop music.
For example, jazz artists such as George Benson and Pat Metheny have made extensive use of acoustic guitars to create innovative and creative sounds. Despite its association with mellower genres of music, acoustic guitars can be played in a wide range of applications.
Acoustic guitars can be played solo or in a band setting, and can be used for a wide variety of purposes. As a result, they are increasingly used all over the world and generated large revenues in 2022.
In the forecast period, the online segment is expected to record a CAGR of 10.1%. With more internet penetration and benefits, such as easy access and payment options, consumers prefer to purchase guitars from online outlets with increased internet penetration and benefits, such as easy access and payment options.
It is usual for guitar sellers to charge a higher price than the market price for their guitars when they sell online. This is typically because they offer discounts or offers on their websites or other online platforms. For example, a guitar seller may offer a 10% discount on a particular guitar model. This discount may be higher than the market price, but still lower than the price they normally charge for the same model.
Over the forecast period, the offline segment is expected to retain a large share with a CAGR of 6.1%. The retail store offers a variety of guitar brands and guitars. As lockdowns were gradually lifted in countries around the world, guitar sales via offline stores increased. Therefore, the offline segment is expected to generate massive revenue in 2023.
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The electric guitar segment is expected to register a CAGR of 8.3% during the forecast period. Electric guitars are popular among rock and metal musicians. For instance, many legendary rock musicians, such as Jimi Hendrix and Jimmy Page, have popularized the use of electric guitars in their respective bands. In addition to being very popular, these genres are a key contributor to the electronics market.
Consumers are increasingly engaging in leisure activities due to changing lifestyles, increased disposable income, and high living standards. This is resulting in an increase in music bands throughout the world. These factors are expected to drive segment growth during the forecast period.
Several genres of music feature acoustic guitars, which dominate the acoustic segment in terms of share. The acoustic segment is expected to record a CAGR of 7.6% during the forecast period. In addition to folk, country, and blues, acoustic guitars are also featured extensively in jazz and pop music.
For example, jazz artists such as George Benson and Pat Metheny have made extensive use of acoustic guitars to create innovative and creative sounds. Despite its association with mellower genres of music, acoustic guitars can be played in a wide range of applications.
Acoustic guitars can be played solo or in a band setting, and can be used for a wide variety of purposes. As a result, they are increasingly used all over the world and generated large revenues in 2022.
In the forecast period, the online segment is expected to record a CAGR of 10.1%. With more internet penetration and benefits, such as easy access and payment options, consumers prefer to purchase guitars from online outlets with increased internet penetration and benefits, such as easy access and payment options.
It is usual for guitar sellers to charge a higher price than the market price for their guitars when they sell online. This is typically because they offer discounts or offers on their websites or other online platforms. For example, a guitar seller may offer a 10% discount on a particular guitar model. This discount may be higher than the market price, but still lower than the price they normally charge for the same model.
Over the forecast period, the offline segment is expected to retain a large share with a CAGR of 6.1%. The retail store offers a variety of guitar brands and guitars. As lockdowns were gradually lifted in countries around the world, guitar sales via offline stores increased. Therefore, the offline segment is expected to generate massive revenue in 2023.
| Country | Insights |
|---|---|
| United States | A CAGR of 8.9% is expected to be achieved in the United States during the forecast period. This is due to the growing concept of live music, along with surging music concerts. Several key manufacturers are launching innovative variants to penetrate the market, including Gibson Brands, Inc., Fender Musical Instruments, and Yamaha Corporation. These manufacturers aim to attract a large volume of customer base in the United States by introducing new variants. |
| Germany | In Germany, the guitar market may grow due to the emergence of more innovative products, the growing use of online platforms for guitar shopping, and the growing demand for designer guitars. For example, the German guitar market has seen the emergence of a new 'boutique' guitar line, offering high-end instruments at premium prices, and soaring online stores selling guitars, allowing customers to compare prices more easily. |
| China | In terms of global revenue, most guitar sales come from China, and it's estimated to be USD 9,253.00 million in 2023. In China, an international trade fair for musical instruments is held each year. The presence of the world's leading musical instrument manufacturers in China drives the market's growth. For instance, at the Beijing International Music Instrument Exhibition, Yamaha and Roland showcased their latest products and attracted thousands of visitors from around the world. This huge trade show season has paved the way for the invention and distribution of musical instruments, including electric guitars. China is expected to account for a substantial portion of revenue generation in 2023 as a result of these factors. |
Added an Edge to Guitar Dynamics for Emerging Companies
The guitar market is gaining a strategic edge thanks to the introduction of enhanced guitars, the utilization of technological advances, and the acquisition of competitive advantage by emerging players.
For instance, guitar manufacturers are capitalizing on internet-of-things (IoT) technology to create connected guitars that feature built-in sensors to track a user’s playing and provide real-time feedback. To remain competitive, these firms invest continuously in research and development activities to meet consumer demands and the demands of end users.
Likewise, companies are investing in developing new guitars that are more stable and have improved functionality. In developing cutting-edge products, market participants are primarily influenced by these trends.
Key players operating the global guitar market include
Key Developments
To capitalize on market demand, key manufacturers are paying close attention to rapidly changing consumer preferences. Existing players are adding guitars to their inventory and acquiring new players.
Businesses are increasingly focusing on enhancing discovery through a wide range of cultural and novelty influences, and refining what they offer to attract new consumers across the globe. In the global guitar market, top players compete based on quality, price, and innovation.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Chile, Peru, Germany, United Kingdom, Spain, Italy, France, Russia, Poland, China, India, Japan, Australia, New Zealand, GCC Countries, North Africa, South Africa, and Türkiye |
| Key Segments Covered | Product, Distribution Channel, Region |
| Key Companies Profiled | Fender Musical Instruments Corporation; Gibson Brands, Inc; Karl Höfner GmbH & Co. KG; Yamaha Corporation; B.C. Rich Guitars; Cort Guitars; PRS Guitars; The ESP Guitar Company; G&L Musical Instruments; Godin Guitars; Samick Musical Instrument Co., Ltd; Schecter Guitar Research; TAYLOR-LISTUG, Inc; Rickenbacker International Corporation |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The primary consumer for guitars is the music industry.
The Asia Pacific region is poised to stay attractive with USD 23.29 billion by 2033.
The guitar market is estimated to secure a valuation of USD 11.09 billion in 2023.
The guitar market is estimated to reach USD 23.29 billion by 2033.
The music education sector holds high revenue potential in the guitar market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Acoustic Guitars 5.2. Electric Guitars 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Neck Shape 6.1. V Necks 6.2. C Necks 6.3. U Necks 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Professional Performance 7.2. Learning & Training 7.3. Individual Amateurs 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Fender Musical Instruments Corporation 16.2. Gibson Brands, Inc 16.3. Karl Höfner GmbH & Co. KG 16.4. PRS Guitars 16.5. B.C. Rich Guitars 16.6. Cort Guitars 16.7. The ESP Company 16.8. G&L Musical Instruments 16.9. Godin Guitars 16.10. Schecter Research 16.11. Rickenbacker International Corporation 17. Assumptions & Acronyms Used 18. Research Methodology
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Guitar Market
