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The global guitar market is expected to grow at a 7.06% CAGR from 2023 to 2028, with the popularity of music genres that heavily feature the guitar, such as rock, pop, jazz and blues, continuing to drive demand for guitars in the global- Actual Market Res
Mar, 31
2023

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The global guitar market is expected to grow at a 7.06% CAGR from 2023 to 2028, with the popularity of music genres that heavily feature the guitar, such as rock, pop, jazz and blues, continuing to drive demand for guitars in the global- Actual Market Res

 

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Guitars are stringed musical instruments that are played by plucking or strumming the strings, and are used in a variety of musical genres such as rock, pop, blues, jazz, and classical music. The global guitar market is expected to expand as a result of the rising trend and demand for work-life balance among employees at all levels of management, from executive to top management. Companies have also made efforts to provide their employees with leisure time for personal reasons. According to research, a balanced life helps employees become more productive at work. These positive numbers are one of the primary reasons why people are now putting effort into exploring new fields such as music in order to remain productive. Another growth factor is the growing influence of the music industry. As a means of expression, music has been shown to be a uniting agent and to contribute to social and political revolutions. The increasing popularity of music will have a direct impact on the global market size. Furthermore, learning to play the guitar has been shown to have a range of health benefits, including improved cognitive function, reduced stress and anxiety, and improved hand-eye coordination. These health benefits can drive demand for guitars among individuals who are looking for ways to improve their overall well-being.

According to the research report, “Global Guitar Market Research Report, 2028”, published by Actual Market research the global market is anticipated to reach USD 7.31 Billion by 2028 with a CAGR of 7.06% from USD 4.93 Billion in 2022. Music has become an important part of people's lives around the world, and there is a growing interest in learning to play musical instruments such as the guitar. This has led to an increase in demand for guitars, particularly among young people. Furthermore, the popularity of certain genres of music can have a significant impact on the demand for guitars. The popularity of country music in the United States has led to an increase in demand for acoustic guitars, while the popularity of rock and metal music has driven demand for electric guitars. Moreover, the popularity of certain genres of music can have a significant impact on the demand for guitars. The popularity of country music in the United States has led to an increase in demand for acoustic guitars, while the popularity of rock and metal music has driven demand for electric guitars. In addition to Celebrity endorsements can have a significant impact on the popularity of guitars and other musical instruments. When a famous musician endorses a particular brand of guitar, it can increase consumer interest and drive sales.

Governments may provide funding and logistical support for music festivals and events that feature guitar performances. This helps to promote the guitar industry and showcase the talents of guitarists from around the world. Furthermore, some governments provide support for the preservation of traditional music and cultural heritage, which can include the guitar as a cultural symbol. This helps to protect and promote the guitar as a cultural artifact and maintain its historical significance. Moreover, some governments offer tax incentives and grants for music-related businesses, including guitar manufacturers, music stores, and recording studios. This helps to stimulate economic growth and create jobs in the guitar industry.

According to Product Type, The acoustic sector held the majority of market share in 2022, with 53.38%. Acoustic guitars are used in a wide range of musical genres. Folk, country, and blues are among the most popular genres. The acoustic guitar is used extensively in both jazz and popular music. Despite the fact that acoustic guitar is frequently associated with gentler musical styles, it has a wide range of other applications. An acoustic guitar can be used for a variety of purposes and can be played solo or in a band. As a result, it sees widespread use and generates significant revenue in 2022. The segment for electric guitars is expected to grow at the fastest CAGR of 8.86% during the forecast period. Electric guitars are used in rock and metal music. The extreme popularity of these genres drives the electronics industry. Lifestyle changes, rising disposable income, high living standards, and an increase in the number of music bands worldwide are all driving consumers to participate in more leisure activities. These elements are expected to fuel category expansion in the short term.

In terms of market share, the offline sector held a sizable 58.15% share in 2022. The store sells a variety of guitars from various manufacturers. Offline guitar sales increased as lockdowns were gradually lifted in many countries around the world. During the projection period, the online category is expected to grow at the fastest rate of 8.78%. E-commerce has surpassed traditional store sales of guitars. Due to rising internet usage and benefits such as convenient access and payment options, consumers prefer to make purchases through online channels. Any guitar sold online has a price that differs from the market price. This is usually as a result of the deals and discounts available on business websites or any other internet site. Some of the most popular e-commerce sites are Amazon, Sweetwater, Guitar Center, Thomann, Reverb, Musician's Friend, and ZZounds. Some of the most popular guitar stores are Guitar Center, Sam Ash, Andertons Music Co., Thomann, Ishibashi Music, Rudy's Music, Norman's Rare Guitars, Sweetwater, and many more.

North American guitar culture is a rich and diverse phenomenon that has evolved over many decades. Since the early twentieth century, the guitar has been an integral part of popular music in North America. The popularity of music genres that heavily feature the guitar, such as rock, country, and blues, continues to drive demand for guitars in North America. The North American market is segmented into three major countries, including the United States, Canada, and Mexico. Among these, the United States leads the North American guitar market. In the United States, there is a large population of baby boomers who grew up during the heyday of rock music and who still have a strong interest in guitar playing. The electric guitar was invented in the United States in the 1930s by Adolph Rickenbacker and Les Paul. This innovation revolutionized popular music and paved the way for the development of rock and roll. Moreover, North America is home to some of the world's largest guitar manufacturers, including Gibson, Fender, Martin, and Taylor. These companies have a long history of producing high-quality guitars and have had a significant impact on the development of popular music.

