ELECTRIC AND ACOUSTIC GUITAR STRINGS MARKET ANALYSIS

Global electric & acoustic guitar strings market is estimated to surpass US$ 673.6 million in terms of revenue by 2030, exhibiting a CAGR of 3.5% during the forecast period (2023 to 2030).

Global Electric & Acoustic Guitar Strings Market- Drivers

• Increasing sales of guitar across the world

Increasing sales of guitars across the world is expected to drive the market growth. For instance, according to National Association of Music Merchants (NAMM), U.S. report '2020 NAMM Global Report', in the U.S. fretted products including acoustic guitars, electric guitars, strings, amplifiers, and ukuleles market was valued at US$ 1,449.9 million in 2020 which increased to US$ 1,475.2 million in 2019. Furthermore, in 2022, acoustic guitars and electric guitars accounted for 67.4% of the fretted products market.

• Development of new technology in terms of electric & acoustic guitar strings

Development of new technology in terms of electric & acoustic guitar strings is expected to drive the market growth. Advancement in new technologies along with development of new guitar strings are expected to increase demand for electric & acoustic guitar strings in the near future.

Global Electric & Acoustic Guitar Strings Market- Restraints

• Acoustic guitars strings are made of steel

Disadvantages associated with guitar strings is expected to hamper the market growth of electric & acoustic guitar strings over the forecast period. Most of the acoustic guitars strings are made of steel. Steel strings have the ability to produce a loud, sharp, and twang sound. However, these strings require more pressure from the guitar player to produce sound which can be painful for beginners. Moreover, beginners can find it difficult to tune their guitar correctly. For instance, according to researcher Dr. Jonathan Kemp, in 2020 lowest pitch strings sound bad, and are poor at harmonizing with higher notes.

Global Electric & Acoustic Guitar Strings Market- Trends

New product launching

Electric & acoustic guitar strings market players are focusing on new product launches with the objective to attract new customers, and to retain their market position. For instance, in July 2020, C. F. Martin & Co., a guitar manufacturing company, launched its 14 new guitar models and three guitar string products at Summer NAMM in Tennessee, U.S. The new guitar string products include authentic acoustic flexible core, authentic acoustic bass, and the original m140.

Global Electric & Acoustic Guitar Strings Market- Segmentation

On the basis of product type, in 2020, light segment accounted for 46.7% of the revenue share. The light or 0.012 gauge is the most common string that is used in a guitar. The strings are made up of different materials. For an electric guitar, high strength material such as high-carbon and cobalt is used, while for an acoustic guitar phosphorus is used. The lighter gauges provide ease to play, and produce more high-pitched tones, while heavier-gauge strings makes it difficult to play and produce extra bass tones.

Figure 1: Global Electric & Acoustic Guitar Strings Market, By Product Type, 2022

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Global Electric & Acoustic Guitar Strings Market- Regional Analysis

Among regions, North America held a dominant position in the global electric & acoustic guitar strings market in 2020, accounting for 39.6% market share in terms of revenue, followed by Asia Pacific. Latin America, Europe and Middle East & Africa

Figure 2: Global Electric & Acoustic Guitar Strings Market, By Region, 2020

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Global Electric & Acoustic Guitar Strings Market- Impact of Coronavirus (COVID-19) Pandemic

The coronavirus had not impacted the music instruments market. During the pandemic, there has been increase in sales of guitars as several people were indulged in learning new things during their free time. For instance, according to Apple Inc.,  in 2020 the company saw increasing level of interest in GarageBand (Apple’s digital audio workstation app), with 13 million downloads from its add-on “Sound Library” since February 2020, and hundreds of thousands of free trail downloads of GarageBand’s pricier siblings Logic Pro X and Final Cut Pro X

Global Electric & Acoustic Guitar Strings Market- Competitive Section

Key players operating in the global electric & acoustic guitar strings market include D’Addario & Co., Fender Musical Instruments Corporation, Gibson Brands, Ernie Ball Inc., GHS Strings, C. F. Martin & Company Inc., Dunlop Manufacturing, Inc., Dean Markley USA, Inc., Kistron Co., Ltd., Rotosound Manufacturing Ltd., and DR Handmade Strings.

 Global Electric & Acoustic Guitar Strings Market- Key Developments

• In July 2022, Yamaha Music Square, a musical instrument company, launched a brand-new lineup of Revstar electric guitars that are made in Indonesia.
• In September 2021, Fender Musical Instruments Corporation (FMIC), launched all-new Player Plus Series . With updated versions of Fender's most iconic models, Player Plus puts the power of the guitar squarely in the hands of a new generation of guitar players.
• In July 2021, Gibson Brands, Inc. announced a partnership with Kirk Hammett, a well-known guitarist from the heavy metal band Metallica. The company plans to launch a signature line of guitars as a result of this collaboration.

*Definition: Guitars are stringed instruments, and are equipped with six strings which are to be plucked to play the instrument. Acoustic and electric are two key types of guitars, however the difference lies in the electric connection. Guitar strings are made of metals such as copper or brass.  Electric and acoustic guitar strings are primarily of the following types: light, custom light, and extra light.