Music Industry Growth: Guitar and Background Music Markets Set to Expand Significantly

Guitar Market to Grow by USD 1.84 Billion from 2024-2028, Driven by Rising Popularity of Music Leisure Activities, AI's Role in Shaping the Market - Technavio Report

NEW YORK, Sept. 9, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global guitar market size is estimated to grow by USD 1.84 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 7.02% during the forecast period. Growing popularity of music-related leisure activities is driving market growth, with a trend towards growing online retailing . However, long replacement cycle of guitars poses a challenge. Key market players include Armadillo Enterprises Inc., Astha Guitars, B.C. Rich LLC, C. F. Martin and Co. Inc., CorTek Corp., Fender Musical Instruments Corp., G and L Musical Instruments, Gibson Brands Inc., Godin Guitars, HOSHINO GAKKI Co. Ltd., Karl Hofner GmbH and Co. KG, Kiesel Guitars, Paul Reed Smith Guitars, Rickenbacker International Corp., Roland Corp., Schecter Guitar Research Inc., TAKAMINE GAKKI CO. LTD., Taylor Listug Inc., The ESP Guitar Co., and Yamaha Corp.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Type (Acoustic and Electric), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and Middle East and Africa) Region Covered North America, Europe, APAC, South America, and Middle East and Africa Key companies profiled Armadillo Enterprises Inc., Astha Guitars, B.C. Rich LLC, C. F. Martin and Co. Inc., CorTek Corp., Fender Musical Instruments Corp., G and L Musical Instruments, Gibson Brands Inc., Godin Guitars, HOSHINO GAKKI Co. Ltd., Karl Hofner GmbH and Co. KG, Kiesel Guitars, Paul Reed Smith Guitars, Rickenbacker International Corp., Roland Corp., Schecter Guitar Research Inc., TAKAMINE GAKKI CO. LTD., Taylor Listug Inc., The ESP Guitar Co., and Yamaha Corp. Key Market Trends Fueling Growth The global guitar market is undergoing a transformation due to shifting consumer behavior and the rise of online retailing. With technology advancing and digital platforms becoming more accessible, the guitar industry is leveraging online retail to expand its reach. Online shopping offers unmatched convenience for guitar enthusiasts, enabling them to browse, compare, and purchase guitars from home. This accessibility eliminates geographical restrictions and caters to a global customer base. Online platforms provide a diverse selection of guitar brands, models, styles, and price ranges. Buyers benefit from comprehensive product information, including specifications, features, customer reviews, and video demonstrations, enabling informed decisions. Manufacturers and boutique brands are adopting direct-to-consumer models, fostering direct customer engagement and loyalty. Customization options are available, allowing customers to design personalized guitars. Advanced technology, such as virtual and augmented reality, offers virtual try-before-you-buy experiences. Online retailers provide educational resources, tutorials, and forums for a sense of community. Price transparency and competition drive potential growth in the guitar market. The guitar market is experiencing significant growth due to increasing trends in music education programs in school curricula and global schools. Curriculum policies prioritizing music education have driven product demand. Musical bands and the adolescent population's interest in leisure activities fuel the market. Online retail platforms, such as E-commerce and Guitar Center, cater to this demand. Economies in Dubai and the UAE, with high internet penetration, are key markets. Digital music tools and the promotion industry, including online performances and virtual classes, are transforming music education. Households continue to invest in solid-body electric guitars, rock and metal bands, and live music shows. String instruments, including electric and acoustic guitars, remain popular. The piano, too, retains its place in music education. Commercial music schools and colleges are thriving. The market for musical instruments, including guitars, continues to grow. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges The guitar market caters to consumers who value the reliability and quality of branded guitars. Vendors prioritize durability in their designs, considering factors like extreme humidity and temperature that can affect wooden guitars. They use high-grade materials, such as wood and other raw components, to create lightweight and long-lasting instruments. Vendors invest in research and development to introduce innovative, durable materials and extend guitar lifespan. Acoustic guitars typically last ten years, while electric guitars can last up to 20-30 years. Replacement sales are common in commercial applications, but the long lifespan of guitars limits market growth. Guitar manufacturers offer product warranties and adhere to industry regulations to ensure durability. The long replacement cycle of guitars is expected to restrict the expansion of the global guitar market.In the dynamic world of musical instruments, guitars hold a significant market share. With live music shows and various genres like rock and metal gaining popularity, the demand for both electric and acoustic guitars remains strong. Traditional