Guitar Industry Statistics and Facts for 2023
The guitar industry is always changing, especially now when the world has seen a dramatic change over the past 2 years. In this article, we’ve put together some of the most useful and important statistics and facts for the guitar industry.
The Guitar Industry Today
Now that we’ve seen the past and the ‘most likely’ future, let’s take a look at how the guitar industry is doing today.
Taking into account how the industry was doing up until 2020 (more specifically until COVID), today, the market faces a rather grim sales number but this is no surprise considering everything.
The market size of the Acoustic & Electric Guitar Manufacturing industry is expected to decline -0.1% in 2022.IBISWorld
The difference can best be seen when considering the entirety of the past 5 years of the industry compared to today’s decline of -0.1%.
The market size of the Acoustic & Electric Guitar Manufacturing industry in the US has grown 0.5% per year on average between 2017 and 2022.IBISWorld
The Guitar Market
It’s truly something to see the changes of an entire industry in the past 15 years or so and get a picture of things to come in the following years, from the previous data up until now.
These we’re the statistics up until COVID-19 was still in its early stages, so the industry hadn’t been impacted as much yet. Going back a little, the past decade or so, the guitar industry has grown exponentially.
The guitar market retail sales value reached its lowest point in 2009, when the U.S. guitar market retail sales value was around 821 million U.S. dollars.Statista
In comparison, the numbers in 2020 seem a lot less grim and resemble a more healthy market and industry value.
In 2020, the wholesale guitar market value in the U.S. was nearly 1.1 billion U.S. dollars, up from around one billion one year earlier.Statista
The Average Guitar Price and Projections
It’s almost shocking to know that from 2010 up until 2020, the average guitar price has almost doubled.
It’s only natural that this growth will continue even in the following years.
The guitar market is expected to witness market growth at a rate of 3.05% in the forecast period of 2022 to 2029.DATA BRIDGE MARKET RESEARCH
More specifically and in the more recent future, the market is expected to grow according to its natural Compound Annual Growth Rate (CAGR).
The guitar market has the potential to grow by USD 1.14 billion during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 5.38%.technavio
Acoustic vs Electric Guitars
Let’s take a closer look and see how the acoustic and electric guitar performed separately during these past few years.
When it comes to acoustic or electric guitars, it’s no shocker that acoustic guitars were purchased more as they have always been the standard for many.
Although the number of acoustic guitars sold in the U.S. was highest in 2005, this market was close to reaching its previous sales record in 2020, with 1.6 million units sold in that year.Statista
After 15 years, the sales numbers were close to record-breaking when it comes to acoustic guitar sales and that is simply great to hear.
Meanwhile, the number of electric guitars sold in the U.S. decreased from around 1.66 million units in 2005 to 1.1 million units in 2020.Statista
While electric guitar numbers have decreased in that 15-year gap, they still have a high demand and great overall sales number.
The guitar industry is doing relatively well today, especially when considering how COVID had an impact. While there is a decline in sales, it is important to remember that this market is ever-changing and the industry will grow again. In conclusion, the guitar industry is healthy and has the potential for more growth in the future.