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Summary of our market study
Since 2020, the guitar market has undergone significant changes, with the Spanish market experiencing fluctuations due to several key trends. Electric guitar sales have declined worldwide, with iconic brands such as Gibson facing financial difficulties. Acoustic guitars fared better, with demand buoyed somewhat by the "Taylor Swift effect", which increased their popularity with young women. In Spain, traditional guitar manufacturers have seen their sales decline, while the second-hand market has expanded, particularly online, offering both vintage value and buying opportunities for beginners.
The Spanish industry has experienced fragmentation, with an increase in local manufacturers despite pressure on margins. Technological advances also played a role in modernizing learning and consumer engagement, with services such as Fender's chord application, Fender Songs. The market faced increased competition from electronic music, the weakening image of rock music and the emergence of preferences for instruments such as the ukulele. The move towards online sales continues to challenge local retailers, with e-commerce changing the competitive landscape.
Guitar market dynamics in Spain
In the land of flamenco and classical guitar traditions, the Spanish guitar market reflects a complex interplay between cultural heritage, competitive pressures and technological evolution. While the country boasts a rich stringed-instrument history and manufacturers such as Manuel Rodríguez and José Ramirez, its market is not immune to the global challenges and changing consumer trends affecting the guitar industry. Demand in the Spanish market is falling, with sales of electric guitars plummeting in recent years, dropping by around 30-35% in just one year, according to reports from major brands such as Fender and Gibson. Acoustic guitars, on the other hand, seem to be holding their own at a steadier pace, thanks in part to what has been dubbed the "Taylor Swift effect" - an influx of young female buyers inspired by pop culture figures. Average annual sales fell by around 2.12%, illustrating the difficulty of this market.
The rise of the second-hand market has also had a significant impact, with growth fuelled by the longevity of guitars and a strong vintage appeal. Platforms such as Wallopop are recording millions of downloads, with revenues jumping 70% in one year, providing easy access and lucrative opportunities for used guitar sales and exchanges. The growing number of local manufacturers slightly offsets these declines. The number of Spanish musical instrument companies rose by over 44.85%, indicating a more fragmented market despite the general slowdown. in the digital age, technological advances have enabled newcomers like Fender to innovate by offering subscription services such as Fender Songs, which provide chord diagrams for millions of songs and thus simplify the learning process, potentially sparking renewed interest in playing the guitar. Meanwhile, the popularity of electronic music and the importance of DJ culture have diluted the rock star appeal that once boosted guitar sales. Learning traditional instruments like the guitar now competes with the quick and easy mastery of turntables for budding DJs.
In addition, market segmentation reveals emerging consumer trends such as feminization and the growing appeal of new practices. The ukulele, for example, has gained in popularity due to its affordability and ease of learning compared to traditional guitars. Despite these multifaceted challenges and trends, the guitar remains an emblematic instrument in Spain, intertwined with cultural expression and musical innovation. As Spanish players navigate the complexities of the market, from the feminization of demand to the rise of online commerce, the Spanish guitar market continues to evolve, reflecting broader global patterns and local nuances.
The main guitar manufacturers shaping the Spanish market
- Guitarras Manuel Rodríguez Guitarras Manuel Rodríguez has established itself as a family brand rooted in tradition and renowned for its handcrafted guitars. Exports are the backbone of its business. The company produces around 6,500 guitars a year, with an emphasis on quality craftsmanship. South Korea has proved to be a particularly dynamic market for this Spanish brand, with a sharp increase in demand. Although Guitarras Manuel Rodríguez has faced internal challenges following a sour alliance with Grupo Sostenible, it remains an influential name in the world of guitar making.
- José Ramirez An emblematic figure of the Madrid guitar school, José Ramirez is synonymous with heritage and exceptional quality in guitar building. Founded in 1882, this historic family business has created a legacy that extends beyond Spain's borders. Ramirez guitars are sought after by serious musicians and admired for their superior tone and construction. Their commitment to excellence has not only preserved, but advanced the reputation of Spanish guitars on the international market.
Both manufacturers continue to play an important role in maintaining and evolving the cherished tradition of Spanish guitar making, even as market dynamics have changed and sales and distribution have advanced technologically. Despite the challenges posed by new distribution channels and changes in consumer behavior, they remain steadfast in their dedication to their craft. Their continued presence testifies to their resilience and adaptability in the face of an ever-changing musical landscape.
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Summary and extracts
1 Market overview
1.1 Definition and scope of study
The guitar is a plucked musical instrument with a fretted neck and a flat, notched body.
Spain is one of Europe's best-known countries for its strong roots in diverse musical traditions centered around folk music, and string (guitar) and percussion instruments, symbols of the highly recognized Flamenco. Spain is also known for its classical guitar, a famous symbol of Spanish music.
The Spanish guitar market, although dominated by a number of leading manufacturers such as Fender and Gibson, is characterized by a multitude of players and a high level of competition.
