Guitar Market Overview 2024: Size, Growth Drivers, and Major Segments
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What is the expected growth rate of the Guitar market for the period 2024 to 2033?
The guitar market is projected to expand from $8.54 billion in 2023 to $9.25 billion in 2024, at a CAGR of 8.3%. This growth is linked to the evolution of musical genres, cultural icons, innovation in design, music education trends, and demographic changes.
The guitar market is projected to grow to $12.86 billion by 2028 at a CAGR of 8.5%. Growth is driven by interest in music education, social media influence, home recording popularity, live music revival, and niche market expansion. Key trends include digital connectivity rise, smart guitar technology, vintage revival, artisanal guitars, and customization.
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What Factors Are Responsible for the Growth of the Guitar Market Overview 2024: Size, Growth Drivers, and Major Segments Market?
The increasing popularity of live musical performances and concerts is fueling the growth of the guitar market. Live performances provide social engagement and enhance mood while showcasing guitar brands to enthusiastic audiences. Comscore reported that Ticketmaster experienced a surge in interest, with 51.6 million unique visitors in October 2022, surpassing previous years’ traffic. Thus, the rise in live performances and concerts is driving the demand for guitars.
Which Segments Are Important for Insight into the Guitar Market?
The guitar market covered in this report is segmented –
1) By Type: Acoustic Guitars, Electric Guitars, Solar Guitars
2) By Number Of Strings: Six Strings, Eight Strings, Twelve Strings, Other Number Of Strings
3) By Distribution: Offline, Online
What Are the Significant Trends Reshaping the Guitar Sector?
Companies in the guitar market are focusing on ergonomic and lightweight designs to enhance playability. In October 2023, Fender Musical Instruments Corporation launched The Highway Series, featuring an ergonomic design and advanced pickup systems to improve the acoustic guitar experience.
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Which Regions Are Essential for the Growth of the Guitar Market?
Asia-Pacific was the largest region in the guitar market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the guitar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Guitar Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the guitar market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Guitar Market Include
1. Guitar Market Executive Summary
2. Guitar Market Segments
3. Guitar Market Size And Template Market Growth Rate
4. Key Guitar Market Trends
5. Major Guitar Market Drivers
……
25. Key Mergers And Acquisitions In The Guitar Market
26. Top Guitar Companies
27. Guitar Market Opportunities And Strategies
28. Guitar Market, Conclusions And Recommendations
29. Appendix
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