The guitar market is estimated to grow by USD 1.9 billion from 2022 to 2027, growing at a CAGR of 7.75%.
By Geography, the market is classified as North America, Europe, APAC, South America, and Middle East and Africa. North America will have the largest share of the market.
North America accounts for 43% of the growth of the global market during the forecast period. The US is one of the main countries that is significantly contributing to the growth of the global guitar market in North America due to several factors such as the launch of innovative products, the increasing use of online platforms to shop for guitars, and the rising demand for designer guitars. In addition, the increasing demand for eco-friendly guitars is expected to positively impact the market growth in the region. Furthermore, the main aspect of the eco-friendly guitar is that is made from wood types that are not specified under the Convention on International Trade in Endangered Species (CITES) such as ebony, koa, poplar, basswood, khaya, and ovangkol. In addition, other factors that are fuelling the market growth in the region include the growing number of rapidly emerging musicians, the increasing number of educational institutions offering music as a subject, and the rising adoption of music as a hobby among the population in North America. Hence, such factors drive the market growth in the region.
The market share growth of the acoustic segment is significant during the forecast period. The increasing adoption of acoustic guitars in developing countries is signficantly contributing to the growth of this segment. The main feature of the segment is that it is designed in such a way that it does not need any electric amplification for modulation or the projection of sound. There is a growing adoption of this segment across various developing countries including India and Brazil due to factors such as high affordability and availability, along with their low cost and low initial investment requirement when compared to electric guitars. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
