Guitar Market Size, Share & Trends Analysis Report By Product (Acoustic And Electric), By Distribution Channel (Offline And Online), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global guitar market size was valued at USD 10.30 billion in 2022 and is expected to register a CAGR of 7.7% from 2023 to 2030. One of the key factors driving the growth of the market is the increasing popularity of music-related leisure activities. People all over the globe are opting for different leisure activities, including music, traveling, and sports. These activities provide a break from their hectic and tedious lifestyles. One of the leisure activities gaining popularity, globally, is learning to play musical instruments such as guitar.

The number of live music shows and those attending such shows is increasing rapidly all over the world. This further encourages/inspires/motivates people to adopt music as a career and encourages them to learn to play different types of guitars. Thus, the rising popularity of music-related leisure activities, globally, is expected to augment the growth of the global guitar market. The long replacement cycle will be a major challenge for the guitar market during the forecast period. The greatest opportunities are the rise in music events and the continued growth of rock and metal music.

The covid-19 outbreak has witnessed high demand in the fitness product industries and thus guitar market observed growth in 2020. With the extra time, COVID-19 has brought to those who can afford it, people have begun to pick up new hobbies the guitar, being one of the most salient choices. According to Music strive; the sales of the guitar increased by 15.0% from 2019 to 2020. Fender, one of the major guitar manufacturers in the U.S. stated that their guitar sales increased by 17.0% during the pandemic as housebound consumers looked for new hobbies. The demand for guitars is expected to grow at a considerable CAGR during the forecast period.

The guitar is a string instrument, which is played by plucking the strings. The guitar consists of a hollow wooden body with six strings stretched over it and along a narrow neck. The guitar is one of the most popular instruments because it is versatile, portable, accessible, and relatively affordable. The guitar is a very versatile instrument that can be used to make many types of music. In addition, a very accessible instrument is made in huge quantities each year.

Over the last few decades, the guitar has risen in popularity quite steadily. It has become more sought after than instruments like the piano. Music schools have more students than ever seeking to learn the guitar. The growing interest in music around the world is significantly driving the demand for the guitar market. Electric guitars are essential to popular music genres such as rock and metal. The popularity of these genres encourages some people to learn the guitar.

Product Insights

The electric guitar segment is expected to expand with the fastest CAGR of 8.1% during the forecast period. Electric guitars are used in rock and metal music genres. The popularity of these genres is very high and is the major driver of the electronics market. Lifestyle changes, increased disposable income, and high standards of living are the factors encouraging consumers to engage in more leisure activities, and a growing number of music bands around the world. These factors are expected to drive the segment growth during the forecast period.

The acoustic segment dominated the market in terms of share and is estimated to expand at a CAGR of 7.5% during the forecast period. Several genres of music feature acoustic guitar. Some of the most popular are folk, country, and blues. An acoustic guitar is also largely used in jazz and pop music. Despite the fact that acoustic guitar is often associated with mellower genres of music it can be used in a variety of ways. An acoustic guitar can be played solo or in a band setting and it can be used for a variety of different purposes. Therefore, it is largely used all over the world and generated large revenue in 2022.

Distribution Channel Insights

The online segment is estimated to expand with the fastest CAGR of 10.1% during the forecast period. E-commerce has edged over physical stores in selling guitars. With increasing internet penetration and benefits such as easy access and payment options, consumers prefer purchasing products from online channels. The selling price of any guitars sold online differs from its market price. This is usually due to the offers and discounts available on company websites or any other online platform. These factors will continue to bode well for the segment during the forecast period.

The offline segment retained a large market in terms of share and is expected to develop at a CAGR of 6.1% during the forecast period. The retail store offers various brands with a variety of guitars. After the lockdowns were gradually lifted in various countries across the globe, guitar sales via offline stores increased. For instance, according to a blog published by Guitar.com, the iconic Guitar Center store on Sunset Boulevard in Hollywood, California saw a triple-digit jump in sales in August 2020 (compared to August 2019), which the company attributed to a rise in amateur musicians and podcasters buying gear to utilize while in lockdown for COVID-19. Therefore, the offline segment accounted for large revenue in 2022.

Regional Insights

North America is anticipated to develop at the fastest CAGR of 8.3% during the forecast period. This is due to the growing concept of live music in connection with the growing number of music concerts in the U.S. Michael Kelly Guitar Co. and others are introducing new variants to attract the largest customer base in the region. Moreover, several major manufacturers such as Gibson Brands, Inc.; Fender Musical Instruments; and Yamaha Corporation are launching innovative variants to penetrate further into the market. These factors are expected to drive the market growth throughout the forecast period.

Asia Pacific accounted for the highest market share of more than 45.0% in 2022. The presence of the largest musical instrument manufacturers, including China and India, is a key factor driving the market growth. China hosts one of the largest international trade fairs for musical instruments. These huge trade fairs pave the way for musical instruments, including electric guitars. These factors are driving demand for electric guitars in the region. Thus, the region has accounted for a large revenue generation in 2022.

Key Companies & Market Share Insights

Key manufacturers are majorly focusing on rapidly changing consumer preferences so that market demand can be capitalized. Existing players are expanding their collection of on-hand guitars and acquiring new players.

• In July 2022, Yamaha Music Square introduces a brand-new lineup of Revstar electric guitars launched recently by Yamaha Music Worldwide

• In September 2021, Fender Musical Instruments Corporation (FMIC) announced the launch of the all-new Player Plus Series. As a new generation of guitar players continues to emerge, Player Plus puts the power of guitar squarely in their hands with new versions of Fender's most iconic models

• In July 2021, Gibson Brands, Inc. announced a partnership with Kirk Hammett, a popular guitarist from the well-known heavy metal band Metallica. With this partnership, the company aims to introduce a signature line of guitars

Some of the key players in global Guitar Market  include:

• C. F. Martin & Co. Inc.,

• Fender Musical Instruments Corp.,

• Gibson Brands Inc.,

• HOSHINO GAKKI Co. Ltd.,

• Karl Höfner GmbH & Co. KG,

• Paul Reed Smith Guitars,

• Rickenbacker International Corp.,

• Schecter Guitar Research Inc.,

• Taylor-Listug Inc.,

• Yamaha Corp.

Guitar Market Report Scope

Global Guitar Market Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub-segment from 2017 to 2030. For this study, Grand View Research has segmented the global Guitar Market report based on the product, distribution channel, and region.

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Acoustic

  • Electric

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

  • Offline

  • Online

• Regional Outlook (Revenue, USD Million; 2017 - 2030)

  • North America

    • U.S.

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • South Korea

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa

    • UAE