Guitar sales have been steadily increasing since the 2009 recession, but they exploded in popularity in 2020 and the post covid times. The COVID-19 pandemic and the resulting global lockdown are largely responsible for this increase in demand.
As people continued to spend more time at home, many looked for ways to occupy their time and learn new skills. For some, this meant taking up a musical instrument. The guitar is a particularly popular choice, as it is relatively easy to learn and can be played without expensive gear or lessons.
This newfound interest in the guitar is reflected in sales figures. In the US, guitar sales reached $1.3 billion in 2020, an increase of 60% from 2019. This trend shot to 2023 and is expected to continue in 2024 and beyond, as people continue to search for ways to entertain themselves and express their creativity.
So, what does this mean for the future of the guitar industry? Let’s take a look at some guitar sales statistics to find out.
Guitar Sales Statistics
Total US guitar sales are expected to reach $1.8 billion by 2023
According to the Music Trades Association,
- Global guitar sales reached $17.2 billion in 2020, an increase of 9.5% from 2019.
- The US was responsible for $4.4 billion of this total, an increase of 10.7% from the previous year.
- This growth is expected to continue in the coming years, with the global guitar market projected to reach $19.9 billion by 2025.
- In the US, electric guitars make up the largest share of the market, accounting for 58% of all sales.
- Acoustic guitars are the second most popular type of guitar, accounting for 36% of sales.
- Classical and flamenco guitars make up the remaining 6% of the market.
Key Findings From Our Google Poll
- 7.1% of the respondents bought a guitar in 2022
- 92.9% of the respondents did not buy a guitar in 2022
- Males reported the highest number of guitar purchases: 9.0%
- The 18-24 age group registered the highest purchases: 17.5%
- The 65+ age group reported the lowest guitar purchases: 2.9%
The State of Today’s Guitar Players
According to the National Association of Music Merchants (NAMM):
- The average age of guitar players is 30 years old.
- Guitar players are split almost evenly between male and female, with 51% being male and 49% being female.
- Approximately 32% of guitar players have been playing for 10 years or more, while 23% have been playing for 5-10 years.
- The most popular genres of music among guitar players are rock (36%), blues (21%), and pop (19%).
- The majority of guitar players (69%) own an acoustic guitar, while 60% own an electric guitar.
- Guitar players tend to be well-educated, with 37% having a college degree or higher.
Guitar Purchase by Age
In terms of ages, our report indicated the following about guitar purchase
- The 18-24 age group recorded the highest guitar purchases in 2022, 17.5%
- The 25-34 age group was second in terms of purchases, 10.6%
- The 35-44 age group registered the third highest guitar purchases, 5.4%
- The 65+ age group recorded the lowest guitar purchases, 2.9%
Top Guitar Brands
When it comes to market share, these are the top guitar brands in the United States as of 2023.
Gibson holds the largest share at 34%, followed by Fender at 30%. Ibanez, Yamaha, Epiphone, and other brands make up the rest of the market.
- Gibson: 34%
- Fender: 30%
- Ibanez: 12%
- Yamaha: 7%
- Epiphone: 4%
- Other (includes Ovation, PRS, Charvel, ESP, Jackson, Dean, Washburn): 9%
These statistics come from NAMM (the National Association of Music Merchants), which surveyed 2,000 American music store owners.
According to NAMM, electric guitars are more popular than acoustic guitars, with a market share of 60% to 40%.
Used Guitar Market
There is also a thriving market for second-hand guitars.
The used guitar market was valued at $1.4 billion in 2020 and is expected to grow to $2.1 billion by 2025, according to a report by IBIS World.
In 2019, Reverb.com sold $200 million worth of used musical instruments and gear, an increase of 50% from the previous year. Guitars made up the lion’s share of these sales, accounting for $130 million.
This growth is being driven by a number of factors, including the rising popularity of vintage guitars, the increasing affordability of used guitars, and the growing number of guitar players.
The used guitar market is expected to grow at a rate of 5.5% per year between 2020 and 2025.
The largest segment of the used guitar market is electric guitars, which account for 70% of all sales. Acoustic guitars make up the second largest segment, with a market share of 30%.
The Future of the Guitar Market
- Guitar sales are expected to continue growing in the coming years, driven by the increasing popularity of vintage instruments and the rise of online marketplaces like Reverb.com.
- Total US guitar sales are expected to reach $1.8 billion by 2023, an increase of 14% from 2018.
- Electric guitars are expected to grow at a faster pace than acoustic guitars, with sales increasing by 17% to $1.1 billion by 2023.
- The used guitar market is also expected to continue growing, driven by the increasing popularity of vintage instruments and the rise of online marketplaces like Reverb.com.
- Total US used guitar sales are expected to reach $1 billion by 2023, an increase of 25% from 2018
Source: IBISWorld
Does Our Data Reflect the Official Data
The data in our report comes from several sources including a google poll we conducted, NAMM (the National Association of Music Merchants), IBIS World, Music Trade Association, and Reverb.com.
Overall, the data reflects what is happening in the guitar market. There are a few discrepancies between our data and the official data, but nothing that is statistically significant.
Our google poll for example showed that the 18-24 age group had the highest percentage of guitar purchases, while NAMM showed that the 25-34 age group had the highest percentage.
This difference could be due to the fact that our poll was not representative of the entire population. NAMM’s data, on the other hand, is based on a survey of 2,000 American music store owners, so it is more likely to be accurate.