Guitar strings are thin strands of metallic alloys used on guitars to vibrate and produce music. They come in various gauges for different tuning ranges. Guitar strings are made from materials like steel, nickel, cobalt, and bronze to provide unique tones. They allow guitars to be easily tuned and provide excellent sustain and projection. The growing popularity of independent music has fueled the demand for affordable electric and acoustic guitars, fueling the need for guitar strings.
The global Electric and Acoustic Guitar Strings Market is estimated to be valued at US$ 608.8 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Rising Popularity of Independent Music
The increasing popularity of independent music genres like rock, pop, blues, and folk has led to a rise in aspiring musicians attempting to learn guitar. Amateur musicians and hobbyists often prefer affordable instruments like electric and acoustic guitars to pursue their passion. This has driven the demand for value guitar strings that allow experimentation at lower costs. The thriving independent music scene worldwide has made learning guitar a fashionable hobby among young adults, propelling the electric and acoustic guitar strings market.
SWOT Analysis
Strength: Global Electric And Acoustic Guitar Strings Market Size offer an affordable and valuable customization option for musicians. They come in different materials, gauges, and styles to suit varied music genres and player preferences.
Weakness: Guitar strings require frequent replacing which incurs regular costs. Improper installation or tensioning of strings can damage the instrument or produce poor sound quality.
Opportunity: Growing popularity of music programs in schools and increased interest in learning to play guitars, especially among millennial population, are expanding the customer base. Rapid urbanization is also spurring the trend of acoustic-based live performances in cafes and bars.
Threats: Availability of alternative stringed instruments and virtual versions of guitars through apps pose a threat. Economic slowdowns can decrease discretionary spending on musical instruments and accessories.
Key Takeaways
The global electric and acoustic guitar strings market is expected to witness high growth over the forecast period of 2024 to 2031 supported by increasing popularity of string instruments among youngsters and expansion of organized music education. The global Electric and Acoustic Guitar Strings Market 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 2031.
Regional analysis: North America dominates the market currently owing to widespread popularity and culture of acoustic guitar music in countries like the United States and Canada. Asia Pacific is projected to experience fastest growth due to rapidly growing music touring and live performance industry in China, India, and Southeast Asian nations. Countries with flourishing live music hub cultures such as Thailand, Indonesia and Malaysia will majorly contribute to regional market revenues.
Key players: 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. Market leaders are focused on new product development, collaborations, and expanding distribution networks especially in high growth regional territories. They are also investing in promotional campaigns alongside artists and bands to increase brand visibility. Partnerships with online music stores and sound recording studios helps them tap new customer segments as well.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it