The guitar industry has seen significant growth in the last few years as supported by new trends and statistics.
The industry’s enduring popularity and accessibility, facilitated by digital platforms and technological advancements in manufacturing, has led to a diverse market catering to both seasoned players and aspiring musicians.
For businesses, staying attuned to the evolving trends and data has become a strategic necessity. This allows you to tailor your offerings, predict shifts in demand, and maintain a harmonious connection with your audience.
This article will explore the latest guitar industry stats and trends to keep sellers informed and on point.
Table of Contents
Key guitar industry statistics
Current trends in the guitar industry
The bottom line
Key guitar industry statistics
Guitar industry statistics present an encouraging scorecard for businesses, showcasing a steady rise in sales, consistent growth, and a broadening demographic.
Guitar sales stats
Over the past two years, the guitar industry has shown notable growth in sales. Between 2019 and 2020, overall guitar sales increased by an impressive 15% in the US. These sales continue to rise, with the stats showing that they increased by 14% from 2020 to reach a whooping value of US$ 1.8 billion today.
Globally, sales have also been doing pretty well. In 2019, the total sales were US$ 8 billion but increased to US$ 10.07 billion in 2022. Experts anticipate the number to double and reach an all-time high of US$ 19.9 billion by 2025.
This impressive sales growth is also reflected by the success of key industry players. For instance, Sweetwater broke the US$ 1 billion annual revenue record in 2020 and continued to surpass it, reaching US$ 1.57 billion in 2022. Other established brands like Fender and Gibson also reported record sales over the same period.
What’s also notable is there has been a significant shift from acoustic to electric guitars, with the latter surpassing acoustic sales in 2023. In 2020, electric guitars occupied just 41% of the US guitar market but now make up about 58%, and in terms of sales, their numbers increased from 1.1 million in 2020 to 1.55 million in 2023.
The overall growth in sales in the guitar industry is fueled by several factors, including increased interest in live performances, the convenience of online shopping, and a continuously expanding base of guitar enthusiasts. With these factors in play, sales can only keep soaring higher, and looking ahead, the market is poised for sustained growth that businesses can bank on.
Guitar growth stats
As supported by the increasing sales, the global guitar market is rapidly growing. It was valued at US$ 10.30 billion in 2022, but it is expected to reach US$ 18.439 billion by 2030, growing at an impressive compound annual growth rate (CAGR) of 7.7% from 2023 to 2030.
| Global guitar market value | Expected market value by 2030 | Growth rate (CAGR) |
|---|---|---|
| US$ 10.30 billion | US$ 18.439 billion | 7.7% |
Looking at individual segments, the electric guitar segment is expanding faster than the acoustic guitar segment. According to Business Research Insights, the global acoustic guitar market size was US$ 297.55 million in 2021, but it is expected to reach US$ 411.45 million by 2027, growing at a CAGR OF 5.5%. On the other hand, the electric guitars market size is projected to reach US$ 7.62 billion in 2030 from the current market value of US$ 4.87 billion, growing at a CAGR of 6.8%.
This surge is largely attributed to the increasing popularity of music-related leisure activities worldwide. People are turning to activities such as learning to play instruments like the guitar as a way to break from their busy lifestyles. Moreover, there is a global increase in live music shows and attendance, inspiring more individuals to pursue music careers, which often includes playing guitar. The convenience of e-commerce, widespread internet access, and enticing online offers are also playing a role in this growth.
Guitar demographics stats
Guitar usage has also witnessed dynamic shifts, particularly in the last two years, with notable demographic trends reflecting the evolving interests of enthusiasts. Recent statistics show a significant surge in guitar usage, with 16 million Americans picking up the instrument in the last 24 months. 72% of these new players fall within the age range of 13 to 64, showcasing a diverse range of players. TikTok has emerged as a powerful catalyst, contributing to the learning journey of 58% of the new players actively seeking guitar-related content on the platform. In addition, 67% of the new players are playing guitar as a hobby since they have other full-time careers.
