Summary

Guitars are one of the most popular musical instruments, and they are an important part of many people's lives. Guitar demand is expected to remain high as music remains a popular form of entertainment. Furthermore, rising disposable income has led to an increase in consumer spending on luxury items such as musical instruments in many parts of the world. This has aided the expansion of the guitar market. Furthermore, many people want to learn how to play a musical instrument, such as the guitar. This has resulted in an increase in demand for guitars as more people seek affordable options to begin their musical journey. In addition, many governments provide funding for music education programs in schools and community centers, which can include guitar lessons and workshops. This helps to foster interest in music and create a new generation of guitar players. Furthermore, Governments may negotiate trade agreements that facilitate the export and import of musical instruments, including guitars. This can help guitar manufacturers to expand their markets and reach new customers around the world.

According to the research report, “Global Guitar Market Overview, 2023-28”, published by Bonafide research the global market is anticipated to reach USD 7.31 Billion by 2028 with a CAGR of 7.06% from USD 4.93 Billion in 2022. The guitar has been featured prominently in popular culture, from movies and TV shows to music videos and concerts. This has helped to create a strong demand for guitars among both beginners and experienced musicians. Furthermore, there are many affordable options available for those looking to buy a guitar, from entry-level models to mid-range and high-end guitars. This has made it easier for people to start playing and has contributed to the growth of the guitar market. Moreover, the guitar market has been revolutionized by technological advancements such as digital tuners, modeling amplifiers, and software applications for guitar playing. These innovations have made it easier for musicians to play, record, and share their music. In addition to growing interest in sustainable and eco-friendly guitars: There is a growing demand for guitars made from sustainable materials and produced using environmentally friendly manufacturing processes. This trend reflects a broader consumer focus on sustainability and eco-consciousness.

According to Product Type, The acoustic sector held the majority of market share in 2022, with 53.38%. Acoustic guitars are used in a wide range of musical genres. Folk, country, and blues are among the most popular genres. The acoustic guitar is used extensively in both jazz and popular music. Despite the fact that acoustic guitar is frequently associated with gentler musical styles, it has a wide range of other applications. An acoustic guitar can be used for a variety of purposes and can be played solo or in a band. As a result, it sees widespread use and generates significant revenue in 2022. The segment for electric guitars is expected to grow at the fastest CAGR of 8.86% during the forecast period. Electric guitars are used in rock and metal music. The extreme popularity of these genres drives the electronics industry. Lifestyle changes, rising disposable income, high living standards, and an increase in the number of music bands worldwide are all driving consumers to participate in more leisure activities. These elements are expected to fuel category expansion in the short term.

In terms of market share, the offline sector held a sizable 58.15% share in 2022. The store sells a variety of guitars from various manufacturers. Offline guitar sales increased as lockdowns were gradually lifted in many countries around the world. During the projection period, the online category is expected to grow at the fastest rate of 8.78%. E-commerce has surpassed traditional store sales of guitars. Because of rising internet usage and benefits such as convenient access and payment options, consumers prefer to make purchases through online channels. Any guitar sold online has a price that differs from the market price. This is usually as a result of the deals and discounts available on business websites or any other internet site.

Guitar schools offer a wide range of programs, from short-term workshops to full-time degree programs. Many guitar schools also offer online courses and tutorials, making it easier for students to learn from anywhere in the world. Furthermore, Some guitar schools are focused on specific genres or styles of music, such as classical, jazz, or rock. Others offer a more comprehensive curriculum that covers multiple genres and techniques. Moreover, guitar schools often organize concerts, recitals, and other events to showcase the talents of their students and faculty. These events provide students with valuable performance experience and networking opportunities. Furthermore, some guitar schools offer scholarships and financial aid to help students with tuition costs. This helps make guitar education more accessible to students from diverse backgrounds. In addition to guitar lessons, many guitar schools also offer courses in music theory, composition, and recording techniques, providing students with a well-rounded education in music.
Increasing popularity of musical events and festivals, as well as increased public participation, are some of the key factors driving growth in the global guitar market. Many guitar events, festivals, and live shows feature workshops and masterclasses by top guitarists, providing aspiring guitarists with a unique opportunity to learn from the best in the business. The largest guitar festival in the world is the Montreal International Jazz Festival, which attracts over 2 million visitors each year. The festival features performances by some of the world's top guitarists in a variety of genres, including jazz, blues, and rock. Furthermore, the Crossroads Guitar Festival, founded by Eric Clapton, is a biennial event that brings together some of the world's top guitarists for a weekend of performances and jam sessions. The festival has raised millions of dollars for charity since its inception in 2004. Moreover, the Montreux Jazz Festival, held annually in Switzerland, is one of the world's most prestigious music festivals, featuring performances by some of the world's top jazz and blues guitarists.

