Global Acoustic Guitar
Market Report
2024
The Global Acoustic Guitar market estimation is USD 0.351 billion in 2023 and will grow and expand at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Acoustic Guitar market estimation is USD 351 million in 2023 and will grow and expand at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Acoustic Guitar Market Sales Revenue 2023 | $ 0.351 Billion |
Global Acoustic Guitar Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.8% |
Market Split by Type |
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Market Split by Application |
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Market Split by Distribution Channel |
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Market Split by End-User |
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Market Split by Price Range |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Acoustic Guitar industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Acoustic Guitar Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The market's expansion is mostly due to the rising popularity of leisure activities, including music. People throughout the world are choosing a variety of leisure pursuits, such as sports, music, and travel. These pursuits provide them a respite from their busy and monotonous lives. Learning to play musical instruments like the guitar is one of the leisure pursuits that is growing in popularity around the world. As a result, it is anticipated that the global popularity of music-related leisure activities will support the expansion of the guitar market. During the projection period, the extended replacement cycle will provide a significant challenge to the guitar market. The expansion of musical events and the continuous popularity of rock and metal music represent the biggest prospects.
For instance, to facilitate and streamline the learning process for students, Samsung unveiled the ZamString, a smart and modern electric guitar, in January 2022. It is a component of ZamStar, an app and guitar combo.
The development of the guitar market is predicted to be fueled by a number of key factors, including an increase in live performances and concerts as well as a rise in young people's interest in music. The surge in demand for instruments made from eco-friendly raw materials is one of the market's additional projected growth factors.
In the United States, fretted items such as acoustic guitars, electric guitars, strings, amplifiers, and ukuleles were valued at US$ 1,449.9 million in 2020 and US$ 1,475.2 million in 2019, according to the National Association of Music Merchants' report, "2020 NAMM Global Report."
Additionally, acoustic and electric guitars made up 67.4% of the market for fretted items in 2022. Furthermore, it is anticipated that escalating living standards, evolving lifestyles, and increasing disposable money will all restrain the growth of the guitar industry. On the other hand, in the timeframe term, the stringent requirements and limitations for the procurement of rosewood would impede the rise of the guitar market.
As new technologies are created, it is projected that the market for acoustic guitar strings will grow. Due to the creation of new technologies and guitar strings, it is projected that the demand for electric and acoustic guitar strings will increase in the near future.
For instance, lowest pitch strings in 2020 would sound horrible and perform poorly when harmonizing with higher notes, claims researcher Dr. Jonathan Kemp.
Rising guitar sales are estimated to increase the need for electric and acoustic guitar strings throughout the forecasted period. Globally, there is an increasing number of concerts and music festivals, which is driving up guitar sales. The involvement of young people in these activities encourages the organization of musical events and live performances.
The lengthier replacement cycle will be a major obstacle for the guitar market over the forecast period. Customers choose branded guitars because of their dependability and quality. Because the lifetime of a guitar relies on a lot of factors, such as the environment, the type of music played, and playing styles, vendors design their instruments to withstand difficult working circumstances. To address this issue, strict restrictions on the import, export, and usage of rosewood in musical instruments have been established by CITES and the Lacey Act.
Due to the strong demand for fitness products caused by the COVID-19 epidemic, the guitar industry grew in 2020. People have started to take up new hobbies as a result of the extra time COVID-19 has given those who can afford it, with playing the guitar being one of the most obvious options. According to Music Strive, guitar sales grew by 15.0% between 2019 and 2020. One of the largest U.S. guitar makers, Fender, said that during the pandemic, as housebound consumers searched for new pastimes, guitar sales surged by 17.0%. Throughout the projection period, it is anticipated that demand for guitars will increase at a significant CAGR.
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The market for Acoustic Guitar is a highly dynamic and diversified competitive environment. It includes various suppliers, ranging from large multinational enterprises to smaller specialized organizations. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their Worldwide footprint, with significant market developments including new Material portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. Because of automation and technological advancement, businesses compete fiercely to deliver innovative products.
