Global Guitar Market to Grow to Around USD 11800 Million by 2030

The global guitar market size was worth around USD 6875 million in 2021 and is predicted to grow to around USD 11800 million by 2030 with a compound annual growth rate (CAGR) of roughly 7.0% between 2022 and 2030.

A guitar is a musical instrument having its origins in Spain in the fifteenth century. Over the years, the guitar has become a common and one of the most played instruments in the world with people across regions trying their hands at mastering the musical device. The instrument has undergone many changes since its first origin, the initial being the vihuela, a four double-stringed device to the current electric hybrid guitars. Very few instruments are as easily portable as the guitar and generally, the players get guitars custom-made to match their preferences. It is also polyphonic, meaning that it can play more than one tone at a given time and is widely used while playing harmonies. Even with the smaller form factor of the instrument, the guitar's range is spanned across 4 octaves as compared to the 7 of the piano.

The musical instrument is probably the select few devices that can be self-taught and all its needs are the inclination to learn and effort. A lot of the other instruments require students to spend huge amounts on classes which is not the case while learning guitar.

Covid-19 resulted in the global market cap gaining traction owing to the increasing interest of people in music and related aspects during the pandemic as a means of mental relief. Since many people were confined in isolation, there was an increase in inclination toward exploring their passion and other habits which resulted in higher demand for portable music instruments in general.

The global guitar market is anticipated to grow owing to the rising trend and demand for work-life balance amongst employees from the executive level to the top management. The companies have also been putting efforts into helping their employees have leisure time to spend for personal reasons. A balanced life helps employees become more productive at work, as per official reports. As per Toner Buzz, 85% of the companies that have policies for work-life balance have reported an increase in productivity. These positive numbers are one of the key reasons why people are now putting efforts into exploring more fields like music to help them stay productive. The growing influence of the music industry is another growth contributing factor. Music is known to be a uniting agent and it has proven to contribute to social and political revolutions as a means of expression. The growing hold of music will directly impact the global market size.

The longer lifespan of guitar may restrict the global market growth where unexplored markets are expected to provide growth opportunities. The presence of other similar forms of instruments to are anticipated to challenge the global market expansion.

The global guitar market is segmented based on mode of type, purchase, and region.

Based on the mode of purchase, the global market is segmented into offline and online. The global market holds the largest share in the offline mode. Like any other musical instrument, players as well as scholars of the instrument recommend buying guitars by first analyzing the product and physically having access to the instrument before purchasing, allowing buyers to become sure of the product bought. Many users get their guitars custom-made, the price of which may go up to USD 2000 and above.

Based on type, the global market is segmented into electric guitar, Hawaiian guitar, and acoustic guitar. Electric guitars lead the global market segment growth since they are more affordable and easier to learn as compared to their counterparts. The Strat is considered one of the most popular forms of electric guitar. On average, around 100 to 200 watts of electricity is used to play these guitars.

North America is projected to lead the global market growth owing to the presence of manufacturers in regions like the USA, which is the fastest and highest-growing country in the region. The increasing revenue is anticipated to be driven by the high number of people with a musical inclination as well the presence of some of the most world-renowned and revolutionizing music personalities. The US music industry is one of the highest-grossing industries with ardent followers of the music across the globe, and with a current market value of USD 43 billion, as per Soundcharts.

The importance of music is well recognized in Asia-Pacific, a culturally rich geography encompassing various forms of music and musical instruments, which is projected to help the region register a high CAGR. China is expected to lead the regional growth

The global guitar market houses players like 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, and Taylor-Listug Inc.

Recent Developments:

• In September 2020, Harley Benton, a leading guitar creator, demoed three new double guitar effects pedals as additions to its double pedal range
• In January 2022, Samsung divulged a new and smart electric guitar termed the ZamString with the intention to ease the learning process for beginners. It is a part of ZamStar, a combination of the guitar and an app.

This review is based on a report by Zion Market Research, titled “Guitar Market By Mode Of Purchase (Offline, and Online), By Type (Electric Guitar, Hawaiian Guitar and Acoustic Guitar), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/guitar-market

The global guitar market is segmented as follows:

By Mode Of Purchase

• Offline
• Online

By Type

• Electric Guitar
• Hawaiian Guitar
• Acoustic Guitar

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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