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Global Guitar Market: Growth, Key Players, and Industry Forecasts by 2033
Global Guitar Market
According to The Business Research Company's, The guitar market size has grown rapidly in recent years. It will grow from $8.54 billion in 2023 to $9.25 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to evolution of musical genres, cultural icons and influencers, innovation in guitar design, music education and learning trends, demographic shifts.
The guitar market size is expected to see rapid growth in the next few years. It will grow to $12.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to rising interest in music education, influence of social media and influencers, popularity of home recording studios, live music revival, expansion of niche markets. Major trends in the forecast period include rise of digital connectivity, smart guitar technology, vintage and retro revival, artisanal and boutique guitars and customization and personalization.
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Market Drivers and Trends:
The increase in popularity of live musical performances and concerts is driving the growth of the guitar market. Live musical performances and concerts are musical engagement which helps improve mood, boosts emotions, to stay health, way for people to get socialize. Live performances and concert bring people together, unite a group with similar music taste and experience to connect with artists. Live concerts provide an opportunity for guitar manufacturers and brands to showcase their products to a captive audience of music enthusiasts. For example, according in Decmember 2022, Comscore, an American-based global media measurement and analytics company, in October 2022, Ticketmaster observed a surge in interest in live music, with a record-breaking 51.6 million unique visitors to its ticket-buying platforms, surpassing the traffic seen in previous years. Thus, the increase in number of live music performances and concerts has raised the demand for guitar.
Major companies operating in the guitar market are focused on developing innovative products, such as ergonomic and lightweight, to gain a competitive edge. An ergonomic and lightweight guitar refers to a design that prioritizes comfort, ease of playability, and reduced physical strain on the player. For instance, in October 2023, Fender Musical Instruments Corporation (FMIC), a US-based musical instruments and amplifier manufacturing company, launched The Highway Series, designed to be ergonomic and lightweight, with fully integrated Fishman pickup systems and cutting-edge features that provide a road-ready sound. The series is intended to redefine the acoustic guitar experience by combining modern innovations with the timeless appearance of traditional guitars. The Highway Series guitars are built with a feedback-resistant, ergonomic design, and Fishman Fluence pickup for seamless setup, offering the classic vibe of a traditional acoustic guitar with upgraded features for today's live acoustic player.
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Major Key Players of the Market:
Yamaha Corporation, Gibson Brands Inc., Taylor Guitars, Fender Musical Instruments Corporation, Martin Guitar Company, Eastman Guitars, PRS Guitars, Collings Guitars, Schecter Guitar Research, Godin Guitars, Rickenbacker International Corporation, Dean Guitars, Takamine Guitars, Washburn Guitars, Breedlove Guitars, Guild Guitars, ESP Guitars, Ibanez, Jackson Guitars, Alvarez Guitars, Cort Guitars, Epiphone, G&L Musical Instruments, Gretsch Company, Music Man, Ovation Guitars, Seagull Guitars
Guitar Market 2024 Key Insights:
• The guitar market size is expected to see rapid growth in the next few years. It will grow to $12.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Impact of Live Music on the Guitar Market
• Innovation In The Guitar Market
• Asia-Pacific was the largest region in the guitar market in 2023
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