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Electric & Acoustic Guitar Strings Market Is Estimated To Witness High Growth Owing To Rising Demand for Musical Instruments and Growing Music Industry

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Cmitejashree
Electric & Acoustic Guitar Strings Market Is Estimated To Witness High Growth Owing To Rising Demand for Musical Instruments and Growing Music Industry

The global Electric & Acoustic Guitar Strings Market is estimated to be valued at US$ 510.6 Mn in 2022 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Electric & Acoustic Guitar Strings Market offers a wide range of strings specifically designed for electric and acoustic guitars. These strings are essential for producing desired sounds and tones. Electric guitar strings are usually made of nickel-plated steel, stainless steel, or pure nickel, while acoustic guitar strings are generally made of bronze or phosphor bronze. The demand for these guitar strings is predominantly driven by the growing music industry and increasing popularity of guitar-based music genres. Additionally, the rising number of guitar enthusiasts, music schools, and professional musicians further propel the market growth.

Market Dynamics:

The Electric & Acoustic Guitar Strings Market is driven by two primary factors:

1. Increasing Demand for Musical Instruments:

The growing popularity of music as a form of entertainment and self-expression has led to a surge in the demand for musical instruments, including guitars. The rising number of music enthusiasts, especially among the younger population, has significantly contributed to the sales of electric and acoustic guitars. This, in turn, drives the demand for guitar strings as they need to be replaced frequently due to wear and tear.

For example, according to the National Association of Music Merchants (NAMM), the global sales of guitars, including electric and acoustic, reached 3.09 million units in 2021, showcasing a significant growth of 33.8% from the previous year. This indicates a substantial Electric & Acoustic Guitar Strings Market Growth potential for guitar strings.

2. Growing Music Industry:

The global music industry has witnessed significant growth in recent years, driven by technological advancements and platforms such as streaming services. This has led to an increased demand for musical instruments, including guitars, across various genres of music. Guitars are widely used in popular music genres such as rock, pop, country, and blues, among others.

For instance, according to the International Federation of the Phonographic Industry (IFPI), the global recorded music market grew by 7.4% in 2020, reaching a value of USD 21.6 billion. This growth is attributed to the increasing consumption of music through streaming platforms, further driving the demand for guitars and guitar strings.

SWOT Analysis:

Strengths:

1. High demand for musical instruments

2. Growing music industry

Weaknesses:

1. Short lifespan of guitar strings

2. Intense competition among key players

Opportunities:

1. Increasing popularity of online music lessons and tutorials

2. Rising demand for customized guitar strings

Threats:

1. Counterfeit guitar strings affecting market growth

2. Availability of substitute instruments

Key Takeaways:

- The global Electric & Acoustic Guitar Strings Market is expected to witness high growth, exhibiting a CAGR of 3.5% over the forecast period.

- North America is anticipated to dominate the market, owing to its strong music industry and the presence of key players.

- Key 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.

- These key players focus on product innovation, collaborations, and strategic partnerships to maintain their market position and offer a wide range of guitar strings catering to different customer preferences.

In conclusion, the Electric & Acoustic Guitar Strings Market is poised for significant growth due to the increasing demand for musical instruments and the expanding music industry. The market offers opportunities for key players to introduce innovative products and capture a larger market share. With the rising popularity of guitars and guitar-based music genres, the demand for guitar strings is expected to continue its upward trajectory in the coming years.


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