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 engaging in music-related leisure activities such as playing guitar. Many parents also encourage their children to learn music as a part of extracurricular activities. In addition, the rise in disposable incomes across the globe is also a factor contributing to an increase in the adoption of musical instruments and student enrolment in musical classes. Also, the rise in the number of music shows and events is inspiring many people to learn and play musical instruments, such as guitars. All these factors are leading to a significant rise in the adoption of guitars, which is driving the growth of the market.
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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. For instance, some vendors are offering guitars in a variety of shapes and sizes made from premium and exotic hardwood options while others allow customers to design their own inlays. Over recent years, the market has witnessed 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. This trend will boost the growth of the global guitar market during the forecast period.
“Rising demand for guitars made of eco-friendly materials and the increasing availability of guitars over online channels 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 American region led the market in 2019, followed by Europe, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region will register the maximum incremental growth. This is due to the rise in the number of commercial end-users such as bars, taverns, nightclubs, and educational institutions in the region.
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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