The global guitar products market was valued at USD 8.46 billion in 2022 and is projected to expand at a CAGR of 3.2% from 2023 to 2030. The market is driven by the increasing popularity of musical instruments, especially electric guitars, coupled with the availability of various models and brands of guitar products. The growth in the e-commerce sector has also been a key factor in the growth of the market, as it has enabled customers to access guitars and related products from anywhere, at any time.

Furthermore, the rising trend of music streaming has also been a key driver of the guitar products market. Streaming services such as Amazon Prime Music, Apple Music, and Spotify offer a wide range of high-quality music, which is driving the demand for new musical instruments. Additionally, the growth of the gig economy, the emergence of online music classes, and the increased focus on music education are also driving the demand for guitar products.

Furthermore, the increasing preference for electric guitars has been a major factor in driving the growth of the guitar products market. Electric guitars offer increased power and sound quality, and the ability to use effects such as distortion and chorus. Furthermore, the introduction of innovative musical instruments and the availability of various models and brands of guitar products are driving the demand for the guitar products market.

In addition, the rising popularity of rock and metal music has been a key factor in driving the demand for electric guitars. Rock and metal music is characterized by powerful lyrics and loud music, which is driving the demand for electric guitars. Moreover, the introduction of new models of electric guitars with advanced features and improved sound quality is also driving the demand for the guitar products market.

Furthermore, the increasing popularity of live music performances is also driving the demand for guitar products. Live music performances are being organized in various locations, such as pubs, clubs, and arenas, to entertain large audiences. The rising popularity of live music performances is driving the demand for guitar products, as they are essential for such performances. Moreover, the rise in the number of music festivals and music competitions is also driving the demand for guitar products.

The acoustic guitar segment accounted for the largest market share in 2020. The growing popularity of music, coupled with the increasing trend of learning musical instruments, is driving the growth of the segment. Furthermore, technological advancements in the acoustic guitars, such as the introduction of Bluetooth-enabled guitars, has further increased their demand among the music enthusiasts. Additionally, the increasing number of live concerts and music festivals are also contributing to the growth of the segment.

The electric guitars segment is anticipated to register a highest CAGR of 6.4% over the forecast period. The increasing popularity of metal, jazz, pop, classic, and rock music is driving the growth of the electric guitar segment. Moreover, the increasing number of metal and rock concerts and music festivals are also playing a major role in driving the demand for electric guitars. Additionally, the emergence of several online music learning platforms and increasing number of online musical stores are further propelling the demand for electric guitars.

The musical instrument stores segment captured the major share of over 42.3% in 2022. Consumers are increasingly turning to musical instrument stores to purchase guitars as they can avail the advantage of trying out different guitars and check the tone before making a purchase. Furthermore, the availability of knowledgeable staff in these stores assists customers in making a better purchasing decision.

The online segment is anticipated to expand at the highest CAGR of 12.9% over the forecast period. Increasing internet penetration and rising awareness about the availability of different types of guitars on various e-commerce portals are driving the growth of the segment. Additionally, e-commerce websites offer discounts, coupons, and lucrative offers on the purchase of guitars, which is expected to fuel the growth of the segment. Furthermore, online stores have a wide range of guitars, from different price ranges, which helps customers to choose the best product according to their budget.

The electric guitar segment accounted for the largest revenue share of 70.4% in the year 2022. The growing popularity of rock bands and the growing trend of live performances are driving the demand for electric guitars worldwide. Furthermore, the increasing usage of electric guitars in modern music has also been a major factor driving the segment. The rising trend of online music tutorials and the availability of online e-commerce platforms have increased the availability of electric guitars in the market, leading to an increase in its demand.

The acoustic guitar segment is expected to expand at the highest CAGR of 10.3% over the forecast period. The increasing popularity of folk and country music, as well as the trend of using acoustic guitars in concerts, are driving the demand for acoustic guitars. Furthermore, the increasing trend of using acoustic guitars in unplugged versions of songs, as well as the availability of sophisticated acoustic guitars, has resulted in an increase in demand for these instruments. In addition, the increasing trend of producing acoustic guitars from various materials such as plastic and metal is also expected to fuel the segment growth in the forecast period.

Europe held the largest share of the global guitar products market, accounting for more than 36.0% of the total revenue in 2022. This can be attributed to the popularity of music genres such as rock and jazz in the region, which has been present since the early 1900s. Furthermore, the presence of some of the most renowned guitar manufacturers, such as Gibson Guitar Corporation and Fender Musical Instruments Corporation, based in the region has further contributed to the market growth in Europe.

The Asia Pacific region is expected to witness the fastest growth in the coming years. The region has seen an increase in the number of music schools and academies, as well as a rise in the number of professional and amateur musicians. Moreover, the increasing disposable income of the population in the region has also led to an increase in demand for guitar products. For instance, in April 2021, Yamaha launched a new line of guitars in India.

In this part of the guitar products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your guitar products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a guitar products business comes from the sale of guitars, guitar accessories, and other related products. Here you will find a list of all the products you can sell and their associated prices. Other possible sources of profit include online sales, wholesaling, and providing repair services.

Projecting Expenses
In this section, all the regular expenses related to keeping the guitar products business running will be described. The list of operating expenses includes inventory costs, rent, wages, utilities, insurance policies, advertising, and others.

Some of the key companies operating in the guitar market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In August 2022, Fender Musical Instruments Corporation launched the American Ultra Series, a range of ultra-modern electric guitars for the discerning musician.

– In June 2022, Gibson Brands Inc. launched the new Les Paul Standard electric guitar, designed to provide a unique sound and feel.

– In September 2022, Yamaha Corporation launched the Pacifica Series of electric guitars, designed to provide a versatile and affordable option for musicians.

Some of the prominent players in the guitar market include:

– Fender Musical Instruments Corporation
– Gibson Brands Inc.
– Yamaha Corporation
– Taylor Guitars
– Martin Guitar Company
– Ibanez
– PRS Guitars
– Gretsch Guitars
– Cordoba Guitars
– Epiphone

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global guitar products market based on product type, distribution channel, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Electric Guitars
– Acoustic Guitars
– Classical Guitars
– Bass Guitars
– Accessories

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What Are the Key Drivers of the Guitar Products Market?
[A]: The key drivers of the guitar products market include the increasing demand for music instruments, especially among millennials and Gen Zers, the rising popularity of online music lessons, and the rising popularity of streaming services. Furthermore, the increasing number of music festivals and the growing popularity of modern musical styles are also contributing to the growth of the guitar products market.

[Q]: What Are the Major Companies Operating in the Guitar Products Market?
[A]: Some of the major companies operating in the guitar products market include Gibson Brands, Inc., Fender Musical Instruments Corporation, Yamaha Corporation, Taylor Guitars, and Ernie Ball, Inc.

[Q]: What Are Some of the Major Innovations in the Guitar Products Market?
[A]: Some of the major innovations in the guitar products market include the introduction of electric and acoustic guitars equipped with digital technology, such as USB and Bluetooth capabilities, as well as the introduction of advanced learning tools, such as interactive apps and online tutorials.

[Q]: What Are the Key Regions Contributing to the Growth of the Guitar Products Market?
[A]: The key regions contributing to the growth of the guitar products market include Europe, the United States, and Asia Pacific.

[Q]: What Are the Key Challenges Facing the Guitar Products Market?
[A]: Some of the key challenges facing the guitar products market include the high cost of guitars and the lack of availability of skilled professionals in the field. Additionally, the increasing competition from digital instruments and the decline of the physical music store sector are also contributing to the challenges of the guitar products market.