The guitar market size is expected to grow by USD 1.14 billion from 2020 to 2025. However, the growth momentum is likely to decelerate at a CAGR of 5.38% as per the latest market report by Technavio. The guitar market is the growing popularity of music-related leisure activities. People across the globe are opting for various leisure activities, such as music, traveling, and sports. These activities offer a break from their hectic and monotonous lifestyles. One of the leisure activities gaining popularity across the globe is learning to play musical instruments. People belonging to all age groups are gradually taking part in music-related leisure activities, such as playing guitar. Many parents are also encouraging their children to adopt music as their career or extracurricular activity for their overall development. Moreover, the rising disposable income of people is supporting the adoption of different musical instruments and their enrollment in music classes. In addition, the number of live music shows and those attending such shows is overgrowing across the world. This is further motivating people to adopt music as a career and encouraging them to learn to play different types of guitars. Thus, the growing popularity of music-related leisure activities across the world is likely to augment the growth of the global guitar market during the forecast period.
The competitive scenario provided in the Guitar Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.Don’t wait, Make a strategic approach & boost your business goals with our Guitar Market Forecast Report – Buy Now!
Guitar Market: Product Landscape
The guitar market share growth by the acoustic will be significant for revenue generation. The dominant share of this segment is attributed to the high adoption of acoustic guitars in developing countries. Acoustic guitars are designed so that they do not require any electric amplification for modulation or the projection of sound. Acoustic guitars have a hollow body that amplifies the string vibration and projects sound acoustically through the air. The demand for acoustic guitars is almost stagnant in developed markets, such as the US and the UK.
Guitar Market: Geographic Landscape
40% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for guitar in North America. Market growth in this region will be faster than the growth of the market in Europe regions. The launch of innovative products, the growing use of online platforms to shop for guitars, and the surging demand for designer guitars will facilitate the guitar market growth in North America over the forecast period.
The guitar market is fragmented and the vendors are deploying growth strategies such as focussing on procuring high-quality raw materials and product-related R&D to compete in the market.
- C. F. Martin & Co. Inc.
- Fender Musical Instruments Corp.
- Gibson Brands Inc.
- HOSHINO GAKKI Co. Ltd.
- Karl Höfner GmbH & Co. KG
- Paul Reed Smith Guitars
- Rickenbacker International Corp.
- Schecter Guitar Research Inc.
- Taylor-Listug Inc.
- Yamaha Corp.