LONDON--(BUSINESS WIRE)--The global guitar market is expected to post a CAGR of nearly 3% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
People across the world are increasingly adopting music-related leisure activities, such as playing guitar to get a break from their hectic and monotonous lifestyles. Parents are also encouraging their children to learn music as a part of extracurricular activities. The rising disposable incomes across the globe have further increased the adoption of musical instruments and student enrolment in musical classes. Moreover, the rise in the number of music shows is inspiring many people to learn and play musical instruments, such as guitars. These factors have led to the rise in the demand for guitars, which is fueling the market growth.
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As per Technavio, the increasing demand for customized guitars will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Guitar Market: Increasing Demand for Customized Guitars
Vendors in the market are offering high quality and visually appealing customized guitars to attract customers. Several vendors are allowing customers to choose guitars from a variety of shapes and sizes; select from premium and exotic hardwood options; design their own inlays. Certain vendors are enabling customers to add a name as well. Over the recent years, the market is witnessing a strong demand for customized guitars from developed regions such as the Americas and Europe. Emerging economies such as China and India are also witnessing a surge in the demand for customized guitars.
“Apart from the increasing demand for customized guitars, growing online retailing and the rising demand for guitars made of eco-friendly materials are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Guitar Market: Segmentation Analysis
This market report segments the global guitar market by product (acoustic and electric) and geography (APAC, Europe, MEA, North America, and South America).
The North America region led the market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North America region is expected to maintain its dominance over the global market. This is due to the rise in the number of music events in the US and Canada.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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