The global electric & acoustic guitar strings market was valued at US$ 483.4 million in 2020, according to Electric & Acoustic Guitar Strings Market Report, by Product Type (Light, Custom Light, and Extra Light), by Application (Acoustic Guitar and Electric Guitar), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
The global electric & acoustic guitar strings market is expected to surpass US$ 645.7 million by 2028, exhibiting a CAGR of 3.7% during the forecast period (2021-2028). The rising inclination towards experiencing live music is driving demand for guitars. For instance, according to the U.K. Music (British umbrella organization which represents the collective interests of the production side of the U.K.'s commercial music industry) report 'The Contribution of Live Music to the U.K. Economy, 2017', 30.9 million people attended live music events in the U.K. in 2016, showing a growth of 12% from 2015. 27 million people attended music concerts in 2016, showing a growth of 13% from 2015.
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Key Trends and Analysis of the Global Electric & Acoustic Guitar Strings Market:
- Among regions, North America accounted for a significant market share in 2020. The rising musical trends in the region are driving the growth of the target market. Moreover, companies are adopting strategies such as product launches and partnerships to meet the increasing demand for guitar strings in the region. For instance, in May 2020, Erine Balla music company that manufactures guitar strings, bass strings, and guitar accessories, launched a new line of electric guitar strings, which is expected to drive growth of the electric & acoustic guitar strings market in North America.
Key Takeaways of the Market:
- Among application, acoustic guitar segment accounted for 53.1% of the revenue share in 2020. Acoustic guitars produce sound via vibrating strings above hollow chamber and does not require any electrical amplification. The rising interest of consumers in music related activities supports growth of this segment. For instance, in March 2018, according to a data published by College Music Symposium Organization, the premier journal of The College Music Society, school or college students are often mesmerized by the attraction of rock stars, hip-hop artists, and the glamor of the entertainment industry as portrayed by the media.
Figure 1. Global Electric & Acoustic Guitar Strings Market Revenue Share (%), By Application, 2020
- Major players operating in the global electric & acoustic guitar strings market include D’Addario & Co., Fender Musical Instruments Corporation, Gibson Brands, Ernie Ball Inc., GHS Strings, C. F. Martin & Company Inc., Dunlop Manufacturing, Inc., Dean Markley USA, Inc., Kistron Co., Ltd., Rotosound Manufacturing Ltd., and DR Handmade Strings.
- Key players operating in the global electric & acoustic guitar strings market are focusing on various strategies such as product portfolio expansion. For instance, in May 2019, GHS Strings, an electric guitar string company, launched its latest line of acoustic guitar strings named, thin core phosphor bronze. The product combines low tension, superior playability with balanced tone for acoustic guitars.
Global Electric & Acoustic Guitar Strings Market - Impact of Coronavirus (Covid-19) Pandemic
- For instance, according to Fender Musical Instruments Corporation, the manufacturer of guitars, basses, amplifiers and related equipment, people had more spare time during the lockdown. Moreover, Fender Play guitar instruction app, saw a dramatic increase in its user base, from 150,000 to 930,000 between March 2020 and June 2020. 20% of these new users were under 24, and 70% were under 45. 45% of the new users were female. Furthermore, according to Guitar Center (a U.S. based music instruments retailer chain), its online sales had doubled since lockdown and acoustic guitar had a major share in those sales. The company also conducted online classes for beginners and taught nearly 50,000 lessons to students during the pandemic.