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Global guitar market to grow to $4.14bn thanks to acoustic models and YouTube

Laura  Barnes
Global guitar market to grow to $4.14bn thanks to acoustic models and YouTube

The increased availability of free web-based tutorials, the rising number of independent musicians across the globe, and the growing sales of acoustic guitars will all be major factors fuelling the growth of the guitar market over the next five years.

According to research from Technavio, during 2016, the acoustic guitar segment account for the major shares and dominated the global guitar market, and this is set to continue throughout this year and beyond.

“This market study estimates that in terms of geographical regions, the Americas will be the major revenue contributor to the market throughout the forecast period,” said Technavio.

“The availability of career opportunities in music in this region that leads to a rise in the number of singers and musicians, is one of the major factors fuelling the demand for guitars.
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“Additionally, the constant demand for live music and concerts that result in an increased number of dance clubs and pubs and the popularity of Latin music, will also propel the guitar market’s growth prospects in the Americas.”

The research analysis identifies the availability of online learning materials as one of the primary growth factors for this market.

“With the increased penetration of the internet, several websites such as Justinguitar.com and YouTube.com are offering online tutorials that include videos, reference articles, and other teaching materials to help consumers learn to play musical instruments,” said the firm.

“This has facilitated enthusiasts to learn music from any place and time at their convenience. Additionally, these tutorials also come at minimal or no cost, which also induces individuals to register at these websites. Such advantages will encourage enthusiasts to buy musical instruments, which will subsequently fuel the growth of the gitar or guitar market in the coming years.”

Technavio also revealed what the top five vendors in the global guitar market over the next 5 years will be and why manufacturers need to stay updated on emerging technologies.

Tags: acoustic guitars , youtube , technavio , global guitar market , online learning materials

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