The demand for electric guitars is strong in Europe, with many musicians in the region favoring the sound and versatility of electric guitars over acoustic guitars. However, there is also a strong market for acoustic guitars in Europe, with many players favoring the warm, natural tone of acoustic instruments. Furthermore, the European market for guitars is highly fragmented, with many small and medium-sized guitar manufacturers operating in the region. Some of the most notable guitar makers in Europe include Furch Guitars, Framus & Warwick, and Godin Guitars. Moreover, some of the most notable European guitarists include Django Reinhardt, Mark Knopfler, Eric Clapton, and Jimmy Page. In addition, the demand for electric guitars is growing in the Asia Pacific region, particularly in countries such as China and Japan. Many young musicians in these countries are interested in playing rock and pop music, which often feature electric guitars prominently. Furthermore, the annual Music China trade fair, held in Shanghai, is one of the largest music product trade fairs in the Asia Pacific region. The event attracts exhibitors and visitors from around the world and is a showcase for the latest guitars, amplifiers, and other musical instruments.

Guitar schools provide a variety of programmes, ranging from short-term workshops to full-time degree programmes. Many guitar schools also provide online courses and tutorials, allowing students to learn from wherever they are in the world. Furthermore, some guitar schools specialise in specific musical genres or styles, such as classical, jazz, or rock. Others provide a more comprehensive curriculum that covers a wide range of genres and techniques. Furthermore, guitar schools frequently host concerts, recitals, and other events to highlight the talents of their students and faculty. These events offer students valuable performance experience as well as networking opportunities. Furthermore, some guitar schools provide scholarships and financial aid to students to assist them with tuition costs. This makes guitar education more accessible to students from all walks of life. Many guitar schools offer courses in music theory, composition, and recording techniques in addition to guitar lessons, giving students a well-rounded education in music. Many schools offer a variety of guitar courses, ranging from beginner to advance. Some of the popular guitar schools include Berklee College of Music, Musicians Institute, Guitar Institute of Technology, National Guitar Academy, Institute of Contemporary Music Performance, Los Angeles Guitar Academy, Guitar Workshop Plus, Academy of Contemporary Music, Guitar Lessons London, Graduate Institute of Technology, Guitar Mastery Method, and Australian Institute of Music.

Guitar bands have made a significant impact on the music industry, inspiring countless musicians and guitar players around the world. Each of these bands has a unique sound and style, incorporating the guitar in creative and innovative ways to create music that resonates with audiences. Some of the most popular bands include The Beatles, Led Zeppelin, Rolling Stones, Pink Floyd, AC/DC, Black Sabbath, Metallica, Guns N' Roses, Nirvana, Red Hot Chili Peppers, U2, Van Halen, Pearl Jam, Green Day, Foo Fighters, Queen, Jimi Hendrix Experience, Lynyrd Skynyrd, Radiohead, and Arctic Monkeys. Furthermore, guitarists have made a significant impact on the music industry and are recognized for their unique styles and techniques. They have inspired countless musicians and guitar players around the world and have contributed to the evolution of the guitar as a musical instrument. Some of the famous guitarists are Jimi Hendrix, Eric Clapton, Eddie Van Halen, Jimmy Page, B.B. King, Carlos Santana, Jeff Beck, Stevie Ray Vaughan, Slash, Mark Knopfler, David Gilmour, Joe Satriani, Steve Vai, John Mayer, Brian May, Keith Richards, Tony Iommi, Chuck Berry, Wes Montgomery, and Django Reinhardt.

Many museums feature a vast collection of guitars, ranging from vintage to contemporary models across the globe. They offer a unique insight into the history and evolution of the guitar as a musical instrument and provide visitors with an opportunity to learn about the different styles, techniques, and artists associated with the guitar. Some of the most popular guitar museums are The National Guitar Museum, The Rock and Roll Hall of Fame, Experience Music Project Museum, Museum of Pop Culture, Hard Rock Cafe and Museum, Museum of Making Music, Musikinstrumenten-Museum, MIM (Musical Instrument Museum), Salvador Dal? Museum, EMP Museum, The Metropolitan Museum of Art,The National Museum of American History, The National Music Museum, The Grammy Museum, and The Musical Instrument Museum. Some of these museums also host live performances, workshops, and events related to the guitar and music in general.

Restraints:
The increasing use of smartphone applications, as well as their ease of access, may act as a major impediment to market growth. On smartphones and other computer devices, free musical instrument apps and software are widely available. Users can create and customise their music using the built-in features of the programs/apps. These also raise the possibility that users will spend more time downloading or installing software/applications rather than purchasing actual guitars.

Covid-Impact:
The pandemic has caused disruptions in the global supply chain, making it difficult for guitar manufacturers to obtain the raw materials and components they need to produce guitars. Furthermore, with more people spending time at home due to lockdowns and restrictions, there has been an increased demand for home-based activities, including playing musical instruments like the guitar. Moreover, with physical stores closed, many guitar manufacturers and retailers have turned to online sales to maintain their businesses. This has led to a surge in online sales of guitars and other musical instruments.