The financial difficulties of some of the historic players in the guitar market point to difficult times ahead, as illustrated by the health of Gibson and the world's second oldest luthier La Casa Manuel Rodriguez.
The guitar market in Spain is partly driven by the second-hand sector, with an ever-growing number of websites selling musical instruments online. The boom in sales between private individuals on dedicated platforms is penalizing the development of traditional distribution networks.
1.2 A contrasting global market
A sharp decline in electronic guitar sales
The global electric guitar market has been estimated at around US$* billion in ****. [***]
Less of a decline for acoustic guitars
Worldwide, the acoustic guitar market has overtaken the electric guitar market since ****.[***] According to Music Trades, the guitar market in the United States continues to grow, driven by an increase in the number of sales, which offsets a drop in the average selling price, from US$*** to US$*** between **** and ****.
Total guitar sales united States, **** - ****, US$ million CAGR: +*.** Source: ****
The sharp drop in electric guitar sales has been masked by a rise in acoustic guitar consumption and a feminization of demand; this is known as the Taylor Swift effect, as young girls are now the main buyers. [***]
1.3 A Spanish market in slight decline
Sales of companies operating in the manufacture of musical instruments Spain, **** - ****, € million excl CAGR: -*.** Source: ****
Sales have been falling over the period, with an average annual decline of *.**%.
Finally, the market for electric guitars has declined sharply in recent years. According to a report published in **** by the major brands (***), sales of their guitars fell by **% to **% in just one year.[***]
In Spain, Manuel Rodríguez, a renowned manufacturer of acoustic instruments, recorded a drop in sales of over **%[***]
1.4 International trade
Foreign trade in guitars and harps Spain, **** - ****, million US$ Source: ****
Source: ****
The coverage rate (***).
French imports corresponding to code - ******: Musical instruments; spring, played other than with a bow (***) come mainly from China and Germany, while Spanish products are exported to France, Germany and the United States.
Main export destination countries Spain, ****, in millions of US$ Source: ****
Main countries of origin of imports Spain, ****, in millions of US$ Source: ****
2 Demand analysis
2.1 A demand for used instruments
The second-hand market is growing rapidly, especially on Internet forums, due to the long life of guitars. [***]
Old electric guitars have an abundant market because vintage is valued and, rightly or wrongly, guitarists who have gone through several models like to try an old guitar. [***]
The rise of websites like Wallopop (***) that offer second-hand products between private individuals is encouraging the exchange and sale of used guitars. [***]
Demand from investors
According to entrepreneur Israel Domínguez, there is a strong culture of antique instruments abroad. It's rare to sell a *,*** or *,*** euro piece in Spain, but it is possible to sell them abroad via the web. These guitars are also attractive to investors, who don't play, but know that in ** years' time their acquisition will be worth *,*** euros more. Many pieces have become works of art, and instead of buying paintings, some investors buy guitars. At the Guitar Center store in New York, they have an area of vintage instruments that they don't sell, so they can continue to increase their value. [***]
2.2 Competition from electronic music and the declining reputation of rock stars
The image of DJs has progressed, replacing instrumentalists
The emergence of DJs in the **st century has changed the way people think, and they have become increasingly popular in bars, discotheques and festivals alike. Stars such as Fonsi Nieto (***) and Kiko Rivera have the ability to fill huge stages and serve as role models for the younger generation, who are turning away from playing instruments, including the guitar.
What's more, the learning period for "classical" instruments is much longer, with a period of preparation, study and rehearsal that can be longer than using turntables for DJs. [***]
More generally, classical instruments are still being sold, but digital products are selling more every year.
Declining popularity of "rock stars
Conversely, today's rock fans are scattered, and no real rock star has emerged to inspire young people. Yet the guitar was the cornerstone of rock. In ****, only three songs in this style feature in the top ***, alongside contemporary R&B and pop. [***]
2.3 Demand trends: feminization and new practices
Feminization
According to a study by guitar manufacturer Fender, there are more and more female guitarists in the industry.
The study found that in the US and UK, **% of the next new guitarists are women. The same applies to women learning to play guitar. "Today, guitarists have grown up in a totally different cultural context and a different popular music scene with growing artists like Mura Masa, Tash Sultana, Youngr, Daniel Caesar and Grimes changing the way the guitar is played."[***]
In an interview with Forbes Andy Rooney, CEO of Fender, said that his company needed to communicate more with the female audience and the artists it is in contact with to encourage this rising demand.
New practices
on the other hand, the ukulele is attracting more and more fans, with a number of trendy bands such as Crystal Fighters. The instrument has a number of advantages: small size, low price and a learning curve that can be quicker in the early stages.
The graph above represents the proportion of searches for a given term in a given region over a given period of time, relative to the time when it was most searched for (***). Thus, a value of ** means that ...
3 Market structure
3.1 A growing number of local manufacturers
Number of companies operating in musical instrument manufacturing Spain, **** - ****, units Source: ****
There is an upward trend in the number of companies operating in musical instrument manufacturing in Spain, despite a statistical lag effect observed in ****-****. The number of companies rose by **.**% over the period studied.
