Global Guitar Market Outlook, 2028

The guitar is an instrument that has captured the hearts of music enthusiasts worldwide and has remained incredibly popular throughout the years. Its enduring appeal can be attributed to several factors. Firstly, the guitar's versatility allows it to be used across a wide range of musical genres, from rock and pop to jazz, blues, and classical. This adaptability makes it a go-to instrument for musicians looking to explore different styles and express their creativity. Secondly, the guitar's portability offers musicians the freedom to take their music wherever they go. Whether playing in intimate settings or on grand stages, the guitar's accessibility allows musicians to connect with audiences on a personal level.

Due to the presence of manufacturers in areas like the USA, the region's fastest-growing and most populous country, North America is predicted to experience the greatest increase in terms of the worldwide market. The large population of those with musical interests and the presence of some of the most well-known and revolutionary music figures are expected to be the main drivers of the rising revenue. According to Sound Charts, the American music industry is one of the most lucrative, with devoted fans of music all over the world and a current market worth of USD 43 billion. Throughout the projection period, Asia-Pacific is anticipated to develop at a substantial CAGR of 8.07%. Due to significant consumer influence and rapidly shifting consumer preferences brought on by rising per capita disposable income levels, the region's guitar industry has been growing. The market is also expected to expand as a result of the increasing popularity of music, the ability to spend money on leisure activities, the increase in the number of musical groups hosting concerts and festivals, and the increase in the number of musical groups performing at concerts and festivals. China hosts one of the major international trade fairs for musical instruments. These significant trade events enable the production of electric guitars. These factors are increasing the demand for electric guitars.

According to the research report, “Global Guitar Market Outlook, 2028”, published by Bonafide research the market is anticipated to reach USD 7.31 Billion by 2028 with a CAGR of 7.06% from USD 4.93 Billion in 2022. As per product type, the segment for electric guitars is anticipated to grow at the quickest CAGR of 8.86% during the course of the projected period. Rock and metal music are played on electric guitars. The electronics business is mostly driven by the extreme popularity of these genres. Lifestyle modifications, increasing disposable income, high standards of living, and a rise in the number of music bands worldwide are all factors pushing consumers to participate in more leisure activities. During the anticipated term, these elements are anticipated to fuel category expansion. In terms of market share, the acoustic sector held the majority with 53.38% in 2022. The acoustic guitar is used in a variety of musical genres. Folk, country, and blues are a few of the most well-liked genres. Jazz and popular music both make extensive use of the acoustic guitar. Despite the fact that acoustic guitar is frequently linked to mellower musical styles, it has many other applications. An acoustic guitar can be used for many different things and can be performed solo or in a band. As a result, it received a lot of use globally and brought in a lot of money in 2022.

In terms of market share, the offline sector held onto a sizable market with 58.15% in 2022. The retail establishment sells a selection of guitars from different brands. Guitar sales through offline outlets rose as the lockdowns were progressively lifted in numerous nations around the world. For instance, according to a blog post by Guitar.com, the famous Guitar Centre store on Sunset Boulevard in Hollywood, California, saw a triple-digit increase in sales in August 2020 (compared to August 2019), which the company attributed to an increase in podcasters and amateur musicians purchasing equipment to use while under lockdown for COVID-19. Thus, a sizable portion of revenue in 2022 will come from the offline category. However, the quickest CAGR of 8.78% is predicted for the online category during the projection period. Guitar sales in traditional stores have been surpassed by e-commerce. Consumers prefer making purchases through online channels due to rising internet usage and advantages like convenient access and payment alternatives. Any guitar sold online has a different selling price than the market price. This is typically a result of the deals and discounts that may be found on business websites or any other internet resource. Throughout the projected period, these variables will continue to be favorable for the segment.