Electric and acoustic guitars are string musical instruments played using fingers or a plectrum to pluck various strings. Guitar strings are available in various materials like steel, nickel, cobalt, and nylon. Electric guitar strings are generally made of steel or nickel alloys for their durability and tone. Acoustic guitar strings are available nylon or steel strings depending on the sound preferences. Steel acoustic strings produce a brighter tone while nylon strings have a warmer tone.

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 Dynamics:

The electric and acoustic guitar strings market is expected to grow at a significant rate, owing to increasing popularity of string musical instruments. One of the key drivers for the growth of electric and acoustic guitar strings market is rising prominence of live music concerts and shows. Young population across the globe is highly influenced by pop music icons and artists performing with guitars. This has boosted the sales of string instruments like guitars, thereby augmenting the demand for replacement guitar strings. Another major factor fueling the market growth is availability of extensive range of guitar strings catering to variance in music genres and player's sound preferences. Innovation in string material and alloy composition by manufacturers help guitarists customize tone and playability.

SWOT Analysis

Strength: Global Electric And Acoustic Guitar Strings Market Size has strong presence of key players like Bio-Rad Laboratories, Inc., Enzo Life Sciences, Inc., and Thermo Fisher Scientific, Inc. These companies are investing heavily in R&D to developing innovative product offerings. String material and construction technology is continuously improving which is enhancing playability and sound quality of guitars. Growing live music events and concerts are fueling the demand for high-quality guitar strings.

Weakness: Significant price fluctuations in raw materials like steel, copper, and bronze used in guitar string manufacturing can negatively impact producers' profit margins. Changing consumer preference towards other stringed instruments may reduce the demand for guitar strings over the long run.

Opportunity: Emerging markets in Asia Pacific and Latin America are expected to boost the sales of guitars and corresponding string replacements. Rise in number of guitar learning schools and institutes offer scope to attract new customers. Innovation in string coating and alloy formulation can help address issue of string breakage and improve longevity.

Threats: Popularity of digitally synthesized music and virtual instruments poses a threat to acoustic instruments industry. Economical cheap imports of guitars and strings from China may impact sales of premium international brands. Global recession and decline in discretionary spending can lower upgrade and replacement demand for guitar strings.

Key Takeaways

The global Electric and Acoustic Guitar Strings market is expected to witness high growth during the forecast period of 2024 to 2031. The market size is projected to reach US$ 608.8 Mn in 2024 and expected to surpass US$ 1 Bn by 2031, registering a CAGR of 5.1%.

Regional analysis: North America dominates currently with over 40% market share led by strong demand in the US. Asia Pacific is fastest growing region led by China, Japan and India. Rising popularity of live music concerts and increasing number of guitar learning institutes in Asia Pacific countries will drive the future growth.

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., BioLegend, Inc., R&D Systems, Creative Diagnostics, Zeus Scientific, Inc., and Shenzhen YHLO Biotech Co., Ltd. These companies have strong global presence and continuously investing in new product innovations. Bio-Rad Laboratories and Thermo Fisher Scientific captured over 30% of global market share in 2023.

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