3.2 A decline in overall margins in the sector
Gross margins on goods for resale of musical instrument manufacturing companies Spain, **** - ****, in Source: ****
After a recovery in margins following the ****-**** crisis, it seems that the sector is suffering from a drop in margins to around *% from ****-****, which illustrates the sector's difficulties.
3.3 The world's leading guitar brands
Looking at sales on the Reverb website, an online marketplace for new, used and vintage music equipment that operates worldwide, we can see the main brands for the different business segments.
Market share of vintage electric guitars World, ****, in Source: Reverb Market share of acoustic guitars World, ****, in Source: Reverb Market share of bass guitars World, ****, in Source: ****
3.4 Focus: Spanish brands
Guitarras Manuel Rodríguez
Guitarras Manuel Rodríguez is a Spanish family business specializing in guitar building. Resolutely export-oriented, the company builds and sells some *,*** guitars a year, with a strong commitment to quality. **% of production is sold on foreign markets, and South Korea has proved a promising market, with sales to this country increasing eightfold in recent years. [***]
In ****, the Toledo-based company, based in the town of Esquivias, received the "Empresa Referente" seal of distinction from INFEBEX, the International Federation for the Promotion of Business and Foreign Trade. [***]
However, the alliance with Grupo Sostenible in **** led to dissension between the two players, and Manuel Rodríguez III, heir to the family business left the group in ****. [***]
José Ramirez
Founded in ****, José Ramirez is a family business that sells top-of-the-range guitars in Spain and abroad. The José Ramírez workshop has become an essential part of the Madrid Guitar School, to which it supplies a large number of guitars.
3.5 Rise of online sales and difficulties for local players
Due to the crisis in the sector, the number of Internet sales has risen sharply. The arrival of e-commerce has particularly affected small, traditional instrument stores, which have to compete with the sector's large multinationals.
It's very difficult for small shops to compete with Internet sales, as they can't afford to compete with advertised prices. [***]
4 Offer analysis
4.1 Product overview
The guitar is a plucked string instrument, usually with * strings.
There are different types of guitar:
Classical guitars with nylon strings: suitable for beginners, they enable rapid learning, but are also used by flamenco enthusiasts. This segment is particularly popular in Spain. Acoustic guitars: louder and brighter, they enable you to play folk, rock and jazz styles in particular, and are the best-known and trendiest guitar in Spain and Europe in ****. Electric guitars: these require an amplifier, but have the advantage of greater playability (***) and simplified recording capabilities. Electroacoustic guitars combine the look of an acoustic guitar with the qualities of an electric guitar (***) Other types of guitar, such as ukuleles, banjos and other derivatives
The guitar market is renowned for the large number of complementary accessories sold in addition to the instrument. These include tuners, capodasters, strings, cases, guitar jacks/cables, picks, metronomes, maintenance products, straps and stands/foot rests. These often indispensable complementary products therefore account for a significant proportion of the sector's sales.
4.2 Price and product examples
Guitar prizes
Source: ****
Course prices
There are several formats for guitar lessons:
Private lessons given by individuals; Private or group lessons at a guitar school; Online lessons
Among these learning channels, we note several trends: the rise of lessons given by private individuals who make contact through online platforms such as superprof.es, classgap or tusclasesparticulares. Another trend is the rise of online courses, often at much lower prices, a trend that is likely to be reinforced by the covid-** crisis, as students who have picked up the habit may continue to do so in the future.
4.3 Technological advances make learning easier
Some guitar manufacturers are looking to switch to a service model to counterbalance declining sales and the success of pre-owned guitars.
Fender, for example, has launched a subscription service in **** that will display the chords of millions of songs, the latest effort in the electric guitar maker's digital revenue strategy. Called Fender Songs, the app leverages machine learning technology that analyzes songs streamed by Apple Music and generates chord diagrams for the songs.[***]
5 Regulations
5.1 World Customs Nomenclature and Harmonized System
The Harmonized System is an international nomenclature for product classification. It enables participating countries to classify traded goods on a common basis for customs purposes. At international level, the Harmonized System (***) for the classification of goods is a six-digit code system. [***]
The HS comprises around *,*** item/product descriptions, which appear as headings and subheadings, organized into ** chapters, grouped into ** sections. The six digits can be broken down into three parts. The first two digits (***).
The harmonized system was introduced in **** and has been adopted by most of the world's countries. It has undergone several changes in product classification. These changes are known as revisions, and came into force in ****, ****, ****, **** and ****. Detailed changes to each HS nomenclature are available on the links attached below.
For the compilation of foreign trade statistics and market calculations for this study, we have selected the following areas
For the domestic market: Eurostat- **.**: manufacture of musical instruments
For international trade: UN Comtrade- ******: Musical instruments; spring, played other than with a bow (***)
6 Positioning the players
6.1 Segmentation
- Union Musical
- Guitarras Manuel Rodríguez
- Alberto Martin Ramos
- José Ramirez
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