The global guitar market to grow at a CAGR of 2.11% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global guitar market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of guitars. The report also includes a discussion of the key vendors operating in this market.
One trend in market is increasing growth of e-commerce. The rapid growth of e-commerce in the past 10 years in the electronics industry has helped guitar manufacturers to expand their business. With the increasing global sales and orders of guitars coming through e-commerce retailers, this channel has greatly contributed to the growth of the global guitar market. The e-commerce industry is expected to grow at a CAGR of nearly 20% during the forecast period
According to the report, one driver in market is growing number of concerts and live performances. The growing interest in music among the youth has led to the formation of numerous musical bands that perform various genres of music like blues, pop, rock, metal, and electronica. With the rising number of concerts globally, employment opportunities for bands and performers have also increased. The number of independent musicians globally has increased to six times during the period of 2005-2016. With the growth in the number of musical bands, the demand for technologically advanced guitars has increased. One of the major reasons for the growing popularity of concerts and live performances is that individuals can directly watch their favourite artists performing on stage.
Further, the report states that one challenge in market is rising manufacturing costs. The cost of raw materials such as metal and wood has increased significantly over the past few years. Governments in various countries have restricted the felling and trading of trees. This has led to the increase in guitar manufacturing expenses. Thus, vendors are compelled to sell them at a high price, where price-conscious buyers are priced out. Therefore, vendors use inexpensive substitutes to make guitars with low quality for end-users who prefer less expensive guitars. Consumers tend to adopt low-cost alternatives such as hired guitars and virtual guitar software because guitars are expensive.