LONDON--(BUSINESS WIRE)--The global guitar market size is poised to grow by USD 468.78 million during 2020-2024, progressing at a CAGR of almost 3% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The growing popularity of music-related leisure activities will be a significant factor in driving the growth of the guitar market size. With the rising disposable income, there is an increase in the adoption of different musical instruments and enrollment in music classes. Parents are also encouraging their children to choose music as a career or an extracurricular activity for their overall development. Moreover, the increasing number of live music shows are inspiring people to learn musical instruments. This growing popularity of music-related leisure activities will fuel the guitar market growth during the forecast period.
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- The major guitar market growth came from acoustic guitars segment. The demand for acoustic guitars is especially high in developing countries, such as India and Brazil, because of their high availability and affordability. As a result, the acoustic guitar market size will steadily increase over the forecast period. However, market growth in this segment will be slower than the growth of the market in the electric guitar segment.
- Factors such as the introduction of global and premium guitar brands, the increasing awareness of the availability of different types of guitars, and the rising number of commercial end-users are contributing to the growth of the guitar market size in APAC.
- The global guitar market is fragmented. C. F. Martin & Co. Inc., Fender Musical Instruments Corp., Gibson Brands, Inc., HOSHINO GAKKI Co. Ltd., Karl Höfner GmbH & Co. KG, Paul Reed Smith Guitars, Rickenbacker International Corp., Schecter Guitar Research Inc., Taylor-Listug Inc., and Yamaha Corp. are some of the major market participants. To help clients improve their market position, this guitar market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global guitar market 2020-2024 is expected to have Negative and Inferior. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/guitar-market-size-industry-analysis
Increasing Demand for Customized Guitars will be a Key Market Trend
The increasing demand for customized guitars will be one of the critical guitar market trends that will contribute to the market growth in the coming years. The demand for customized guitars made from wood and various other raw materials, such as aircraft-grade aluminum and carbon fiber, is increasing. Market vendors are also offering product customization in terms of shape, size, inlay design, and shape, style, and design of the guitar neck. End-users can also customize the color of the guitar, change the strap and buckles, and choose from premium exotic and traditional hardwood options. As customized products are more costly than standard products, the trend of customization will increase the upmarket sales of guitars.
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Guitar Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist guitar market growth during the next five years
- Estimation of the guitar market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the guitar market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of guitar market vendors
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Value chain analysis
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2019
- Market outlook
- Market size and forecast 2019-2024
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY PRODUCT
- Market segmentation by product
- Comparison by product
- Acoustic - Market size and forecast 2019-2024
- Electric - Market size and forecast 2019-2024
- Market opportunity by product
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 11: MARKET TRENDS
- Growing online retailing
- Increasing demand for customized guitars
- Rising demand for guitars made of eco-friendly raw materials
PART 12: VENDOR LANDSCAPE
- Landscape disruption
- Competitive scenario
PART 13: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- C. F. Martin & Co. Inc.
- Fender Musical Instruments Corp.
- Gibson Brands, Inc.
- HOSHINO GAKKI Co. Ltd.
- Karl Höfner GmbH & Co. KG
- Paul Reed Smith Guitars
- Rickenbacker International Corp.
- Schecter Guitar Research Inc.
- Taylor-Listug Inc.
- Yamaha Corp.
PART 14: APPENDIX
- Research methodology
- List of abbreviations
- Definition of market positioning of vendors
PART 15: EXPLORE TECHNAVIO
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