Top Companies Market Share in Acoustic Guitar Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America dominated the market in 2023 and accounted for a share of more than 38% of the worldwide revenue due to several variables. The North American region dominates the market for Acoustic Guitar. This is a result of the expanding idea of live music and the rising popularity of music performances in the United States. To draw the greatest client base in the area, companies like Michael Kelly Guitar Co. and others are launching new variations. In addition, a number of significant producers, like Yamaha Corporation, Fender Musical Instruments, and Gibson Brands, Inc., are releasing cutting-edge variations to expand their market share. Throughout the projected period, these factors are anticipated to fuel market expansion.
APAC region is the fastest growing during the projected timeframe. The biggest producers of musical instruments, such as China and India, are present, which is a major element in the market's expansion. One of the biggest worldwide music instrument trade shows takes place in China. Electric guitars are made possible thanks to these big trade shows. These elements are fuelling the region's desire for electric guitars.
The current report Scope analyzes Acoustic Guitar Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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North America dominated the market in 2023 and accounted for a share of more than 30% of the Worldwide revenue due to several variables. The North American region dominates the market for Acoustic Guitar. This is a result of the expanding idea of live music and the rising popularity of music performances in the United States. To draw the greatest client base in the area, companies like Michael Kelly Guitar Co. and others are launching new variations. In addition, a number of significant producers, like Yamaha Corporation, Fender Musical Instruments, and Gibson Brands, Inc., are releasing cutting-edge variations to expand their market share. Throughout the projected period, these factors are anticipated to fuel market expansion.
According to Cognitive Market Research, the European Region accounted for a share of more than 30% of the global revenue due to several variables. The guitar industry is well-supported throughout Europe by a strong infrastructure. Customers may browse and buy a wide variety of guitars at the region's extensive network of music stores, which includes both huge retail chains and independently owned boutiques. The instruments' accessibility and availability have helped the area dominate the market. Europe has a long musical tradition that is deeply established in well-known genres like rock, blues, and country music, all of which include the guitar prominently. Due to this cultural influence, there is a significant demand for guitars in the nation, which has helped the guitar business expand.
According to Cognitive Market Research, the APAC region accounted for a share of more than 24% of the global revenue due to several variables. APAC region is the fastest growing during the projected timeframe. The biggest producers of musical instruments, such as China and India, are present, which is a major element in the market's expansion. One of the biggest worldwide music instrument trade shows takes place in China. Electric guitars are made possible thanks to these big trade shows. These elements are fuelling the region's desire for electric guitars.
According to Cognitive Market Research, South America accounted for a share of more than 5% of the global revenue due to several variables. The advent of more cutting-edge items, the rising popularity of online guitar purchasing sites, and the rising desire for designer guitars all contribute to the growth of the guitar market. For instance, a brand-new 'boutique' guitar line has appeared on the South American guitar market, providing high-end instruments at premium pricing, and the number of internet guitar retailers has skyrocketed, making it easier for buyers to compare costs.
According to Cognitive Market Research, the Middle East and African regions accounted for a share of more than 3% of the global revenue due to several variables. The region's strong industrial expansion, rising consumer expenditure, and growing population are the main causes of the high growth rate. The market for acoustic guitar market: increased urbanization and rising disposable income. The producers concentrate on the rapidly expanding market in an effort to enhance their market share and profitability.
Global Acoustic Guitar Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Acoustic Guitar Industry growth. Acoustic Guitar market has been segmented with the help of its Type, Application Distribution Channel, and others. Acoustic Guitar market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, nylon/gut stringed guitars are the item that is utilized the most frequently in the market for Acoustic Guitar. Jazz and Latin music frequently feature the smooth, mellow tone that nylon/gut-stringed guitars generate. Nylon strings are a popular option for novices since they are delicate and mild on the fingers as compared to steel strings, which are rough on the fingers.
The steel-string acoustic guitar is the second-most used product. Steel wire is an acoustic guitar with steel strings, as opposed to nylon, is a true acoustic guitar. The steel strings sound sharper and louder than the softer nylon strings because they are often stronger and thicker.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Acoustic Guitar Industry. Request a Free Sample PDF!
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities for each application of Acoustic Guitar from 2019 to 2031. This will also help to analyze the demand for Acoustic Guitar across different end-use industries. Our research team will also help acquire additional data such as Value Chain, Patent analysis, Company Evaluation Quadrant (Matrix), and much more confidential analysis and data insights.