retail stores like Guitar Center face competition from e-commerce platforms. Six-string instruments, whether hands are plucking acoustic rhythm or lead on an electric guitar, require amplification for optimal sound. Small amplifiers or PA systems are essential for increasing volume. Famous musicians' influence drives consumer interest, leading to increased sales. Digital tools like video conferencing, file sharing, and digital whiteboards have revolutionized music education, benefiting students and music schools. The premium segment caters to wood-based guitars, while competitors offer various features to stand out. Hobbies like playing guitar continue to thrive, with platforms like YouTube, apps, and cloud-based systems providing access to digital sheet music. Overall, the guitar market remains vibrant and evolving. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This guitar market report extensively covers market segmentation by Type 1.1 Acoustic1.2 ElectricDistribution Channel2.1 Offline2.2 OnlineGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa 1.1 Acoustic- The Guitar Market is a thriving industry, with numerous businesses selling various types of guitars and related accessories. These businesses cater to the demands of guitar enthusiasts, musicians, and learners. They offer a wide range of products, from acoustic to electric guitars, amplifiers, strings, and more. Effective marketing strategies, competitive pricing, and excellent customer service contribute to the growth of these businesses. The market continues to expand, providing opportunities for new entrants. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) Research Analysis Discover the vibrant world of guitar markets, where the magic of live music shows comes alive through the strings of electric and acoustic guitars. As a six-stringed musical instrument, guitars have captured the hearts of musicians and music lovers alike, with their versatility and ability to create rhythm and lead parts in various genres like rock and metal. The guitar market is thriving, with e-commerce platforms and retail stores catering to consumers' needs. From small amplifiers to PA systems, guitarists can make their instrument louder and enhance its sound. Music schools and students fuel the demand, while famous musicians inspire new generations to learn and play. In today's digital age, technology has transformed the guitar market. Video conferencing, file sharing, instant messaging, digital whiteboards, and digital sheet music on platforms like YouTube have made learning and collaborating easier than ever before. Whether you're a beginner or a seasoned player, the guitar market offers endless possibilities for exploration and expression. Market Research Overview Guitar market encompasses various string instruments, including electric and acoustic guitars, that cater to diverse music genres such as rock and metal. The market thrives on live music shows, fueled by the passion of musicians and music lovers. E-commerce and retail stores like Guitar Center are transforming the sales landscape, offering a wide range of guitars, from six-string acoustic to solid-body electric, and accessories. Musicians, students, and hobbyists use various tools like small amplifiers, PA systems, and pickups to make their instruments louder. Famous musicians have inspired consumer interest, leading to increased sales of guitars and musical instruments. Online music education platforms, including video conferencing, file sharing, digital whiteboards, and cloud-based systems, have revolutionized learning. Digital sheet music and apps provide convenience for musicians. YouTube and social media offer a global stage for performances and collaboration. The premium segment includes wood-based guitars, catering to the needs of professional musicians and collectors. Competition is fierce, with various players vying for market share. Demographic trends, such as the adolescent population's growing interest in music and leisure activities, drive product demand. Online retail platforms and commercial music schools have expanded access to music education, influencing curriculum policies and sales. Economies like Dubai and the UAE, with high internet penetration and a growing music industry, present significant opportunities for guitar market growth. Digital music tools and the promotion industry further fuel market expansion, enabling virtual classes, online performances, and collaboration. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation TypeAcousticElectricDistribution ChannelOfflineOnlineGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/guitar-market-to-grow-by-usd-1-84-billion-from-2024-2028--driven-by-rising-popularity-of-music-leisure-activities-ais-role-in-shaping-the-market--technavio-report-302241948.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs

Background Music Market to Grow by USD 527.2 Million (2024-2028) with Retail Sector Driving Demand, AI's Role in Market Transformation - Technavio Report

