Dublin, Dec. 08, 2023 (GLOBE NEWSWIRE) -- The "Indonesia Guitar Market Outlook: Market Forecast By Types, By Distribution Channel and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Indonesia guitar market size is projected to grow at a CAGR of 5.8% in terms of revenues and 4.8% in terms of volume during 2023-2029. The market is expected to witness significant growth in the coming years owing to the projected rise of the Gen Z population i.e., from 28% in 2023 to 34% by 2030.
Indonesia guitar market grew significantly during the past years on account of the continuously rising trend of playing musical instruments such as guitars in coffeehouses, clubs, bars, hotels, and restaurants. Also, cafe and bar owners are showing an interest to lend their spaces for musical events that have continuously influencing large number of musicians and beginners to indulge more into music and adopt music.
Indonesia Guitar Market registered a decline of -31.46% in value shipments in 2021 as compared to 2020 and an increase of 6.86% CAGR in 2021 over a period of 2017. In Guitar Market Indonesia is becoming more competitive as the HHI index in 2021 was 2937 while in 2017 it was 7406. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market.
Indonesia has reportedly relied more on domestic production to meet its growing demand in Guitar Market. India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Guitar Market in 2021 was 0.02 while in 2017 it was 0.06.
China, USA, Mexico, Singapore and Japan were among the top players of the market in 2021, where China acquired the largest market share of 46.12% with a shipment value of 1.35 million USD in 2022 China also offered the product below the average market price thus having a competitive advantage over others In 2017 China had the largest market share of 85.41% with the shipment value of 2.63 million USD. The country was offering its product with an average price which is lower than the average market price offered in the country. As China price is lower than the average price, it provided a significant edge among other competitor in 2017.
Moreover, the government of Indonesia has taken initiatives to ease the permission procedure of holding musical events in the nation. Additionally, upcoming musical concerts such as Synchronize Festival 2023, Pestapora 2023, Joyland Festival 2023 among others would influence the people especially youth to learn musical instruments. Also, upcoming technological advancements such as biomimetic shapes would significantly fuel the guitar market in the forthcoming years.
Market by Types
The electric guitar has acquired the major revenue share in Indonesia guitar market owing to its comparatively high price as compared to acoustic guitar.
Moreover, their usage by musicians and in the music industry would continue to fuel the market revenue share of electric guitar in the years ahead. Acoustic guitar has garnered the maximum volume share in Indonesia Guitar Industry on account of its affordability and portability compared to the electric guitar. Also, beginners would have high preferences towards acoustic guitar that would further grow its volume share in the forthcoming years.
Market by Distribution Channel
Offline distribution channel has accounted highest revenue share and would continue to dominant the market of guitar in Indonesia owing to consumers preferences to have hands-on experience, feel the playability and comfort of the guitar, and listen to its sound before buying
Key Highlights of the Report
- Indonesia Guitar Market Overview
- Indonesia Guitar Market Outlook
- Indonesia Guitar Market Forecast
- Historical Data and Forecast of Indonesia Guitar Market Revenues and Volume, for the Period 2019-2029F
- Historical Data and Forecast of Indonesia Guitar Market Revenues and Volume, By Types, for the Period 2019-2029F
- Historical Data and Forecast of Indonesia Guitar Market Revenues and Volume, By Distribution Channel, for the Period 2019-2029F
- Market Drivers and Restraints
- Market Trends
- Market Opportunity Assessment
- Market Ranking, By Companies
- Competitive Benchmarking
- Key Strategic Recommendation
Company Profiles
- Gibson Brands, Inc.
- Fender Musical Instruments Corporation
- CORTEK
- Yamaha Corporation
- Vola Guitar Limited
- Soloking Guitar
- Schecter Guitar Research
- TAYLOR GUITARS
Market Scope and Segmentation
By Types
- Electric
- Acoustic
By Distribution Channel
- Offline
- Online
For more information about this report visit https://www.researchandmarkets.com/r/qnifc2
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