Some of the key Application of Acoustic Guitar are:
The above Graph is for representation purposes only. This chart does not depict actual Market share.
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According to Cognitive Market Research, e-commerce dominates the market during the projected timeframe. Guitar sales in traditional stores have been surpassed by e-commerce. Consumers prefer making purchases via online channels due to rising internet usage and advantages like convenient access and payment alternatives. Any guitar sold online has a different selling price from the market price. This is typically a result of the deals and discounts that may be found on business websites or any other internet resource. Throughout the projected period, these variables will continue to be favorable for the segment.
The retail establishment sells a selection of guitars from different brands. Guitar sales through offline outlets rose as the lockdowns were progressively lifted in several nations across the world. Therefore, a sizable portion of revenue in 2023 came from the offline category.
According to Cognitive Market Research, the professionals category dominates the market during the projected timeframe. Professionals prefer acoustic guitar since it might be more difficult to play if you have tiny hands or have yet to develop your finger strength and dexterity because the strings are farther away from the fretboard.
The amateur category is the fastest growing during the projected timeframe. Although metal strings are used on the majority of acoustic guitars, nylon strings can be softer on the fingers and a better choice for beginners who are still learning how to play.
According to Cognitive Market Research, the low-price range category dominates the market during the projected timeframe. Old hobbyists and bored inmates were anxious to try something new, and the tendencies above continued to drive those purchases. This indicates that guitars in the lower price range typically sell in greater quantities. Additionally, there are more economical guitar brands available to players at the novice and intermediate levels who don't want to break the money.
The high price range category is the fastest growing during the projected timeframe. Considering that higher-end guitars are more expensive, their market is often limited. It's important to note that certain expensive guitar models continue to enjoy a sizable following among professional players who seek the highest level of tone and build quality from their instruments. Sales figures for these expensive models can be unexpected but generally stay the same over time.
Research Analyst at Cognitive Market Research
I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
Sneha Mali is a research analyst working in various domains including the Consumer Goods, market research and transport & logistics and her primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. Her knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively.Sneha stay up-to-date with the latest research trends, methodologies, and technologies to ensure that her research is accurate, relevant, and impactful.
In her current role, Sneha is committed to continuous learning and staying abreast of emerging trends in research methodologies. Regular participation in workshops, webinars, and industry conferences ensures that her skills remain sharp and relevant. She have demonstrated ability to transform complex data sets into clear and concise narratives that inform key business strategies. Collaborating with cross-functional teams.Sneha remains an invaluable asset in the dynamic landscape of market research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Acoustic Guitar Market is witnessing significant growth in the near future.
In 2023, the Nylon/Gut Stringed Guitars segment accounted for noticeable share of global Acoustic Guitar Market and is projected to experience significant growth in the near future.
The Perform segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Martin , LARRIVEE and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Type | Nylon/Gut Stringed Guitars, Steel Stringed Guitars, Other |
Application | Perform, Teaching, Others |
Distribution Channel | Offline Retail, Online Retail |
End-User | Professional, Amateur |
Price Range | Low, Mid, High |
List of Competitors | Martin, Taylor, LARRIVEE, Lakewood, S.Yairi, Fender, Gibson, Ibanez, Paul Reed Smith Guitar, Santa Cruz, ESP, CORT, B.C.RICH, Fender, Yamaha, Seagull |
This chapter will help you gain GLOBAL Market Analysis of Acoustic Guitar. Further deep in this chapter, you will be able to review Global Acoustic Guitar Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by Distribution Channel Analysis 2019 -2031
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Chapter 13 Market Split by End-User Analysis 2019 -2031
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Chapter 14 Market Split by Price Range Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Acoustic Guitar market
Chapter 15 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Nylon/Gut Stringed Guitars have a significant impact on Acoustic Guitar market? |
What are the key factors affecting the Nylon/Gut Stringed Guitars and Steel Stringed Guitars of Acoustic Guitar Market? |
What is the CAGR/Growth Rate of Perform during the forecast period? |
By type, which segment accounted for largest share of the global Acoustic Guitar Market? |
Which region is expected to dominate the global Acoustic Guitar Market within the forecast period? |
Segmentation Level Customization |
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Global level Data Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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