by Market Overview:
Electric and acoustic guitar strings are made from various materials like steel, nickel, cobalt, and nylon depending on the type of guitar. Steel strings are commonly used for electric guitars while nylon strings are primarily used for classical and acoustic guitars. Guitar strings are available in different gauges depending on the pitch and thickness required. Light gauge strings are popular for beginning guitar players while medium and heavy gauge strings offer deeper tones suitable for different genres of music. Rise in popularity of learning guitar as a hobby has fuelled the demand for replacement strings in the market.
Market Dynamics:
The Electric And Acoustic Guitar Strings Market is driven by increasing number of musicians and rise of indie music culture. According to a survey, over 2.2 million people in the US started playing guitar in 2020 alone which has boosted replacement string sales. Furthermore, indie and folk music genres have gained widespread popularity in recent years. Aspiring musicians are actively sharing their covers and original songs on streaming platforms which has encouraged more people to learn guitar. Second major driver has been growing live music venues across major cities worldwide. Pubs, cafes and other spaces regularly host local guitar bands and singer-songwriters which attract new audiences and drive interest in guitars and related accessories like strings. However, price volatility of raw materials may hamper the market growth. Fluctuating steel and metal prices impact the manufacturing cost of guitar strings.
The global Electric And Acoustic Guitar Strings Market Demand is estimated to be valued at US$ 528.47 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Segment Analysis
The electric guitar strings segment dominates the market currently, holding around 60% share. Electric guitars are more popular among new learners and recreational players due to their lighter construction and relatively lower cost. Within electric guitar strings, the regular and light gauge strings sub-segments hold the majority share as these cater to most playing styles and genres.
PEST Analysis
Political: There are no significant political risks impacting the guitar strings market.
Economic: The rising disposable incomes and increasing adoption of Western music genres in developing economies are driving the sales of guitars and strings.
Social: Guitars are gaining popularity among millennials as a fun hobby and means of creative self-expression. The growing social acceptance of musical instruments augurs well for the guitar strings market.
Technological: String material and construction technologies are steadily advancing. Composite strings provide enhanced durability and tunability compared to traditional metal strings. Some manufacturers have also launched strings embedded with nanotechnology for improved tone and longevity.
Key Takeaways
The global electric and acoustic guitar strings market is expected to witness high growth, exhibiting a CAGR of 3.5% over the forecast period, due to increasing interest in learning musical instruments and rising amateur music participation. The market size for electric and acoustic guitar strings is estimated to reach US$ 724.83 Bn by 2030.
Regionally, North America dominated the market with over 30% share in 2023 owing to the widespread popularity of guitars and availability of internationally renowned brands. Going forward, Asia Pacific is likely to be the fastest growing market owing to growing interest in western music and expanding user base in China, India, and Southeast Asian countries.
Key players operating in the electric and acoustic guitar strings market are D€TMAddario & 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. The market remains fairly competitive with these top brands vying for dominance through superior product quality and aggressive marketing strategies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
