April 13, 2024
Electric and Acoustic Guitar Strings Market

The Global Electric and Acoustic Guitar Strings Market is projected to driven by customization and innovation

The global electric and acoustic guitar strings market is resonating with customers by providing a natural and authentic sound for musical performances. Electric and acoustic guitar strings comprise thin wires that are wrapped around the neck of guitar to produce musical notes on plucking or strumming. Made from metals such as steel, nickel, bronze and other alloys, guitar strings allow musicians to play different styles of music ranging from classical, jazz and rock. The growing popularity of various genres of music has led to increased demand for these strings that come in different thickness and shapes to suit playing styles and customization needs.

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. The increasing interest of people in learning to play musical instruments and growing popularity of genres like blues, jazz and pop music have been driving the demand for high quality guitar strings globally. Leading guitar string manufacturers are expanding their presence across North America, Europe, Asia Pacific and other emerging markets by launching new product lines catering to preferences of amateur as well as professional musicians.

Market Key Trends

One of the key trends witnessed in the electric and acoustic guitar strings market is customization and innovation. Guitar string makers are launching strings made of new alloys and blends that aim to provide unique tonal characteristics to musicians. Features like reduced breakage, improved intonation and enhanced projection of sound at different stages of string life are seeing strong demand. This has prompted established as well as new entrants to invest heavily in R&D activities for developing advanced and customized strings.

Porter’s Analysis
Threat of new entrants: String making requires specialized machinery and technical know-how. Significant capital is required to enter this market.
Bargaining power of buyers: Individual customers have low bargaining power due to availability of numerous brand options at different price points.
Bargaining power of suppliers: A few raw material suppliers dominate the global market. Switching costs are low for buyers if supplier raises prices.
Threat of new substitutes: Digital guitar strings and simulated acoustic sounds pose minimal threat currently. Traditional strings are preferred for their tone and feel.
Competitive rivalry: Major global players compete on product range, quality, and brand popularity. Smaller regional players focus on niche segments/styles.

Geographical Regions
North America accounts for the largest market share currently valued at around US$ 200 Mn in 2024, driven by an active music industry and growing guitar hobbyist population in the US and Canada.
Asia Pacific region is expected to witness the fastest value growth during the forecast period. Rising disposable incomes, expanding music education, and growth in live music culture will boost demand across China, India, and other South Asian countries.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it