The global guitar market is estimated to reach US$ 11.09 billion in 2023, recording a 7.6% CAGR. The market is expected to reach US$ 23.29 billion by 2033. Music-related leisure activities are becoming increasingly popular, which is one of the key factors driving its growth.

Rock and metal music genres have caused some people to learn guitar. The popularity of the guitar has steadily grown in recent years. The popularity of live music shows and the number of people attending such shows is growing rapidly. Furthermore, the guitar has become more popular than the piano, due to its accessibility.

A growing interest in music is resulting in a significant increase in demand for the instrument. The rise in popularity of popular music genres such as metal and rock encourage people to learn guitar.

Electric guitars are essential to these genres of music. As a result of changing lifestyles, increased disposable income, and high living standards, consumers are increasingly engaging in leisure activities. The result is an expanding music band around the globe.

Key Takeaways from Market Study

The guitar market is expected to register a CAGR of 7.6% over the forecast period.

According to estimates, the guitar market in North America is expected to remain strong throughout the length of the forecast period.

The electric guitar segment is expected to record a CAGR of 8.3%, while the acoustic segment is expected to thrive at a CAGR of 7.6%.

The United States, a leading guitar market, is expected to expand at a CAGR of 8.9%, while most sales come from China and it's estimated to be US$ 9,253.00 million in 2023.

Complete Market Review: https://www.futuremarketinsights.com/reports/guitar-market

Competitive Landscape:

Manufacturers are closely monitoring rapidly changing consumer preferences to capitalize on market demand. Existing players are adding guitars to their inventory and acquiring updated ones.

As businesses continue to focus on raising discovery through a broad range of cultural and novelty influences, they are refining what they offer to appeal to a global audience. Top players in the global guitar market compete on price, quality, and innovation.

Key players operating the global guitar market

Fender Musical Instruments Corporation

Gibson Brands, Inc,

Karl Höfner GmbH Co. KG

Yamaha Corporation