NEW YORK, Oct. 19, 2023 /PRNewswire/ -- The guitar market is estimated to grow by USD 1.9 billion from 2022 to 2027, growing at a CAGR of 7.75%. The guitar market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer guitar market are Armadillo Enterprises Inc., Astha Guitars, B.C. Rich LLC, C. F. Martin and Co. Inc., CorTek Corp., Fender Musical Instruments Corp., G and L Musical Instruments, Gibson Brands Inc., Godin Guitars, HOSHINO GAKKI Co. Ltd., Karl Hofner GmbH and Co. KG, Kiesel Guitars, Paul Reed Smith Guitars, Rickenbacker International Corp., Roland Corp., Schecter Guitar Research Inc., TAKAMINE GAKKI CO. LTD., Taylor Listug Inc., The ESP Guitar Co., and Yamaha Corp. The report provides a full list of key companies, their strategies, and the latest developments. Buy report!
Company Offering:
- Martin and Co. Inc: The company offers guitars such as DJR 10E, OM Biosphere and D 18 StreetLegend.
- For details on companies and their offerings – Download Free Sample
By Geography, the market is classified as North America, Europe, APAC, South America, and Middle East and Africa. North America will have the largest share of the market.
North America accounts for 43% of the growth of the global market during the forecast period. The US is one of the main countries that is significantly contributing to the growth of the global guitar market in North America due to several factors such as the launch of innovative products, the increasing use of online platforms to shop for guitars, and the rising demand for designer guitars. In addition, the increasing demand for eco-friendly guitars is expected to positively impact the market growth in the region. Furthermore, the main aspect of the eco-friendly guitar is that is made from wood types that are not specified under the Convention on International Trade in Endangered Species (CITES) such as ebony, koa, poplar, basswood, khaya, and ovangkol. In addition, other factors that are fuelling the market growth in the region include the growing number of rapidly emerging musicians, the increasing number of educational institutions offering music as a subject, and the rising adoption of music as a hobby among the population in North America. Hence, such factors drive the market growth in the region.
Download free sample report to get more insights on the market share of various regions and the contribution of the segments.
- Impactful driver- Growing popularity of music-related leisure activities
- Key Trend - Growing online retailing
- Major Challenges - Long replacement cycle of guitars
Market Segmentation
- The market share growth of the acoustic segment is significant during the forecast period. The increasing adoption of acoustic guitars in developing countries is signficantly contributing to the growth of this segment. The main feature of the segment is that it is designed in such a way that it does not need any electric amplification for modulation or the projection of sound. There is a growing adoption of this segment across various developing countries including India and Brazil due to factors such as high affordability and availability, along with their low cost and low initial investment requirement when compared to electric guitars. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
Technavio Research experts have provided more insights on the market share of segments - View Free Sample Report
Related Reports:
The golf apparel market size is estimated to grow at a CAGR of 6.26% between 2022 and 2027. The market size is forecast to increase by USD 1,614.67 million.
The sports bicycle market size is estimated to grow at a CAGR of 6.19% between 2022 and 2027. The market size is forecast to increase by USD 5,527.73 million.
TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Market Segmentation by Geography
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Company Landscape
13 Company Analysis
14 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact US:
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
![](https://rt.prnewswire.com/rt.gif?NewsItemId=CG42129&Transmission_Id=202310191400PR_NEWS_USPR_____CG42129&DateId=20231019)
Share this article