Guitar Global Market Size, Share, By Product Type, By Distribution Channel, By Application, By End User, By Region And Segment Forecast 2024-2033 | Taylor Guitars, Godin Guitars, Guild Guitars, ESP Guitars, Ibanez

Overview and Scope
A guitar is a musical instrument that has six strings and is played by strumming or plucking the strings. It produces sound acoustically or through electrical amplification, depending on the type of guitar.

Sizing and Forecast
The guitar market size has grown rapidly in recent years. It will grow from $8.54 billion in 2023 to $9.25 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to evolution of musical genres, cultural icons and influencers, innovation in guitar design, music education and learning trends, demographic shifts.

The guitar market size is expected to see rapid growth in the next few years. It will grow to $12.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to rising interest in music education, influence of social media and influencers, popularity of home recording studios, live music revival, expansion of niche markets. Major trends in the forecast period include rise of digital connectivity, smart guitar technology, vintage and retro revival, artisanal and boutique guitars and customization and personalization.

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Segmentation & Regional Insights
The guitar market 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

Asia-Pacific was the largest region in the guitar market in 2023. 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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Major Driver Impacting Market Growth
The increase in popularity of live musical performances and concerts is driving the growth of the guitar market. Live musical performances and concerts are musical engagement which helps improve mood, boosts emotions, to stay health, way for people to get socialize. Live performances and concert bring people together, unite a group with similar music taste and experience to connect with artists. Live concerts provide an opportunity for guitar manufacturers and brands to showcase their products to a captive audience of music enthusiasts. For example, according in Decmember 2022, Comscore, an American-based global media measurement and analytics company, in October 2022, Ticketmaster observed a surge in interest in live music, with a record-breaking 51.6 million unique visitors to its ticket-buying platforms, surpassing the traffic seen in previous years. Thus, the increase in number of live music performances and concerts has raised the demand for guitar.

Key Industry Players
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

The guitar market report table of contents includes:
1. Executive Summary