Acoustic & Electric Guitar Manufacturing in the US - Industry Market Research Report

Broken strings: Industry growth will likely continue to be constrained by low-priced imports

Acoustic and electric guitar manufacturers have struggled over the five years to 2023. Because guitars are considered discretionary purchases by most, they're extremely sensitive to changes in overall economic conditions and consumer tastes. Consumers need to have solid disposable income and confidence in the economy to justify making expensive discretionary purchases, but the challenges brought on by COVID-19 and inflation left consumers hesitant to buy guitars. Consumers that were interested in guitar most often chose cheap imports, promoting the industry's competition. Because of these difficulties, industry-wide revenue has been stagnating at a CAGR of 0.0% over the past five years and is expected to total $845.7 million in 2023, when revenue will sink by an estimated 1.3%. This industry manufactures acoustic and electric guitars. Operators that manufacture guitar amplifiers and accessories are also included in this industry. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.