Electric Guitars Market Outlook, Business Opportunities And Growth Factors Report To 2033

The Electric Guitars Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Electric Guitars Global Market Report 2024, 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.

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.

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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

Major companies operating in the electric guitars market are focused on developing innovative solutions such as high-end electric guitars. A high-end electric guitar refers to a premium and top-quality instrument that is crafted with exceptional attention to detail, using high-grade materials and advanced construction techniques. For instance, in June 2023, Taylor Guitars, a US-based guitar manufacturer launched the ‘Powers Electric’ brand. This electric guitar brand guitars are equipped with SoCal surf-inspired A-Type hollow body. The A-Type represents a contemporary boutique instrument with design influences drawn from 20th-century automotive design and surf culture, embodying a 21st-century aesthetic. The pickup control knobs and vibrato arm caps are crafted using layers of surfboard resin, a byproduct derived from the process of sealing and waterproofing surfboards for ocean use.

The electric guitars market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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