LONDON – (BUSINESS WIRE) – The global guitar market is expected to post a CAGR of nearly 3% during the period 2020-2024, according to the latest market research report by Technavio.

The increasing demand for #customizedguitars will have a positive impact on the market and contribute to its growth significantly over the forecast period.

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People across the world are increasingly adopting music-related leisure activities, such as playing guitar to get a break from their hectic and monotonous lifestyles. Parents are also encouraging their children to learn music as a part of extracurricular activities. The rising disposable incomes across the globe have further increased the adoption of musical instruments and student enrolment in musical classes. Moreover, the rise in the number of music shows is inspiring many people to learn and play musical instruments, such as guitars. These factors have led to the rise in the demand for guitars, which is fueling the market growth.

As per Technavio, the increasing demand for customized guitars will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.

Global Guitar Market: Increasing Demand for Customized Guitars

Vendors in the market are offering high quality and visually appealing customized guitars to attract customers. Several vendors are allowing customers to choose guitars from a variety of shapes and sizes; select from premium and exotic hardwood options; design their own inlays. Certain vendors are enabling customers to add a name as well. Over the recent years, the market is witnessing a strong demand for customized guitars from developed regions such as the Americas and Europe. Emerging economies such as China and India are also witnessing a surge in the demand for customized guitars.

“Apart from the increasing demand for customized guitars, growing online retailing and the rising demand for guitars made of eco-friendly materials are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.

Global Guitar Market: Segmentation Analysis

This market report segments the global guitar market by product (acoustic and electric) and geography (APAC, Europe, MEA, North America, and South America).

The North America region led the market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North America region is expected to maintain its dominance over the global market. This is due to the rise in the number of music events in the US and Canada.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.