ELECTRIC AND ACOUSTIC GUITAR STRINGS MARKET ANALYSIS

Market Challenges And Opportunities

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.