There is a growing demand for guitars that incorporate new technology and innovative features, such as digital pickups and effects, 3D-printed components, and ergonomic designs. Guitar manufacturers can differentiate themselves in the market by offering cutting-edge products that meet the evolving needs of guitar players. Furthermore, many guitar players are looking for unique, customized guitars that reflect their personal style and preferences. Guitar manufacturers can capitalize on this trend by offering more customization options, such as custom finishes, pickguards, and hardware. Moreover, the rise of e-commerce has opened up new opportunities for guitar manufacturers and retailers to reach customers around the world. Online sales platforms offer a cost-effective way to market and sell guitars, particularly to customers in remote or underserved areas.

North America is home to many live music events and festivals, which often feature guitar-centric performances. These events can generate excitement around the guitar and create demand for new instruments. Furthermore, many North American schools have music education programs that include guitar lessons. This has contributed to the introduction of a new generation of young players to the guitar as well as the creation of a sustained demand for beginner-friendly instruments. Furthermore, the aging population in Europe may lead to increased demand for guitars designed for older players, while the growing number of female guitar players may lead to increased sales of guitars designed for women. In addition, effective marketing and promotion can also have a significant impact on the guitar market in Europe. Companies that are able to effectively promote their products and build a strong brand identity may be more successful in attracting customers and driving sales. Moreover, the rising disposable incomes of the middle class in the Asia Pacific region are driving demand for guitars, as people have more money to spend on leisure activities such as music. This is leading to a growing demand for high-quality guitars that offer superior sound and playability. Furthermore, Western music has gained popularity in the Asia Pacific region, which is driving demand for guitars and other Western musical instruments.

Restraints:
The rising popularity of smartphone applications, as well as their ease of use, may act as a major impediment to market growth. On smartphones and other computer devices, free musical instrument apps and software are readily available. Users can use the built-in features in the programs/apps to create and customise their music. These also raise the prospect of users spending more time downloading or installing software/applications rather than purchasing actual guitars.

Developments:
• Yamaha Music Square will debut a brand-new lineup of Revstar electric guitars launched recently by Yamaha Music Worldwide in July 2022.
• Fender Musical Instruments Corporation (FMIC) announced the launch of the all-new Player plus Series in September 2021. With new versions of Fender's most iconic models, Player Plus puts the power of the guitar squarely in the hands of a new generation of guitar players.
• Gibson Brands, Inc. announced a partnership with Kirk Hammett, a well-known guitarist from the heavy metal band Metallica, in July 2021. The company hopes to launch a signature line of guitars as a result of this collaboration.

Covid-19 Impact:
Due to the covid-19 pandemic, there was a significant increase in demand for fitness products, and the guitar industry grew in 2020 as a result. Many had started to take up new hobbies with the extra time that Covid-19 had given those who could afford it, with playing the guitar being one of the most obvious options. According to Music Strive, guitar sales rose by 15.0% between 2019 and 2020. One of the biggest American guitar makers, Fender, reported that during the pandemic, their sales of guitars surged by 17. 0% as housebound consumers looked for new pastimes.

Companies Mentioned in this Report:
Fender Musical Instruments Corporation, Gibson Brands, Inc., Karl Höfner GmbH & Co. KG , Yamaha Corporation, Cort Guitars, Paul Reed Smith Guitar, G&L Musical Instruments, Godin Guitars, Samick Musical, Instrument Co., Ltd, Schecter Guitar Research, Taylor Guitars, Rickenbacker International Corporation , C.F. Martin & Co. Inc, Armadillo Enterprises, Inc., Hoshino Gakki, Kiesel Guitars, Roland Corporation, B.C. Rich Guitars, The ESP Guitar Company, Casimi.

Considered in this report
• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Global Guitar market with its value and forecast along with its segments
• Region-wise Guitar market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report:
• North America
• Europe
• Asia-Pacific
• SAMEA

By Product Type:
• Acoustic Guitar
• Electric Guitar

By Distribution Chanel:
• Offline
• Online

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Guitar industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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