Acoustic Guitar market size is USD 0.351 billion in 2023 and will grow at a CAGR of 5.8% from 2023-2030: Cognitive Market Research
Introduction of the?Acoustic Guitar Market
The market's expansion is mostly due to the rising popularity of leisure activities, including music. People throughout the world are choosing a variety of leisure pursuits, such as sports, music, and travel. These pursuits provide them a respite from their busy and monotonous lives. Learning to play musical instruments like the guitar is one of the leisure pursuits that is growing in popularity around the world. As a result, it is anticipated that the global popularity of music-related leisure activities will support the expansion of the guitar market. During the projection period, the extended replacement cycle will provide a significant challenge to the guitar market. The expansion of musical events and the continuous popularity of rock and metal music represent the biggest prospects.?
For instance, to facilitate and streamline the learning process for students, Samsung unveiled the ZamString, a smart and modern electric guitar, in January 2022. It is a component of ZamStar, an app and guitar combo.
Key Insights from Acoustic Guitar Market Report
The Global Acoustic Guitar market size is USD 0.351 billion in 2023 and will grow at a CAGR of 5.8% from 2023 to 2030.
Rising Frequency of Live Concerts to Provide Viable Market Output
The development of the guitar market is predicted to be fueled by a number of key factors, including an increase in live performances and concerts as well as a rise in young people's interest in music. The surge in demand for instruments made from eco-friendly raw materials is one of the market's additional projected growth factors.??
In the United States, fretted items such as acoustic guitars, electric guitars, strings, amplifiers, and ukuleles were valued at US$ 1,449.9 million in 2020 and US$ 1,475.2 million in 2019, according to the National Association of Music Merchants' report, "2020 NAMM Global Report."
Additionally, acoustic and electric guitars made up 67.4% of the market for fretted items in 2022. Furthermore, it is anticipated that escalating living standards, evolving lifestyles, and increasing disposable money will all restrain the growth of the guitar industry. On the other hand, in the timeframe term, the stringent requirements and limitations for the procurement of rosewood would impede the rise of the guitar market.
As new technologies are created, it is projected that the market for acoustic guitar strings will grow. Due to the creation of new technologies and guitar strings, it is projected that the demand for electric and acoustic guitar strings will increase in the near future.?
For instance, lowest pitch strings in 2020 would sound horrible and perform poorly when harmonizing with higher notes, claims researcher Dr. Jonathan Kemp.
Rising guitar sales are estimated to increase the need for electric and acoustic guitar strings throughout the forecasted period. Globally, there is an increasing number of concerts and music festivals, which is driving up guitar sales. The involvement of young people in these activities encourages the organization of musical events and live performances.
Market Dynamics Of the?Acoustic Guitar
The lengthier replacement cycle will be a major obstacle for the guitar market over the forecast period. Customers choose branded guitars because of their dependability and quality. Because the lifetime of a guitar relies on a lot of factors, such as the environment, the type of music played, and playing styles, vendors design their instruments to withstand difficult working circumstances. To address this issue, strict restrictions on the import, export, and usage of rosewood in musical instruments have been established by CITES and the Lacey Act.?
Impact of COVID–19 on the?Acoustic Guitar Market
Due to the strong demand for fitness products caused by the COVID-19 epidemic, the guitar industry grew in 2020. People have started to take up new hobbies as a result of the extra time COVID-19 has given those who can afford it, with playing the guitar being one of the most obvious options. According to Music Strive, guitar sales grew by 15.0% between 2019 and 2020. One of the largest U.S. guitar makers, Fender, said that during the pandemic, as housebound consumers searched for new pastimes, guitar sales surged by 17.0%. Throughout the projection period, it is anticipated that demand for guitars will increase at a significant CAGR.
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Competitive Landscape of the?Acoustic Guitar Market
The market for Acoustic Guitar is a highly dynamic and diversified competitive environment. It includes various suppliers, ranging from large multinational enterprises to smaller specialized organizations. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their Worldwide footprint, with significant market developments including new Material portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. Because of automation and technological advancement, businesses compete fiercely to deliver innovative products.
Acoustic Guitar Industry News
Top Companies Market Share in Acoustic Guitar Industry:
Acoustic Guitar Market Analysis
Type Segment Analysis:
According to Cognitive Market Research, nylon/gut stringed guitars are the item that is utilized the most frequently in the market for Acoustic Guitar. Jazz and Latin music frequently feature the smooth, mellow tone that nylon/gut-stringed guitars generate. Nylon strings are a popular option for novices since they are delicate and mild on the fingers as compared to steel strings, which are rough on the fingers.?
The steel-string acoustic guitar is the second-most used product. Steel wire is an acoustic guitar with steel strings, as opposed to nylon, is a true acoustic guitar. The steel strings sound sharper and louder than the softer nylon strings because they are often stronger and thicker.
Application Segment Analysis:
Distribution Channel Segment Analysis:
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End-User Segment Analysis:
Price Range Segment Analysis:
North America?Acoustic Guitar Market share was 38% of total market in 2023!
According to Cognitive Market Research, North America dominated the market in 2023 and accounted for a share of more than 38% of the worldwide revenue due to several variables. The North American region dominates the market for Acoustic Guitar. This is a result of the expanding idea of live music and the rising popularity of music performances in the United States. To draw the greatest client base in the area, companies like Michael Kelly Guitar Co. and others are launching new variations. In addition, a number of significant producers, like Yamaha Corporation, Fender Musical Instruments, and Gibson Brands, Inc., are releasing cutting-edge variations to expand their market share. Throughout the projected period, these factors are anticipated to fuel market expansion.
APAC region is the fastest growing during the projected timeframe. The biggest producers of musical instruments, such as China and India, are present, which is a major element in the market's expansion. One of the biggest worldwide music instrument trade shows takes place in China. Electric guitars are made possible thanks to these big trade shows. These elements are fuelling the region's desire for electric guitars.
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