NEW YORK, Sept. 9, 2024 /PRNewswire/ -- Report with the AI impact on market trends- The global background music market size is estimated to grow by USD 527.2 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 8.76% during the forecast period. Demand for BGM in retail sector is driving market growth, with a trend towards growth of music subscription services. However, low margins for BGM vendors poses a challenge. Key market players include Almotech Media Solutions, AMI Entertainment Network LLC, Auracle Sound Ltd., Brandtrack Inc., CMRRA SODRAC Inc., Heartbeats International AB, HIBOU MUSIC LIBRARY, Imagesound Group, Liberty Media Corp., Mood Media Corp., Open Ear Music Ltd., Qsic Pty Ltd., Rockbot Inc., SOUNDMACHINE, Soundreef, Soundtrack Your Brand Sweden AB, Stingray Media Group., TouchTunes Music Corp., USEA Pte Ltd. , and Xenox Music and Media B.V.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Product Type (Music streaming and AV system), End-user (Hospitality, Retail, Commercial buildings, Public infrastructure, and Others), and Geography (Europe, North America, APAC, Middle East and Africa, and South America) Region Covered Europe, North America, APAC, Middle East and Africa, and South America Key companies profiled Almotech Media Solutions, AMI Entertainment Network LLC, Auracle Sound Ltd., Brandtrack Inc., CMRRA SODRAC Inc., Heartbeats International AB, HIBOU MUSIC LIBRARY, Imagesound Group, Liberty Media Corp., Mood Media Corp., Open Ear Music Ltd., Qsic Pty Ltd., Rockbot Inc., SOUNDMACHINE, Soundreef, Soundtrack Your Brand Sweden AB, Stingray Media Group., TouchTunes Music Corp., USEA Pte Ltd. , and Xenox Music and Media B.V. Key Market Trends Fueling Growth The music industry has experienced significant revenue growth in the past three years, primarily driven by the popularity of subscription-based streaming music channels. These channels include paid subscriptions, streaming radio, and ad-supported services. In contrast to the traditional pay-per-track/album model, the high cost of music under this regime discouraged many from purchasing music legally, leading to piracy. However, the emergence of affordable monthly subscription services, ranging from USD5.99 to USD9.99, has made music consumption more accessible and cost-effective. The proliferation of mobile applications and websites has facilitated the growth of digital services like Background Music Market. The increasing adoption of smartphones and tablets, with around 1.2 billion units shipped in 2023, has contributed to this trend. Several music service providers have shifted to the subscription model to remain competitive. For instance, Pandora launched Qmunity, a sponsored radio station, in June 2020. Amazon Prime members receive free access to Amazon Unlimited, and telecom operators like Airtel and Reliance Jio offer unlimited music streaming as part of their premium plans. Additionally, smart speaker solutions, such as Amazon Echo, Google Home, and Sonos, require permanent subscriptions and offer customized music services. The Background Music Market is thriving with trends that cater to various business sectors. Low volume music is popular for creating a relaxing experience in visual content and improving the ambience in offices for a positive working atmosphere. Stress, tension, nervousness, and anxiety are addressed through calming music in hospitals, healthcare facilities, and fitness centers. In retail, hospitality, and entertainment venues, music motivates customer engagement and sets the mood. Ambient music, audio content, and recordings are used in elevators, housing buildings, and personalized traveling to enhance the experience. In the corporate sector, background music boosts productivity and creativity. Music also plays a significant role in recreation, such as in fitness centers, physical activities like aerobics and yoga, and health consciousness. Tourists and travelers enjoy traveling songs during their journeys. The market includes TouchTunes, iPods, AV system equipment, and more. The business aspect includes marketing and customer engagement, making it a valuable investment for various industries. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges The Background Music Market is a competitive industry with numerous vendors offering similar services at low costs, resulting in thin profit margins. Major revenue shares go to artists, content creators, publishers, and music labels, leaving little income for background music providers. To generate profits, these providers rely on subscriber volume and music sales. However, attracting a large user base is challenging due to the emergence of music-streaming startups. Even large providers like Spotify, which operates the Spotify Business Background Music store, have been running losses for several years. The revenue generation model in the industry is expected to remain a significant challenge for vendors, despite the growing number of music subscribers.In today's business world, background music plays a significant role in various sectors like Retail, Hospitality, Healthcare, and Entertainment venues. Ambient music, a popular form of audio content, enhances the customer experience by creating a soothing shopping environment or a positive mood in restaurants and entertainment venues. TouchTunes, a leading digital music solution provider, offers value-added options for businesses, including digital subscription-based music and digital broadcasts. Retail stores, cafes & restaurants, leisure & hospitality, and public