Dublin, June 23, 2023 (GLOBE NEWSWIRE) -- The "Global Guitar Market Overview, 2023-2028" report has been added to ResearchAndMarkets.com's offering.
According to this report, 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.
Key Highlights
- 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.
- In addition, there is growing interest in sustainable and eco-friendly guitars.
- According to product type, the acoustic sector held the majority of market share in 2022, with 53.38%.
- In terms of market share, the offline sector held a sizable 58.15% share in 2022.
- 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.
- 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.
Market 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% between 2019 and 2020. One of the biggest American guitar makers, Fender, reported that during the pandemic, their sales of guitars surged by 17% as housebound consumers looked for new pastimes.
Companies Profiled
- Fender Musical Instruments Corporation
- Gibson Brands, Inc.
- Karl Hofner 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
For more information about this report visit https://www.researchandmarkets.com/r/mj4z41
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