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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

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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..

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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. 

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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.

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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.

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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/

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SOURCE Technavio

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Marquis Who’s Who Honors Rupin Chothani for Engineering Leadership

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UNIONDALE, N.Y., July 23, 2026 /PRNewswire/ — Marquis Who’s Who honors Rupin Chothani for his leadership in engineering and project management. With more than two decades of professional experience to his credit, Mr. Chothani leverages a unique expertise in fire and petrochemical solutions to find success in his field. As project manager, project engineer and proposal manager at Technip Energies N.V., Mr. Chothani ensures effective results.

Drawn to Engineering

Coming from a family of engineers, Mr. Chothani was naturally drawn to the profession. This inclination was reinforced by comprehensive aptitude and attitude tests administered at the age of 14, which highlighted his strengths in engineering and architecture. Ultimately, this direction reinforced his determination to pursue a degree in mechanical engineering.

By 2003, Mr. Chothani earned a Bachelor of Science in Mechanical Engineering at the University of Mumbai. After a brief role as a junior manufacturing engineer at Artech Cooling Tower Pvt. Ltd., he completed a Master of Science in Mechanical Engineering at the University of Bridgeport in 2006. In addition to these degrees, Mr. Chothani later achieved AutoCAD certification.

Following his graduation in 2006, Mr. Chothani joined CB&I Lummus / ABB Lummus Heat Transfer (now Lummus Technology) as a thermal engineer. Though his work at Lummus Technology lasted only three years, Mr. Chothani was greatly influenced by mentor figures at the company. These mentors, including Ken Catala, Peter Harvard, Chin Dang and Miller Alanath Carter, provided essential guidance.

Building a Family

In December 2008, Mr. Chothani married his wife, Cathy. Along with his son and daughter, his family has contributed richly to his success in engineering and they continue to inspire him to excel. In addition to their support, Mr. Chothani recognizes that there is no alternative to hard work and dedicated learning.

From Lummus Technology to Technip Energies N.V.

Following his work at Lummus Technology, Mr. Chothani worked with Maco Corporation India Pvt. Ltd. By 2011, he joined Complete Heat Transfer Solutions – Environ Energy Systems as a thermal and mechanical engineer. By 2013, Mr. Chothani became a part of Technip Energies N.V. as a furnace mechanical engineer. By 2023, he added to this role and became a project manager, project engineer and proposal manager at the company.

In his current role at Technip Energies N.V., Mr. Chothani is responsible for a variety of essential duties. He manages and executes on engineering projects for ethylene cracking furnaces and heaters, and oversees proprietary technologies. Additionally, he actively coordinates with procurement, logistics, mechanical engineering and process engineering teams to ensure effective results.

Plans for the Future

Moving forward, Mr. Chothani hopes to advance his project management skills, particularly within the firejet industry. At the same time, he aims to share his knowledge of the industry with the next generation of professionals. Outside of his professional ambitions, Mr. Chothani intends to prepare his children to find success, inspiring them and their peers with hands-on experiments and full-day events.

About Marquis Who’s Who®:

Since 1899, when A. N. Marquis printed the First Edition of Who’s Who in America®, Marquis Who’s Who® has chronicled the lives of the most accomplished individuals and innovators from every significant field, including politics, business, medicine, law, education, art, religion and entertainment. Who’s Who in America® remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms worldwide. The suite of Marquis® publications can be viewed at the official Marquis Who’s Who® website, www.marquiswhoswho.com.

Marquis Who’s Who
Uniondale, NY
(844) 394 – 6946
info@marquiswhoswho.com
www.marquiswhoswho.com

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COALITION OF INDEPENDENT INTERNET PROVIDERS ASKS CRTC TO FIX ERRORS IN WHOLESALE FIBRE RATES

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Coalition of competitive ISPs say current fibre rates make competition impossible and threatens to harm millions of Canadian consumers

CHATHAM, ON, July 23, 2026 /CNW/ — A coalition of independent internet service providers (the Coalition) led by TekSavvy Solutions Inc. (TekSavvy) today applied to the Canadian Radio-Television and Telecommunications Commission (CRTC) to review and vary Telecom Order 2026-77, which set final wholesale rates for fibre internet services. In that decision, the CRTC approved wholesale rates for fibre internet services that are higher than the retail prices charged by the large carriers. This makes competition impossible, as independent providers are forced to either sell at a loss or set prices above the large carriers, leaving millions of Canadian consumers without competitive options for essential internet services.

