Electric and Acoustic Guitar Strings Market Growth Accelerated by Increasing Demand of Acoustic and Electric Guitars

 

Guitar strings are thin piano wire strings used on fretboard of guitar. They are available in various gauges and materials like steel, nickel, bronze etc. Guitar strings produce musical pitch when plucked or bowed and helps guitar player to play wide variety of music.

The Global Electric And Acoustic Guitar Strings Market Size 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:
The increasing demand of acoustic and electric guitars is one of the key driver accelerating the growth of the guitar strings market. Acoustic guitars are portable and easy to carry musical instruments preferred for leisure activities like singing, playing and learning guitar. Furthermore, electric guitars are widely used in genres like rock, pop, blues etc due to features like various tones and sound effects. The rising interest of young population in western music globally has boosted the sales of acoustic and electric guitars over past few years. This growing guitarist population base necessitates frequent replacement of aging guitar strings, presenting lucrative growth opportunity,

Segment Analysis
The global Electric and Acoustic Guitar Strings Market is dominated by the acoustic-electric guitar string segment. Acoustic-electric guitar strings are most preferred strings for guitars that can be played both acoustically as well as through an amplifier or PA system. The acoustic-electric segment accounts for nearly 60% share of the overall market as these strings provide the best of both amplified and acoustic tone and are used by a majority of guitarists including beginners.

Key Takeaways
The global electric and acoustic guitar strings market is expected to witness high growth over the forecast period. The market is expected to grow at a CAGR of 5.1% during 2024-2031 to reach a value of US$ 841.4 Mn by 2031 from US$ 608.8 Mn in 2024.

Regional analysis
North America dominates the global electric and acoustic guitar strings market and accounted for over 40% share of the total market revenue in 2024. The region is home to top guitar string brands such as D'Addario and Ernie Ball who have strong distribution networks across the U.S. and Canada. Availability of a wide variety of string styles from leading brands and growing popularity of acoustic-electric guitars are some factors fueling demand in the region.

Key players
Key players operating in the electric and acoustic guitar strings market include 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. Bio-Rad Laboratories, Inc. is one of the largest players with a wide geographic presence across major markets. The company offers varied string options for electric, acoustic and bass guitars.

Get More Insights Here: https://www.newswirestats.com/electric-and-acoustic-guitar-strings-market-demand-growth-and-regional-outlook-by-2030/