Posted 12/11/2023, 2:15:00 AM
Guitar Market Poised for Steady Growth Driven by Rising Music Hobbyists, Despite Long Replacement Cycles
- Guitar market estimated to grow by $1.29 billion from 2021-2026 at a CAGR of 5.63%
- North America estimated to account for 42% of global market growth, driven by growing use of online platforms, innovative products, and demand for designer guitars
- Market is fragmented with major vendors relying on technological advances and pricing strategies to compete
- Major growth driver is rising popularity of music-related leisure activities like learning instruments and attending live shows
- Long replacement cycle of guitars poses a major challenge, as their durable construction leads to less frequent repurchases