The application identifies key errors that led the CRTC to approve severely inflated final wholesale rates, which make it economically impossible for independent providers to compete. The Coalition argues that the CRTC’s incorrect rates negate the very purpose of Canada’s wholesale framework, which is to foster competition in retail broadband markets. Specifically, the Coalition asks the CRTC to make three key changes to Telecom Order 2026-77:

Eliminate one cost factor that is inconsistent with the CRTC’s established costing principles, which artificially increased fibre wholesale rates by an estimated 25% to 30% (the Adjustment Factor).Reduce another element of the costing that is inflated above reasonable levels: The Coalition calls on the CRTC to reduce the markup applied to wholesale fibre services from 30% to 15%, reflecting declining costs, operational efficiencies, and the need to support competition.Correct technical errors relating to certain wholesale fibre speed descriptions.

“Canadians were promised greater competition for fibre internet services, but these rates make competition impossible.” said Andy Kaplan-Myrth, TekSavvy’s Vice President of Regulatory and Carrier Affairs. “The CRTC must correct these errors to ensure its wholesale rates promote broadband competition that challenges the market power of monopoly incumbents, lowers prices, and increases consumer choice.”

About the Coalition

The Coalition consists of competitive telecommunications providers and industry associations advocating for fair wholesale access to fibre networks and a competitive broadband marketplace that delivers affordable, high-quality Internet services to Canadians, including: TekSavvy Solutions Inc., BC Broadband Association (“BCBA”), Canada-Wide Internet Service Providers Association (“CanWISP”), Fibernetics Inc., ISP Telecom Inc., National Capital FreeNet Inc., Novus Entertainment Inc. and Purple Cow Internet Inc.

About TekSavvy Solution Inc.

Based in Chatham, Ontario, TekSavvy is Canada’s largest independent telecom service company. TekSavvy has been proudly delivering award-winning services and fighting for consumers’ rights for nearly 30 years. TekSavvy is committed to providing quality competitive choice and closing Canada’s digital divide.

SOURCE TekSavvy Solutions Inc.

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Monk Launches Voice Collections, Bringing AI Phone Calls and Callbacks to Accounts Receivable

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Monk’s collections agent, Julia, can now place outbound collection calls and answer inbound AR questions from a dedicated business number, so finance teams can use the channel that collects best without adding headcount.

Multimedia: Watch Voice Collections in action: https://youtu.be/w09PoN1yACE 

NEW YORK, July 23, 2026 /PRNewswire/ — Monk, the AI-native accounts receivable platform, today launched Voice Collections. Its collections agent, Julia, can now place outbound collection calls and answer inbound customer questions about invoices and payments from a dedicated phone number for each organization. The feature brings the phone, long the most effective collections channel and the hardest one to scale, into Monk’s Intelligent Collections.

Roughly $10 trillion sits in unpaid invoices worldwide, and the average invoice now takes 59 days to clear (Allianz). Most accounts receivable runs on email, and most of it waits. More than half of B2B invoices in the United States are overdue at any given time, and 92% of businesses are typically paid after their due date (Chaser, 2026). Phone calls recover overdue invoices two to three times better than email (Dunwise), yet 91% of finance teams still rely on email as their main follow-up channel and only 56% use the phone, because calling every overdue account by hand does not scale and a single human dunning call can cost $12 to $18 (HighRadius).

Voice Collections gives teams that coverage. Julia can call on the accounts a playbook flags for phone follow-up, and answer when a customer calls the same number back to ask about an invoice, a payment, or a bank detail. Businesses that follow up on 100% of overdue invoices are 76% more likely to be paid within a week (Chaser), and a voice agent is what makes full coverage possible.

