April 17, 2024
Electric and Acoustic Guitar Strings Market

Electric and Acoustic Guitar Strings Market to Grow at a CAGR of 5.1% Driven by Rising Popularity of Guitar as a Recreational Instrument

The global electric and acoustic guitar strings market has been gaining significant traction over the past few years, owing to the rising popularity of guitar as a recreational instrument as well as in live shows. Electric and acoustic guitar strings are made of materials such as steel, nickel, and other alloys and are used interchangeably for guitars. Steel strings produce a louder and brighter tone, while nylon strings produce a warmer tone. The rising number of musicians and increasing participation in live concerts have boosted the demand for replacement guitar strings globally.

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 key players are focusing on new product launches and expansions to cater to a larger consumer base.

The growing popularity of live shows, concerts, and rise in number of touring musicians present lucrative opportunities in the electric and acoustic guitar strings market. The increasing number of artists and bands performing in live shows drives the demand for quality strings to deliver the best sound.

Rising global music touring and increasing disposable incomes in emerging economies are augmenting the sales of electric and acoustic guitars, thus driving the demand for replacement guitar strings. The market players are focusing on geographic expansion strategies across Asia Pacific and Latin American countries to tap the potential opportunities in live shows and musical instrument sales.

Market drivers
The rising popularity of guitar as a recreational musical instrument among millennials and generation z is a key driver contributing to the growth of the electric and acoustic guitar strings market. Guitar learning has increased popularity as a hobby and passion over social media platforms. The growing interest of youngsters in learning guitar drives the demand for quality strings.

PEST Analysis

Political: The electric and acoustic guitar strings market is affected by environmental regulations and trade agreements. Changes in duties and tariffs could impact costs for manufacturers and customers.

Economic: Demand for electric and acoustic guitars, and hence strings, rises with increased discretionary consumer spending. Economic recessions tend to reduce sales as a non-essential purchase.

Social: Interest in music and playing instruments remains popular both as a hobby and professionally. Younger consumers in particular drive social trends that sustain interest in guitars.

Technological: Advances in string alloys and coatings aim to improve tone, lifespan and playing comfort. Digital distribution also expands the market reach for instructional content.

The North American region currently accounts for the largest value share in the electric and acoustic guitar strings market. Countries such as the United States and Canada have well-established markets driven by high participation in music and guitar as a popular instrument.

The Asia Pacific region is expected to witness the fastest growth in the electric and acoustic guitar strings market during the forecast period. Emerging economies such as China and India are developing their creative industries and consumer demand for guitars is rising quickly. Music education programs and aspiring musicians represent large potential in the region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it