The Global Guitar Market has experienced a surge of new entrants in the industry with the diverse product categories including electric and acoustic guitars. The growing interest in music and instrumentals among the youth population has encouraged many people to enter the market. However, the competition in the industry is intense owing to the increased number of vendors.
The foremost driving factor for the growth in this market is the rising number of concerts, live events and performances that has captured a huge chunk of people’s attention. This situation has led to the formation of numerous musical bands that perform various types of music like blues, pop, rock, metal, and electronica.
Technavio’s market analysts predict that the Global Guitar Market will grow at a CAGR of 2 plus percent during the forecast period.
The Broken Chords: Challenges Involved in Global Guitars Market
The cost of manufacturing a guitar is extremely high owing to the increased prices of raw-materials including metal and wood over the past few years that compels the vendors to sell the product at a high price. In contrast to that, buyers tend to look for the lower cost products. Thus, it creates a tremendous challenge for the firms to get a competitive advantage.
Further, the global guitar market is dealt with an intense competition owing to the increased chances of new entrants in the market and established vendors offering the low-cost products. Hence, it is difficult for firms to reduce the manufacturing costs and sell the products at a lower price than their competitors.
Additionally, the availability of inexpensive alternatives in the form of mobile apps, that are easily accessible on mobile devices, serves as formidable competition to the real thing. For instance, Real guitar on android devices. The increased availability of new electronic innovation is a major threat to the market’s growth.
Apart from the availability of mobile apps, musical instruments including piano and keyboards are lingering threats to the growth of the global guitar market. These instruments have been accounted for high revenue shares and are available at flexible prices.
Guitars can be used for several years, as it has a long-life cycle. The wood used in guitar manufacturing generates superior-quality sound with age. Thus, the old guitar gains greater demand compared to new ones.
Prominent vendors in Global Guitars Market
- Fender Musical Instruments
- Gibson Brands
- Karl Höfner
- PRS Guitars
- Yamaha
The Technavio Advantage
We have completed a comprehensive research study on the Global Guitars Market based on in-depth market analysis. Our report contains the detailed insights of the industry including key drivers, emerging trends, as well as the challenges that the Guitar Industry is currently experiencing.
