Global Guitar Strings Market - WishTree Insight

Global Guitar String Market by Types (Electric Guitars and Acoustic Guitars), Distribution Channels (Offline Retail and Online Retail), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The Guitar String market size was valued at USD 485.3 million in 2021 and is expected to surpass USD 701.1 million by 2031, expanding at a CAGR of 3.1 % during the forecast period, 2021–2031. The market's growth is attributed to the increasing sales of guitars across the world.

INTRODUCTION

Guitars are stringed instruments and are equipped with six strings having different thicknesses. Guitar strings are lengths of flexible material which is held by musical instrument under tension controllably. The guitar string is the vibrating element. People around the globe are continuously engaging in leisure activities including music. And the guitar is the most popular instrument, especially for teenagers.

Market Trends, Drivers, Restraints, and Opportunities

• The increasing disposable income of individuals across the world is influencing the adoption of guitars, and enrolment of students in musical instruments is expected to propel the market.
• Growing number of events and musical shows are inspiring people to play and learn musical instruments is anticipated to boost the market.
• Rising demand for customized guitars is driving the global guitar string market.
• Demand for guitars made from wood and other raw materials is continuously increasing fuelling the market.
• Rising disposable income of consumers is fuelling the demand for the global guitar string market.
• Stringent government regulation on rosewood procurement is expected to hamper the market growth.
• Increasing adoption of free music instrument apps is anticipated to restrain the market.

Scope of the Report

Market Segment Insights

The acoustic guitars segment is projected to register a considerable CAGR

Based on types, the guitar string market is divided into electric guitars and acoustic guitars. The acoustic guitar segment is expected to expand at a rapid pace during the forecast period owing due to the high affordability and availability of acoustic guitars.

The online retail segment is expected to expand at a rapid pace

Based on distribution channels, the guitar string market is divided into offline retail and online retail. The online retail segment is expected to expand at a rapid pace during the forecast period owing to the ease of availability and convenience in shopping.

The North American region is anticipated to constitute a key market share

In terms of regions, the guitar string market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the North American region is expected to constitute a key share of the market during the projected period owing to the high disposable income of individuals, an increasing number of concerts, and the high standard of living of individuals in the region.

Competitive Landscape

Key players competing in the Guitar String market are C.F. Martin & Company Inc. (U.S.); Gibson Brand (U.S.); Yamaha Corporation (U.S.); Karl Hofner Gmbh & Co. (Germany); Taylor Listug (U.S.).

FAQs

How much is the market worth?

The Guitar String market size was valued at USD 485.3 million in 2021 and is expected to surpass USD 701.1 million by 2031.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 3.1%.

What are the key drivers of the market?

The market's growth is attributed to the increasing sales of guitars across the world.

What segments are covered in the Guitar String report?

The segments covered in the report are types (electric guitars and acoustic guitars), and distribution channels (offline retail and online retail).

Mention which region is expected to hold the highest share of the Guitar String market.

The North American region is expected to hold the highest share of the Guitar String market.

Which segment holds the largest market share in the Guitar String by 2031?

The acoustic guitar segment holds the largest market share in the Guitar String by 2031.

Mention the key players in the market.

C.F. Martin & Company Inc. (U.S.); Gibson Brand (U.S.); Yamaha Corporation (U.S.); Karl Hofner Gmbh & Co. (Germany); Taylor Listug (U.S.)