According to the National Association of Music Merchants (NAMM), the average age of today’s guitar player is 30 years old, showcasing a vibrant mix of age groups participating in guitar-related activities. Moreover, the gender distribution is almost even, with 51% male and 49% female players. However, there has been a significant shift in gender representation, with 45% of individuals who started playing in 2020 being female, a 15% increase from the previous year.
In terms of purchases, there were some interesting patterns in 2022, with the 18-24 age group leading in purchases at 17.5%, followed by the 25-34 age group at 10.6%. The 35-44 and 65+ age groups recorded 5.4% and 2.9% in purchases, respectively. This makes it evident that guitars appeal to different age groups, attracting both young and older demographics.
| Age Group | Percentage of Guitar Purchases (2022) |
|---|---|
| 18-24 | 17.5% |
| 25-34 | 10.6% |
| 35-44 | 5.4% |
| 65+ | 2.9% |
Finally, regarding regional segmentation, the Asia-Pacific region has emerged as a significant player in the global guitar market, taking up 45% of the guitar market share 2022. However, within the forecast period, 2023-2030, North America is expected to grow faster at a CAGR OF 8.3%.
Current trends in the guitar industry
The guitar industry has undergone transformative changes marked by innovative trends and improvements that have significantly influenced both usage and sales.
Here are some noteworthy guitar industry trends and insights into how businesses can maximize on their impact:
Popularity surge among young people
In recent times, the guitar industry has witnessed a significant surge in popularity among younger generations. This is underscored by 2022 stats that revealed 17.5% of the total guitar sales in the year came from the 18-24 age group, while the 25-34 age group contributed 10.6%.
With a notable increase in guitar playing observed within this demographic, businesses can easily capitalize on this trend. This means offering affordable starter instruments, highlighting the versatility of guitars in different music styles, and incorporating modern designs that appeal to a youthful audience. In addition, they could offer easy-to-follow educational resources to support learning.
Digital integration and smart guitars
Advancements in technology have paved the way for smart guitars and associated applications, transforming the traditional playing experience. This means guitars with digital features that allow enhanced connectivity, effects processing, and integration with various music software and applications.
This trend is becoming quite popular globally, with Google Ads recording a 7% increase in average monthly searches for smart guitars in the last 6 months. Businesses can capitalize on this trend by stocking smart guitars. In addition, offering a variety of smart guitars that cater to different preferences and skill levels can help attract a diverse customer base.
Custom designs and unique aesthetics
Guitar players love the idea of personalized instruments and unique designs that not only sound great but also serve as visual extensions of their artistic identities. This trend highlights the desire for individuality and personal expression, with players valuing instruments that stand out through custom finishes, artistic detailing, and unconventional designs.
The market is appealing for businesses looking to maximize on the custom designs and unique aesthetics trend. Google Ads recorded a 7.29% increase in average global monthly searches for customized guitars in the last 6 months. Sellers can cater to this growing market by offering diverse guitars that celebrate individuality.
Sustainable manufacturing and ethical production
In this era of environmental awareness, there is a rising preference for eco-friendly and ethically-produced guitars. Guitar players are becoming more conscious of the environmental and ethical impact of their purchases. They are not only looking for guitars crafted with excellence but also produced in ways that minimize environmental harm and promote fair labor practices.
Businesses can align with this trend by stocking guitar brands that prioritize sustainability and ethical considerations in their manufacturing processes. Ideally, by offering a thoughtfully curated selection of eco-friendly guitars, they can position themselves as key players in meeting the evolving expectations of socially and environmentally conscious musicians.
The bottom line
Guitar industry trends and statistics for 2023 offer a clear indication of shifting consumer preferences and market dynamics. From the surge in popularity among the younger generation to the integration of digital technology, these trends reflect how guitars are perceived, experienced, and accessed.
By keeping a watchful eye on industry statistics and trends and adapting one’s inventory and marketing strategy accordingly, sellers can position themselves to stay ahead of the ever-changing demands of the guitar market. For more industry insights or to browse listings of quality guitars, head to Alibaba.com.