Monk’s collections agent is already proven on the accounts it handles by email. Across Monk’s first 100 customers, Julia reaches customers with a 24% higher response rate than standard dunning and resolves 88.2% of collections with zero human intervention. Voice extends that reach to the phone.

“For years the assumption was that customers would not talk to an AI on the phone,” said George Kurdin, Founder and CEO of Monk. “The evidence now points the other way. People engage with a good voice agent, and in AR the phone was always the channel that collected best. We built Voice Collections so finance teams can finally use it at the scale email gave them.”

That assumption is worth retiring. In a University of Chicago Booth field study of roughly 70,000 interviews, people interviewed by a voice AI agent were 12% more likely to receive an offer, 18% more likely to start, and 17% more likely to still be there after 30 days, and 80% chose the voice AI over a human when given the choice. The setting was recruiting rather than collections, but the finding travels: given a capable voice agent, people lean in rather than hang up. A call also does something email cannot, which is secure a verbal promise to pay in the moment.

Built for finance, with the phone agents kept with strict guardrails

Voice in finance has to be constrained, and Monk designed Voice Collections around that from the start. The agent is read-only on the phone. It answers questions, confirms details, and routes the next step. It will not rewrite an invoice, change a payment status, or accept a sensitive payment change by voice.

The agent is also reference-based. If a caller asks about an invoice, Julia asks for both the company name and the invoice number before looking anything up, and it will not search broadly from a single detail. Every inbound and outbound call is kept in the collection record alongside the email history, so a callback is part of the same thread the team already sees, and anything that needs judgment escalates to a person.

“Voice in finance has to be careful by design,” said Joe Zhou, Co-Founder and CTO of Monk. “Julia will not browse across accounts or move money over the phone. A caller has to bring the company name and invoice number before it confirms anything, and every call lands in the record. In finance a 1% mistake is still unacceptable, so we built for that first and added the reach second.”

Teams run autonomous collections on Monk

Monk runs collections for finance teams at companies like Unify, Pump, Siro, and Elate, and Voice Collections extends what those teams already do by email onto the phone.

“We chose Monk to help automate our collections, a process previously demanding several hours a week of manual, one-off outreach,” said Will Stewart, Head of Finance and BizOps at Unify. “Today, our Monk agent is always running in the background and I have a single dashboard to manage AR from.”

At Pump, which manages volume across more than 1,500 customers, Monk has helped collect over $10 million in recent months.

Voice AI is now infrastructure

The timing reflects how far voice AI has come. It has moved from demo to infrastructure: Vapi has processed more than 1 billion calls, Bland handles over 3.5 million calls a week, and ElevenLabs raised a $500 million round at an $11 billion valuation in early 2026. Monk builds Voice Collections on that foundation and adds the part finance actually needs, which is the AR context, the controls, and the audit trail.

Voice Collections is available now as an opt-in feature. Monk configures the dedicated number and call behavior with each organization before turning it on in Collections. See it in action: https://youtu.be/w09PoN1yACE.

About Monk

Monk is the AI-native accounts receivable platform that helps finance teams turn revenue into cash. Its agent, Julia, runs collections, cash application, and forecasting as one connected system. Monk resolves 88.2% of collections with zero human intervention, reaches customers with a 24% higher response rate than standard dunning, reduces DSO by more than 40%, automatically matches 80% of incoming payments with a full audit trail, and gives finance teams back roughly 26 hours a month. Teams onboard in under a week and see results in their first month. More than $1.5 billion in receivables is managed on the platform, including for customers like Profound and ElevenLabs. Monk has raised $25 million and is based in New York.

Media contact
Kendall Warson
kendall@monk.com
+1 415-827-6585

Sources: Chaser 2026 Accounts Receivable research; Dunwise dunning research; HighRadius collection call cost analysis; University of Chicago Booth field study on AI in recruiting; voice AI figures compiled by Enterprise DNA; Federal Reserve data; Allianz Worldwide DSO survey.

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SOURCE Monk

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