In Germany, the guitar market is poised for growth driven by innovation, increased online shopping, and rising demand for designer guitars.

NEWARK, DELAWARE, UNITED STATES OF AMERICA, November 28, 2023 /EINPresswire.com/ -- The global guitar market is estimated to reach US$ 11.09 billion in 2023, recording a 7.6% CAGR. The market is expected to reach US$ 23.29 billion by 2033. Music-related leisure activities are becoming increasingly popular, which is one of the key factors driving its growth.

Rock and metal music genres have caused some people to learn guitar. The popularity of the guitar has steadily grown in recent years. The popularity of live music shows and the number of people attending such shows is growing rapidly. Furthermore, the guitar has become more popular than the piano, due to its accessibility.

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A growing interest in music is resulting in a significant increase in demand for the instrument. The rise in popularity of popular music genres such as metal and rock encourage people to learn guitar.

Electric guitars are essential to these genres of music. As a result of changing lifestyles, increased disposable income, and high living standards, consumers are increasingly engaging in leisure activities. The result is an expanding music band around the globe.

Key Takeaways from Market Study

The guitar market is expected to register a CAGR of 7.6% over the forecast period.

According to estimates, the guitar market in North America is expected to remain strong throughout the length of the forecast period.

The electric guitar segment is expected to record a CAGR of 8.3%, while the acoustic segment is expected to thrive at a CAGR of 7.6%.

The United States, a leading guitar market, is expected to expand at a CAGR of 8.9%, while most sales come from China and it's estimated to be US$ 9,253.00 million in 2023.

Competitive Landscape:

Manufacturers are closely monitoring rapidly changing consumer preferences to capitalize on market demand. Existing players are adding guitars to their inventory and acquiring updated ones.

As businesses continue to focus on raising discovery through a broad range of cultural and novelty influences, they are refining what they offer to appeal to a global audience. Top players in the global guitar market compete on price, quality, and innovation.

Key players operating the global guitar market

Fender Musical Instruments Corporation
Gibson Brands, Inc,
Karl Höfner GmbH & Co. KG
Yamaha Corporation
C. Rich Guitars
Cort Guitars
PRS Guitars
The ESP Guitar Company
G&L Musical Instruments
Godin Guitars
Samick Musical Instrument Co., Ltd
Schecter Guitar Research
TAYLOR-LISTUG, Inc
Rickenbacker International Corporation

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Recent Developments:

In July 2022, Yamaha Music Square launched a new lineup of Revstar electric guitars from Yamaha Music Worldwide.

As part of the ZamStar app and electric guitar platform, Samsung introduced a smart electric guitar dubbed ZamString in January 2022.

In July 2021, Gibson Brands, Inc. announced a partnership with Kirk Hammett of Metallica. This partnership could result in a signature guitar line from Gibson Brands, Inc.

Fender Musical Instruments partnered with Kyser in September 2021 to offer electric guitar capos featuring Kyser's design. The stylish guitar caps can be found on both Fender and Kyser musical instruments.

Guitar Market Key Segmentation

By Product:

Acoustic
Electric

By Distribution Channel:

Offline
Online

By Region:

North America
Latin America
Europe
The Middle East and Africa

Authored by:

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments about Consumer Retail Goods.

Her work primarily focuses on facilitating strategic decisions, planning and managing cross-functional business operations technology projects, and driving successful implementations. She has helped create insightful, relevant analyses of Food and beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.

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