The Electric And Acoustic Guitar Strings Market Is Estimated To Witness High Growth Owing To Trends Towards Learning Musical Instruments

Market Overview:

The electric and acoustic guitar strings market comprises guitar strings used for electric and acoustic guitars. Guitar strings are made of materials such as steel, nickel, bronze, and others and are available in different gauges depending on the type of guitar. With rapid growth in music education and interest towards learning musical instruments, the demand for electric and acoustic guitars and corresponding guitar strings is increasing significantly.

Market key trends:

One of the major trends driving growth of the electric and acoustic guitar strings market is the increasing popularity of learning musical instruments. With increasing awareness about importance of learning music, number of people opting to learn guitar and other musical instruments has grown considerably over the years. Music education is now included in school and college curriculum in many countries which is further propelling the adoption of musical instruments like guitars. According to estimates, there are over 40 million guitar players across the world currently. rising interest of people towards learning guitar is expected to continuously drive the demand for replacement guitar strings during the forecast period.

Porter’s Analysis

Threat of new entrants: The electric and acoustic guitar strings market is a saturated market with high production costs and established brands. Hence the threat of new entrants is low.
Bargaining power of buyers: Individual consumers have medium to low bargaining power as there are many established brands providing guitar strings at affordable prices. However, large musical instrument retailers have high bargaining power.
Bargaining power of suppliers: Raw material suppliers such as steel, bronze, nickel have low bargaining power as guitar string manufacturers can source raw materials from various global suppliers.
Threat of new substitutes: There are no close substitutes for guitar strings as guitars can only be played with strings. However, alternative instruments like keyboards pose a competitive threat.
Competitive rivalry: The market is consolidated with top players occupying major market share and strong brand loyalty.

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.

SWOT Analysis

Strength: Established brands such as Fender, Gibson and Ernie Ball have a strong global brand presence and dominance in their target segments. The market is dominated by innovative and premium product offerings.
Weakness: Fluctuations in raw material prices can impact manufacturers’ profitability. Rising labor and transportation costs also put pressure on margins.
Opportunity: Rising genre such as country, blues and rock music drives growth opportunities. The growing number of live music events and songs using guitars increases replacement demand.
Threats: Economic slowdowns can reduce discretionary spending on music instruments and accessories. Popularity of alternative instruments poses competitive threats.

Key Takeaways

The global electric and acoustic guitar strings market is expected to witness high growth, exhibiting CAGR of 3.5% over the forecast period, due to increasing interest in rock and country music genres among young audiences.

Regional analysis – North America dominates the market with the largest share owing to high musical instrument penetration and presence of major guitar string manufacturers in the US. Asia Pacific is expected to witness the fastest growth during the forecast period due to bourgeoning middle class, increasing disposable incomes and growing popularity of guitar among young generation 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. Major players are focused on expanding their product portfolios with new material based strings to capitalize on growing genre preferences.

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