Electric and acoustic guitar strings are metal cores wrapped in various alloys that produce sound when plucked or strummed on a guitar. These strings come in different gauges and are made of various materials like nickel, steel, cobalt and others to produce distinct tones. The demand for guitar strings is driven by the growing popularity of guitars as a musical instrument among beginners as well as professionals. More people are learning to play the guitar as it seen as a fun hobby that helps boost creativity. Additionally, the rising popularity of folk and acoustic music genres is increasing the demand for acoustic guitars and guitar strings.
The Global Electric And Acoustic Guitar Strings Market Demand 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 2030.
Key Takeaways
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. These companies are focusing on developing enhanced strings by experimenting with new materials and alloys.
The growing popularity of live music events and concerts especially folk, rock and indie music genres is presenting lucrative opportunities for established as well as new guitar strings manufacturers. The unique tones and textures produced by different string materials are driving many musicians to experiment with varied string choices.
The global guitar accessories market has been witnessing steady expansion with brands aggressive entering new regional markets like Asia Pacific and Latin America. Established manufacturers are making focused efforts to strengthen their distribution networks in developing countries by partnering with local distributors. Some players have also started local manufacturing in different markets to cater to the growing demand.
Market Drivers
Growing popularity of independent music culture and social media exposure for emerging artists: The rising prevalence of indie, folk and other independent music genres on online streaming platforms and social media has expanded the audience base for guitar music. More aspiring artists are taking up guitar learning which is driving the demand for replacement strings.
Favorable government policies promoting music education: Several countries and states are launching music education programs in schools which include learning musical instruments like guitar. This exposure at a young age is helping to identify and nurture new talents while also promoting guitar as a hobby. This contributes to the overall market growth.
Market Restrain
High prices of premium string materials: Specialty strings made from gold, stainless steel and other premium alloys that produce superior tones come at a high price which may deter price-sensitive beginners and hobbyists from frequently replacing strings. This could impact repeat purchases and overall sales volume for manufacturers.
Complexities associated with string changes: Beginners often find it difficult to change guitar strings, especially heavier electric guitar strings that require significant strength. The process involves stretching the new strings properly after winding them around the tuning pegs which if not done correctly can impair the string tone. This learning curve could discourage some from replacing strings regularly.
Segment Analysis
The electric guitar strings segment dominates the electric and acoustic guitar strings market, accounting for over 60% share owing to the rising popularity of electric guitars among consumers. Within this segment, the nickel wound steel segment held the largest share as these strings produce a brighter tone and are more durable than pure nickel or stainless steel strings.
The acoustic guitar strings segment is expected to witness significant growth during the forecast period due to the growing number of acoustic guitar learners globally. Within this segment, the 80/20 bronze acoustic guitar strings are most popular as they provide a warmer tone and better durability compared to phosphor bronze strings.
Global Analysis
North America dominated the global market in 2020 and is expected to continue its dominance during the forecast period. The large volume growth in the region can be attributed to the presence of key players and rising popularity of musical instruments like guitars.
The Asia Pacific region is projected to witness the highest growth during the forecast period owing to increasing disposable incomes, growing popularity of western music, and favorable government initiatives to promote music education in countries like China and India. Other factors like the availability of low-cost acoustic guitars are also contributing to the growing guitar market in the region.
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