Acoustic and Electric Guitar Manufacturing

The Acoustic and Electric Guitar Manufacturing industry produces entertainment products such as acoustic and electric guitars. The Acoustic and Electric Guitar Producing market has shrunk in the five years leading up to 2019. Since most people perceive guitars to be a luxury item, they are especially vulnerable to shifts in general economic conditions and customer preferences.

During the time, rising per capita disposable income and customer sentiment supported demand for industry goods, resulting in sales development. However, as guitars have become less popular among popular recording artists, changing audience tastes and developments in contemporary music have posed new problems for the industry.

During this time, demand from new consumers, in particular, has remained flat. Overall, market income is forecast to fall at an annualized rate of 0.9 percent to $678.8 million over the next five years, including a 0.1 percent boost in 2019.

Acoustic and electronic guitars are manufactured by the Acoustic and Electronic Guitar Manufacturing industry. This business also includes companies that make guitar amplifiers and accessories.

Consumers have been inspired to buy new guitars by rising per capita disposable income levels and consistent time spent on recreation and athletics. An growing trade-weighted index, on the other hand, has had a negative impact on global demand, reducing overall business exports.

Furthermore, in line with a recent shift in mainstream music preference away from guitar-based rock music, the industry has seen a decrease in demand from the novice guitarist buyer category over the five years to 2019.

The marginal decline in demand from musical instrument stores as a result of evolving market tastes and the shifting landscape of successful recording artists largely offset the positive demand patterns.

As a result, Research expects market sales to slip by 0.9 percent on an annualized basis, including 0.1 percent in 2019 to $678.8 million.

Revenue in the Acoustic and Electric Guitar Production industry is expected to stay stagnant for the next five years, until 2024. The industry will continue to benefit from rising per capita disposable income, which will increase demand among downstream buyers in the Musical Instrument and Supplies Stores industry (Research study 45114), particularly for higher-end guitars.

However, the industry will remain burdened by strong import competition as well as competition from a booming used instruments market. Furthermore, shifting market preferences and an emerging music industry will dampen interest from new or young consumers.

These contradictory market patterns are likely to avoid any annualized sales decreases or expansion in the industry over the next five years. In 2024, revenue is expected to be $677.3 million.

Acoustic and electric guitars are produced in this industry. This business also includes companies that make guitar amplifiers and accessories.