Guitar Global Market Report 2024

The guitar market size has grown rapidly in recent years. It will grow from $8.54 billion in 2023 to $9.25 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The expansion observed in the historical period can be attributed to several factors, including the evolution of musical genres, the influence of cultural icons and influencers on guitar popularity, innovation in guitar design and technology, trends in music education and learning, and demographic shifts influencing guitar consumption patterns.

The guitar market size is expected to see rapid growth in the next few years. It will grow to $12.86 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The projected growth in the upcoming period is expected to be driven by several factors, including a rising interest in music education, the influence of social media and influencers in promoting guitar culture, the popularity of home recording studios enabling more people to create music, a revival of live music events, and the expansion of niche markets catering to specific musical tastes. Key trends anticipated in the forecast period encompass the rise of digital connectivity in guitars, the integration of smart guitar technology enhancing instrument capabilities, a resurgence of vintage and retro guitar styles, the popularity of artisanal and boutique guitars crafted with meticulous attention to detail, and a focus on customization and personalization options allowing musicians to tailor their instruments to their unique preferences.

The surge in popularity of live musical performances and concerts is fueling the growth of the guitar market. These events serve as engaging musical experiences that not only uplift mood and emotions but also contribute to overall well-being and social interaction. Live performances and concerts have a unifying effect, bringing together people with similar musical tastes and creating opportunities for connection with artists. Additionally, these events offer a platform for guitar manufacturers and brands to showcase their products to a receptive audience of music enthusiasts. For example, data from December 2022, sourced from Comscore, an American-based global media measurement and analytics company, highlighted a surge in interest in live music, as evidenced by Ticketmaster's record-breaking 51.6 million unique visitors to its ticket-buying platforms in October 2022, surpassing previous traffic levels. Consequently, the rise in live music performances and concerts has spurred demand for guitars.

Key players in the guitar market are concentrating on developing innovative products, such as ergonomic and lightweight models, to gain a competitive advantage. An ergonomic and lightweight guitar is designed with a focus on comfort, ease of playability, and reduced physical strain for the player. For instance, in October 2023, Fender Musical Instruments Corporation (FMIC), a US-based manufacturer of musical instruments and amplifiers, introduced The Highway Series. This series features guitars that are both ergonomic and lightweight, equipped with fully integrated Fishman pickup systems and advanced features for a road-ready sound. The Highway Series aims to redefine the acoustic guitar experience by blending modern innovations with the timeless aesthetics of traditional guitars. These guitars are constructed with a feedback-resistant, ergonomic design and Fishman Fluence pickups for seamless setup, offering a classic acoustic guitar vibe with upgraded features tailored to today's live acoustic performers.

In January 2021, GEWA Music GmbH, a Germany-based manufacturer of musical instruments and accessories, acquired Ovation Guitars, marking a strategic move to expand its presence in the guitar market. This acquisition allows GEWA Music to leverage its expertise and industry knowledge to rejuvenate and further develop the renowned Ovation brand. Ovation Guitars, a US-based manufacturer of string instruments including guitars, now benefits from GEWA Music's resources and strategic vision to enhance its position in the competitive guitar market.

Major companies operating in the guitar market are Yamaha Corporation, Gibson Brands Inc., Taylor Guitars, Fender Musical Instruments Corporation, Martin Guitar Company, Eastman Guitars, PRS Guitars, Collings Guitars, Schecter Guitar Research, Godin Guitars, Rickenbacker International Corporation, Dean Guitars, Takamine Guitars, Washburn Guitars, Breedlove Guitars, Guild Guitars, ESP Guitars, Ibanez, Jackson Guitars, Alvarez Guitars, Cort Guitars, Epiphone, G&L Musical Instruments, Gretsch Company, Music Man, Ovation Guitars, Seagull Guitars.

Asia-Pacific was the largest region in the guitar market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the guitar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the guitar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A guitar is a musical instrument featuring six strings that are played by strumming or plucking. It produces sound either acoustically, by the strings' vibrations resonating within a hollow body, or through electrical amplification, depending on the type.

The primary types of guitars include acoustic guitars, electric guitars, and solar guitars. Acoustic guitars generate sound through string vibration resonating within their hollow bodies. They are available in various configurations, including six strings, eight strings, twelve strings, and others. These guitars are distributed through both offline and online channels.

The guitar market research report is one of a series of new reports that provides guitar market statistics, including guitar industry global market size, regional shares, competitors with a guitar market share, detailed guitar market segments, market trends and opportunities, and any further data you may need to thrive in the guitar industry. This guitar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The guitar market consists of sales of bass guitars, classical guitar, archtop guitar, resonator guitar and resonator guitar. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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