organizations use background music to engage customers, improve business productivity, and build consumer relationships. Modern infrastructures like AV systems and music streaming platforms enable businesses to play soft tunes in multiple speakers, creating a consistent ambience. Background music also benefits the corporate sector, with studies showing it improves performance, concentration, and arousal levels. Value-added options like recorded sound for commercials, films, marketing videos, and virtual spaces cater to various business needs. The younger demographics also appreciate background music, making it an essential marketing aspect for businesses. In conclusion, background music is a crucial element in business operations, providing value-added services, enhancing customer experience, and contributing to business success. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This background music market report extensively covers market segmentation by Product Type1.1 Music streaming1.2 AV systemEnd-user2.1 Hospitality2.2 Retail2.3 Commercial buildings2.4 Public infrastructure2.5 OthersGeography3.1 Europe3.2 North America3.3 APAC3.4 Middle East and Africa3.5 South America 1.1 Music streaming- The global Background Music Market is set to experience significant growth during the forecast period due to the increasing use of smart devices and digital platforms. Music streaming services, which include websites for watching music videos, listening to audio, and subscribing to podcasts, are gaining popularity. Features such as customized playlists, song recommendations, and seamless connectivity on apps and browsers make these platforms attractive to consumers. Additionally, the expanding podcast genre on these portals is driving market growth. Another notable trend is the adoption of 5G connections, which will enhance the user experience on digital platforms. As a result, the Background Music Market is expected to witness growth during the forecast period. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) Research Analysis The Background Music Market encompasses the production and distribution of ambient music and audio content for various industries. This market caters to sectors like Retail, Hospitality, Healthcare, Entertainment venues, Recreation, and more. Ambient music plays a significant role in creating the right ambience, enhancing customer engagement, and improving business productivity. In Retail, it sets the tone for a modern shopping experience, complementing consumer relationships and boosting sales. In Hospitality and Entertainment venues, it adds value to the consumer experience, creating a soothing environment for relaxation and enjoyment. The market offers digital subscription-based music, digital broadcasts, and Beat Suite Music for businesses. Recorded sound is used in commercials, films, marketing videos, and soft tunes for improving sleep quality. Overall, background music is an essential component of modern infrastructures, contributing to effective marketing, consumer engagement, and business success. Market Research Overview The Background Music Market encompasses various sectors, including Retail, Hospitality, Healthcare, Entertainment venues, and the Corporate sector. Ambient music and audio content play a significant role in these industries, enhancing customer engagement, creating a modern infrastructure, and providing a value-added experience. TouchTunes and other music streaming services offer digital subscription-based music for retail stores, cafes & restaurants, leisure & hospitality, and public organizations. In retail environments, background music sets the tone for a soothing shopping experience, complementing consumer relationships and product offerings. In hospitality and entertainment venues, music adds to the ambience and contributes to a positive mood, reducing stress, tension, nervousness, and anxiety. The AV system is crucial for delivering music and visual content, with multiple speakers and digital broadcasts creating a consistent and high-quality listening experience. Background music is also used in various settings like fitness centers, housing buildings, and elevators to improve productivity, motivation, and overall atmosphere. Value-added options, such as personalized traveling playlists and recordings for virtual spaces, cater to younger demographics and tourists, creating a more experience. Soft tunes are used in fitting rooms, offices, and study areas to improve concentration and creativity, while upbeat music can boost performance and energy levels. In summary, background music plays a multifaceted role in various industries, from enhancing the shopping experience to creating a positive working atmosphere, and is an essential component of modern business strategies. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation Product TypeMusic StreamingAV SystemEnd-userHospitalityRetailCommercial BuildingsPublic InfrastructureOthersGeographyEuropeNorth AmericaAPACMiddle East And AfricaSouth America 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/background-music-market-to-grow-by-usd-527-2-million-2024-2028-with-retail-sector-driving-demand-ais-role-in-market-transformation---technavio-report-302240604.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs