Guitar Market Size, Share, Price, Demand 2030

Guitar Market Size & Industry Analysis:

The global guitar market size was worth around USD 6875 million in 2021 and is predicted to grow to around USD 11800 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.0% between 2022 and 2030. The report analyzes the global guitar market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the guitar market.

Request Free Sample

Guitar Market: Overview

The guitar is an extremely popular musical instrument that has consumers across the world and is not specific to a particular region. It is a form of fretted instrument which means that it is composed of thin strips of metal wire, the most commonly used, or other material. The strips are laterally positioned at specific locations along the fretboard or the neck of the stringed guitar. While playing the instrument, the sound can either be projected acoustically or by using a resonant chamber. The sound can be amplified using an amplifier or an electric pickup. Guitar falls under the category of chordophone which is a classification for instruments that use vibrating strings attached along two separate points, to produce sound. Traditionally, the famous instrument was created using wood and strings made of catgut, however with the musical revolution in recent years, guitars made of steel were introduced in the United States where the strings were made of nylon.

Key Insights

• As per the analysis shared by our research analyst, the global guitar market is estimated to grow annually at a CAGR of around 7.0% over the forecast period (2022-2030).
• In terms of revenue, the global guitar market size was valued at around USD 6875 million in 2021 and is projected to reach USD 11800 million, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on mode of purchase segmentation, offline was predicted to show maximum market share in the year 2021
• Based on type segmentation, the electric guitar was the leading revenue-generating type in 2021.
• On the basis of region, North America was the leading revenue generator in 2021

Request Free Sample

To know more about this report, request a sample copy.

Covid-19 Impact

The global cap was positively influenced during the peak of the virus-driven by the lockdown impositions and remote work culture. These factors led to people having more time at hand to explore their hobbies. A lot of companies encouraged employees to showcase their talents while working remotely, as a part of the organization's initiatives to boost their morale and help them navigate through the critical conditions that arose during the pandemic. The global market faced challenges initially because of delays in the supply chain, the absence of raw materials, and other factors but in the long run, the impact seems to be positive.

Guitar Market: Growth Drivers

Remote culture to help propel market growth

The global guitar market is projected to witness a surge in the growth trend owing to the prevalent remote work culture. Covid-19 was a turning point that showed that organizations could function effectively even when the employees were working from home or remotely. As of 2022, even most companies have adopted a hybrid work culture allowing employees to work some of the days of the week from their place of preference. As per Apollo Technical, around 63% of high-income companies currently use hybrid work culture. This trend has allowed employees more time to spend on their habits or explore more areas of interest. Since guitar is one of the most common forms of learning musical instruments, it is also highly preferred as in many cases, it is the first choice of new beginners. It is also relatively easier to learn which acts as a key reason for the high adoption rate.

Guitar Market: Restraints

Longer lifespan of guitar to restrict the market growth

A good-quality guitar, if taken well care of, can last for 10 to 20 years with regular maintenance. The lifespan of the instrument also depends on how frequently it is used along with the kind of treatment it gets. Generally speaking, the lifespan of a guitar is longer which is a restraining factor for market growth since a user will end up buying new guitars after some time has passed. Although this is a key attribute of an excellent quality guitar it does impact the global market cap size eventually.

Guitar Market: Opportunities

Unexplored markets to provide growth opportunities

The global guitar market growth trend can gain more momentum from the unexplored market by undertaking initiatives to promote music and its related aspects. The instrument is a common form but may be expensive for low-income groups or people in emerging economies. This can be resolved by undertaking initiatives to help these groups get access to the instrument helping in increasing consumer database

Guitar Market: Challenges

Presence of other similar forms of instruments to challenge market growth

The global market cap may face certain challenges owing to the presence of multiple other forms of an instrument similar to the guitar. Since the musical device is extremely common, more people are now inclining toward other forms to mark themselves as niche players. This is projected to decline the otherwise growing trend which can be countered by improving and adding other developments in the traditional guitars.

Guitar Market: Segmentation

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

Recent Developments:

• In January 2019, Fender Musical Instruments Corporation (FMIC), a US-based manufacturer of instruments and amplifiers, announced the launch of a new and hybrid line of acoustic-electric guitars that are manufactured in California.
• In September 2021, the UK witnessed the launch of Instrumental Aluminum Incorporated, a leading company manufacturing environment-friendly guitars. Along with the launch of the company, the UK market will now have access to the organization’s patent-pending hybrid electric guitars made of aluminum.

Guitar Market Report Scope:

Guitar Market: Regional Analysis

North America to lead market growth during the forecast period

The global guitar market is projected to be led by North America in the coming years owing to the high market penetration of guitar manufacturers. The electric guitar was first invented in the US in the 1940s and since then the country has become the hub of guitar players. The US music industry and its world-famous artists, contribute heavily to the regional market growth. The industry along with its players is highly influential where the guitar is a standard and popular part of their music culture. For instance, the guitar of Kurt Donald Cobain, a pioneer in the American music industry, was sold for USD 4.6 million in an auction in May 2020. The global market may also benefit from Asia-Pacific owing to its rising population and the subsequent number of people interested in learning guitar. Even though the instrument is commonly found, with the emergence of schools and other teaching institutes focusing solely on music, it is expected that the region will grow further.

Request Free Sample

Guitar Market: Competitive Analysis

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.

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