The electric and acoustic guitar strings market has been growing at a steady pace due to the rising popularity of musical instruments across the globe. Guitar strings are thin strings that run over the neck of acoustic, electric, and classical guitars. They come in different materials like steel, nickel, titanium, cobalt, and nylon. Steel and nickel strings are commonly used for electric and acoustic guitars as they provide a bright tone and are more durable. On the other hand, nylon strings are preferred for classical guitars as their warm tone complements many classical pieces.
The Global Electric And Acoustic Guitar Strings Market Demand is estimated to be valued at US$ 608.8 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the electric and acoustic guitar strings market are Bio-Rad Laboratories, Inc., Enzo Life Sciences, Inc., Thermo Fisher Scientific, Inc., Biomerieux S.A., Alpco, BioLegand, Inc., R&D Systems, Creative Diagnostics, Zeus Scientific, Inc., and Shenzhen YHLO Biotech Co., Ltd. The rising number of people learning to play the guitar and the increasing interest among millennials to learn musical instruments is fueling the demand for guitar strings in the market. Technological developments such as the production of new alloys for guitar strings offering superior tone and durability have expanded product options for consumers.
Market Trends
Customization and premiumization trend - rising preference for customized guitar strings catering to specific tone requirements and premium strings made from high-quality materials will drive the market. Sustainable and innovative materials - the demand for eco-friendly and new composite materials for guitar strings production to reduce environmental footprint will increase over the coming years.
Market Opportunities
E-commerce sales - the expanding e-commerce industry offers opportunities for organized string sales and customized collections online. Emerging markets - countries with growing music industries and disposable incomes in Asia Pacific and Latin America will present lucrative growth opportunities.
Impact of COVID-19 on Electric and Acoustic Guitar Strings Market Growth
The outbreak of COVID-19 pandemic impacted the electric and acoustic guitar strings market negatively in the initial months of 2020. Supply chain disruptions and factory shutdowns impacted the production of guitar strings globally. Additionally, cancellation of music concerts and live performances due to social distancing norms lowered the demand for guitars. However, with people spending more time at home during lockdowns, interest in learning musical instruments like guitar increased. This resulted in increased sales of guitars and replacement of strings. Leading guitar strings manufacturers shifted their focus to online sales channels to cater to the growing demand. With lifting of lockdowns and resumption of economic activities, the market is recovering steadily since late 2020. However, fluctuations in raw material prices and supply chain issues remain challenges. Moving forward, guitar strings companies need to diversify supply sources, hold adequate inventory and strengthen e-commerce capabilities to cater to post pandemic demand trends.
Asia Pacific is currently the largest and the fastest growing regional market for electric and acoustic guitar strings. Countries like China, Japan and India have significant market for guitars driven by growing popularity of Western music genres. The region is home to several guitar strings manufacturers who cater to the domestic as well as international demand. North America is another major market concentrated in the US, driven by wide consumer base and presence of leading brands. On the other hand, markets in Latin America and Middle East & Africa are expected to witness higher growth during the forecast period supported by increasing disposable incomes, rising popularity of music learning and emerging online retail channels.
The electric and acoustic guitar strings market in Europe accounted for a major share in terms of value in 2020 led by countries like Germany, France, UK and Italy. However, Asia Pacific region is projected to surpass Europe to become the largest regional market by 2024 driven by double digit growth rates in China and India. Furthermore, the electric and acoustic guitar strings market is anticipated to experience the highest compound annual growth rate in the Latin America region during the forecast period. Countries such as Brazil, Colombia and Argentina will be the focus of leading guitar strings manufacturers to leverage growth opportunities through partnerships with local music schools and stores.
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