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Guitar Market Trends That Will Shape the Next Decade: Insights from Innovation In The Guitar Market
Guitar
How Large Will the Guitar Market Size By 2025?
The industry size of guitars has seen considerable growth in the past years. The market is predicted to expand from a worth of $9.25 billion in 2024 to $9.96 billion in 2025, boasting a Compound Annual Growth Rate (CAGR) of 7.6%. This surge during the historic phase can be credited to the progression of musical styles, impactful cultural icons and influencers, advancements in guitar structuring, trends in music study and learning, along with shifts in the demographic.
How Big Is the Guitar Market Size Expected to Grow by 2029?
The market size of guitars is anticipated to witness substantial growth in the forthcoming years. It is projected to expand to $13.35 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 7.6%. The escalated growth during the forecast period can be ascribed to the increasing interest in music education, the impact of social media and influencers, the surge in popularity of home recording studios as well as live music's comeback, and the broadening of niche markets. Significant trends to watch during the forecast period encompass the emergence of digital connectivity, advancements in smart guitar technology, the resurgence of vintage and retro styles, the proliferation of artisanal and boutique guitars, along with the trend towards customization and personalization.
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Which Key Market Drivers Powering Guitar Market Expansion and Growth?
The growth of the guitar market is being propelled by the surge in popularity of live musical performances and concerts. Such musical sessions serve numerous purposes including mood enhancement, emotional boosting, promoting health, and providing a platform for social engagement. They gather people with similar music interests together, creating an opportunity for them to connect with the performers. Live concerts are also a golden opportunity for guitar manufacturers and brands to display their products to a captive audience of music aficionados. In line with this, Prism.fm, a US-based concert and live event management platform, reported in October 2024 that the global live music market saw a 25% increment in 2023 compared to 2022, totaling up to $33 billion. Projections indicate that the live music industry will hit up to $50 billion by 2030. As such, the escalating number of live music performances and concerts has amplified the demand for guitars.
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What Long-Term Trends Will Define the Future of the Guitar Market?
Prominent businesses in the guitar industry are concentrating their efforts on the creation of innovative items like ergonomic and lightweight guitars to maintain a competitive edge. A lightweight, ergonomic guitar is one designed with an emphasis on comfort, playability, and lessening physical strain on the performer. Case in point, Fender Musical Instruments Corporation (FMIC), a company that manufactures musical instruments and amplifiers in the US, released The Highway Series in October 2023. This range was engineered to be lightweight and ergonomic, boasting completely integrated Fishman pickup systems and revolutionary features for a robust, travel-ready sound. The intent behind the series is to revamp the acoustic guitar encounter by harmonizing modern advances with the ageless look of conventional guitars. The guitars in the Highway Series possess a design that is resistant to feedback and ergonomic, as well as a Fishman Fluence pickup for smooth setup, delivering the conventional charm of a classic acoustic guitar, yet with improved features for the contemporary live acoustic performer.
What Are the Emerging Segments in the Guitar Market?
The guitarmarket covered in this report is segmented -
1) By Type: Acoustic Guitars, Electric Guitars, Solar Guitars
2) By Number Of Strings: Six Strings, Eight Strings, Twelve Strings, Other Number Of Strings
3) By Distribution: Offline, Online
Subsegments:
1) By Acoustic Guitars: Dreadnought, Concert, Parlor, Jumbo, Travel Guitars
2) By Electric Guitars: Solid Body Electric Guitars, Hollow Body Electric Guitars, Semi-Hollow Body Electric Guitars
3) By Solar Guitars: Solar-Powered Acoustic Guitars, Solar-Powered Electric Guitars
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Who Are the Global Leaders in the Guitar Market?
Major companies operating in the guitar market report are 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
Which are the Top Profitable Regional Markets for the Guitar Industry?
Asia-Pacific was the largest region in the guitar market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the guitar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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