Acoustic Guitar Market Size, Share, Growth, and Industry Growth by Type (Nylon or Gut Stringed Guitars, Steel Stringed Guitars and Others) By Application (Perform, Teaching, and Other) Regional Forecast to 2028

REPORT OVERVIEW

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The global acoustic guitar market size was USD 297.55 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with acoustic guitar experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 411.45 million by 2027, exhibiting a CAGR of 5.55% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

An acoustic guitar is a guitar that makes music naturally without the use of electronic amplification by transferring the vibration of the strings to the air (see electric guitar). The market for guitars is expanding mostly due to the rising popularity of music-related leisure activities, yet challenges including the lengthy replacement cycle could limit the acoustic guitar market growth.

COVID-19 Impact: Industry Imbalance Causes Market Distortion

For advance materials, the COVID-19 outbreak resulted in issues like unstable markets, a decline in client confidence, and challenges with import and export business. The global supply chain includes the sourcing of raw materials, packaging, and distribution. Moving commodities, chemicals, and other items has become challenging due to lockdowns. It had a financial impact on the markets for material in addition to having an immediate impact on markets, supply chains, supply and demand, and all of these other things.

LATEST TRENDS

"Growing Popularity of Music to Boost Market Growth"

The rising popularity of music-related leisure activities is one of the major reasons propelling expansion in the guitar industry. People all throughout the world are choosing a variety of leisure pursuits, including sports, music, and travel. These pursuits provide a diversion from their busy and routine lives. Learning to play an instrument is one of the leisure hobbies that is growing popularity all around the world. People's increasing disposable money encourages the purchase of various musical instruments and their enrolment in music lessons.

SEGMENTATION

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• By Types 

Based on type, the market is classified into Nylon or Gut Stringed Guitars, Steel Stringed Guitars and Others.

• By Application

Based on the market is categorized into Perform, Teaching, and Others.

DRIVING FACTORS

"Increasing Number of Live Concerts to Give Market Extra Boost"

The rise in live performances and concerts, as well as the rising interest in music among young people, are significant drivers anticipated to fuel the expansion of the guitar market throughout the forecast period. Further predicted development drivers for the guitar market include the rise in demand for instruments manufactured of environmentally friendly raw materials. Additionally, it is predicted that rising standards of living, changing lifestyles, and growing disposable income would all temper the rise of the guitar market. The expansion of the guitar market, on the other hand, is anticipated to be hampered in the timeline period by the strict standards and restrictions for the acquisition of rosewood.

"Technological Development to Encourage Market Expansion"

It is anticipated that the market for acoustic guitar strings will rise as a result of the development of new technology. The demand for electric and acoustic guitar strings is anticipated to rise in the near future due to the development of new technologies and new guitar strings. Over the projected period, rising guitar sales are anticipated to fuel demand for electric and acoustic guitar strings. Globally, there are more and more music festivals and live performances, which is boosting guitar sales. Young people's participation in these events promotes the planning of live concerts and music festivals.

RESTRAINING FACTORS

"Extended Replacement Cycle to Impede Market Expansion"

During the projection period, the extended replacement cycle will pose a significant challenge to the guitar market. Due to their dependability and quality, consumers favor branded guitars. Vendors build guitars to survive harsh operating conditions because the longevity of a guitar depends on a number of variables, including the atmosphere, the type of music played, and playing techniques.

REGIONAL INSIGHTS

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"Presence of Prominent Players to Flourish Market in North America"

North America is anticipated to have the largest acoustic guitar market share in the coming years. Due to the substantial number of scheduled music performances and festivals as well as the presence of major market players in the area, the market is anticipated to account for the greatest revenue share in the worldwide acoustic guitar market.

Asia Pacific market is anticipated to generate significantly more revenue throughout the forecast period due to increased personal disposable income, a growth in the region's music festivals and performances, and a rise in the popularity of the guitar in nations like China and India.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• Paul Reed Smith Guitar (U.S.)
• B.C. RICH (U.S.)
• Taylor (U.S.)
• S.Yairi (Japan)
• EDP (Portugal)
• Lakewood (U.S.)
• CORT (U.S.)
• Gibson (U.S.)
• Ibanez (Japan)
• LARRIVEE (U.S.)
• Santa Cruz (U.S.)
• Fender (U.S.)
• Martin (U.S.)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost market share.