Electric And Acoustic Guitar Strings Market Review: Current Insights and Long-Term Projections 2024 - 2031 | D'Addario & Co., Fender Musical Instruments Corporation

Market Overview:

Global electric & acoustic guitar strings market is estimated to surpass US$ 673.6 million in terms of revenue by 2030, exhibiting a CAGR of 3.5% during the forecast period (2023 to 2030).

Market Dynamics:

The electric and acoustic guitar strings market is expected to witness significant growth over the forecast period, driven by rising interest in learning guitar among young population globally. Another major factor driving the market growth is increasing participation in live music events and concerts. Also, growing gig economy has encouraged many aspiring musicians to learn guitar, thereby supporting demand for replacement guitar strings. Innovation in string materials to improve tone and durability has also boosted their adoption rate. While steel strings continue to be the largest segment, demand for bronze and nickel wound strings is growing rapidly among professional players seeking premium quality.

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Increasing popularity of acoustic and electric guitars driving the market growth

The popularity of acoustic and electric guitars has seen a significant rise in recent years. More and more people, especially the young generation, are taking up guitar playing as a hobby or to learn music. This has translated to higher sales of guitars. When guitars are purchased, new strings also need to be bought. As guitars get older, the strings lose their tone and need periodic replacement. This recurring purchase of strings to replace old ones or for new guitars has been a key driver of market growth for guitar strings. Music genres like rock and blues have also gained widespread popularity globally, increasing the audience for guitar-driven music.

Opportunity in developing economies markets with growing middle class

Countries like India, China, Brazil, Indonesia etc. are witnessing a sustained increase in disposable incomes and spending power of their huge middle class populations. Music and musical instruments were considered a luxury in the past but are now more affordable and accessible options. Taking up hobbies like learning guitar is a growing trend. These developing markets still have lower guitar and string penetration compared to developed nations presenting ample headroom for future growth. With their large volumes, even small percentage increases can translate to big numbers. String manufacturers have an opportunity to cater designs and develop distribution to tap into these promising emerging markets at an early growth stage.

Shift towards thinner and varied string gauges as a trend

Over the years, players have been gravitating towards thinner, lighter gauge acoustic and electric guitar strings that offer improved playability and tone. Extra light and super light options better suit string bending techniques and genres like blues. At the same time, heavier gauges also have their takers depending on playing styles. Manufacturers have responded with a wider assortment of string gauges ranging from extra light, light, regular light, regular, medium, heavy, to extra heavy beyond the basic options. Custom sets with varied gauges across strings to suit players' preference are also available. This expanding variety underscores players' demand for specialization and experimentation. Catering tailored gauge portfolios has become crucial to engage players and drive repeat sales in a highly competitive market.

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Top Companies Included in This Report:

★ D'Addario & Co.
★ Fender Musical Instruments Corporation
★ Gibson Brands
★ Ernie Ball Inc.
★ GHS Strings
★ C. F. Martin & Company Inc.
★ Dunlop Manufacturing Inc.
★ Dean Markley USA Inc.
★ Kistron Co., Ltd.,
★ Rotosound Manufacturing Ltd.
★ DR Handmade Strings

Market Segmentation:

Based on Product Type:

★ By Product Type: Light, Custom Light, Extra Light

Based on Applications:

★ By Application: Acoustic Guitar, Electric Guitar

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)

» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)

» South America (Brazil, Argentina, Rest of SA)

» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Author Bio:

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

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