Overview and Scope
Electric guitars refer to a guitar with electric or magnetic pickups that allow the sound to be enhanced and broadcast through a loudspeaker. The electric guitar is a sound-producing instrument with a wooden body and steel strings. It converts the vibrations of its strings into electrical impulses, which are then reproduced as sound by loudspeakers, using one or more pickups.
Sizing and Forecast
The electric guitars market size has grown strongly in recent years. It will grow from $3.19 billion in 2023 to $3.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to rock and roll culture, cultural shift in music preferences, influence of guitar icons, manufacturing advances, cultural symbolism, media and advertising.
The electric guitars market size is expected to see rapid growth in the next few years. It will grow to $5.11 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to continued genre evolution, e-commerce and online sales growth, sustainability and eco-friendly practices, global market expansion, customization and personalization trends. Major trends in the forecast period include influence of social media and digital platforms, technological innovations, digital integration, rise in online sales, artist collaborations.
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Segmentation & Regional Insights
The electric guitars market covered in this report is segmented –
1) By Type: Electric Acoustic Guitar, Seven String Guitar, Solid Body Guitar, Hollow Body Guitar, Other Types
2) By Price: Low, Medium, High
3) By Distribution Channel: Online, Offline
4) By End-user: Professionals, Learners, Individual Amateurs
Asia-Pacific was the largest region in the electric guitar market in 2023. The regions covered in the electric guitars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing interest in music is a major factor driving the growth of the electric guitars market. People are showing interest in music, as music refreshes the soul and is an excellent source of entertainment. Electric guitars, including gemstones and essence, are crucial in popular music genres, and the fashion ability of these genres motivates many people to learn to play the guitar. For instance, according to the Fender Musical Instruments Corporation (FMIC), a US-based manufacturer of musical instruments, 16 million new guitarists were taking up the instrument in the first half of 2021, with nearly 1 million acoustic guitar imports and 96.50 lakh electric guitar imports, a 35% increase over historical averages. Therefore, the rising interest in music is expected to propel the growth of the electric guitars market going forward.
Key Industry Players
Major companies operating in the electric guitars market report are Gibson Brands Inc., EDM Music, Alembic Inc., Fender Musical Instruments Corporation, Yamaha Corporation, CF Martin & Company, Alvarez Guitars, Behringer Guitars, PRS Guitars, Paul Reed Smith Guitars Ltd., Ampeg, ESP Company Ltd, Schecter Guitar Research, Hoshino Gakki Co. Ltd., Dean Guitars, Babicz Guitars, Rickenbacker International Corp, Karl Hofner GmbH & Company KG, Carvin Corporation, B C Rich Guitars., G&L Musical Instruments, Michael Kelly Guitars, Jackson Guitars, Cort Guitars, Epiphone, Airline Guitars, Antoria, Aria Guitars, Ashton Music, Avalon Guitars
The electric guitars market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
…………
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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