USD 4.16 billion
Electric Guitars Market Size, Share, Growth Analysis, By Product(Solid-body, Semi-hollow body, Hollow body, Accessories), By Distribution Channel(Online, Offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20E2037 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
75
Electric Guitars Market Insights
Electric Guitars Market size was valued at USD 4.16 billion in 2021 and is poised to grow from USD 4.49 billion in 2022 to USD 7.62 billion by end of 2030, at a CAGR of 7.0 % during the forecast period (2023-2030).
The growing interest in music among millennials is anticipated to be a major market driver. Additionally, the demand for musical instruments like electric guitars is increased by the increase in live performances and commercialization of music festivals. Electric guitars are frequently used in metal and rock music. Rising genre popularity is one of the major factors affecting the market. The increase of musical bands around the world is another aspect influencing the market. Growth in the population of adolescents, that tends to engage in a lot of leisure activities, is seen in demographic patterns. The demand for musical instruments—especially electric guitars—has increased as a result.
The spread of the internet and technical development have made music instruction more accessible to students worldwide. The online music education market uses file sharing, videoconferencing, instant messaging, and digital whiteboards as its primary teaching tools. YouTube, digital sheet music, applications, and systems that use the cloud are just a few examples of the digital music tools that are revolutionizing the music education sector. The market for online music education is expected to grow as a result of the online video and audio creation & promotion industry's increased demand. Over the projected period, there is anticipated to be an increase in demand for online performances & virtual lessons to learn a new instrument. Customers have been inspired by this and driven to study an instrument, especially from the comfort of their homes.
US Electric Guitars Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Online
Fastest Growth
Online
Growth Rate
7.0% CAGR
Global Electric Guitars Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Electric Guitars Market Segmental Analysis
Global Electric Guitars Market is segmented into Product, Distribution Channel and region. Based on Product the market is segmented into Solid-body, Semi-hollow body, Hollow body, Accessories. Based on Distribution Channel the market is segmented into Online, Offline. Based on region the global market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Electric Guitars Market Analysis by Product
Electric guitars with solid bodies had the highest revenue share, at more than 65.0%. The popularity of the metal and rock music genres has led to the widespread adoption of these guitars. Furthermore, solid-body electric guitars are commonly used by rock bands. Therefore, it is projected that as the number of bands expands globally, so will the demand for solid-body electric guitars. As a result, it is anticipated that the demand of solid-body electric guitars would increase as the number of bands increases globally. For instance, Geography Realm reports that Finland has 70.6 bands of heavy metal per 100,000 inhabitants, as opposed to 53.2 bands per 100,000 people in the United States.
Electric guitars with semi-hollow bodies are anticipated to grow at a profitable CAGR of 7.4% throughout the projection period. Electric guitars with semi-hollow bodies are common because they combine the benefits of both hollow and solid bodies. The demand of semi-hollow electric guitars is expected to rise as the number of bands grows in the future.
Electric Guitars Market Analysis by Distribution Channel
The offline channel sector dominated the global market. Products sold at offline retailers saw an uptick in sales once the lockdowns were progressively lifted in a number of nations around the world. For instance, a blog post by Guitar.com claimed that sales at the well-known Guitar Centre keep on Sunset Boulevard in Hollywood, California, tripled. The company attributed this to a rise in podcasters as well as amateur musicians buying equipment to use while the city was on lockdown for COVID-19. The traditional methods of marketing offer a wide range of options, affordable product prices, and great brand recognition, making them the perfect platform for all types of clients.
The online channel segment is predicted to record a lucrative CAGR during the projection period. Numerous factors, like the COVID-19 pandemic outbreak & how easy and convenient it is to purchase goods, are attributed to this development. According to a blog post by Music Strive, despite ceasing production in Stratocaster concluded the year at a high of USD 700 million, or around 17% more than what was achieved in 2020. Online instrument sales will continue to be common during the anticipated time period.
Global Electric Guitars Market By Distribution Channel
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Electric Guitars Market Regional Insights
Asia Pacific dominated the global market. Due to increased levels of disposable money per person, consumers have a great influence on the market and their preferences are changing quickly. The growing popularity of music & the ability to spend money on leisure activities have both contributed to the demand for electric guitars in the Asia-Pacific region. In addition, market growth is predicted to be fueled in the upcoming years by the rise in the number of musical ensembles hosting concerts and festivals.
North America is expected to see an annualized growth rate of 7.1% from 2022 to 2030 as live music concepts are becoming more and more popular there, as well as because there are more music events taking place there. Leading electric guitar manufacturers like Gibson Companies, Inc., Fender A musical Instruments, Karl Höfner GmbH & Co. KG, Ibanez instruments, Yamaha Corporation, as well as Michael Kelly Guitar Co. are also introducing cutting-edge variations to further penetrate the market and amass an extensive clientele in the region, which has been boosting the market's growth.
Global Electric Guitars Market By Geography
- Largest
- Fastest
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Electric Guitars Market Dynamics
Electric Guitars Market Drivers
Growing popularity of music and music-related activities
- The popularity of music, especially genres like rock, pop, and metal, continues to rise globally. This has led to an increased interest in learning and playing musical instruments, including electric guitars. The desire to emulate favorite artists and participate in music-related activities is driving the demand for electric guitars.
Advancements in technology and innovation
- Electric guitars have seen significant technological advancements over the years. Manufacturers are constantly introducing new features, designs, and materials to enhance the sound quality, playability, and overall performance of electric guitars. These innovations attract musicians and enthusiasts, stimulating market growth.
Electric Guitars Market Restraints
Price sensitivity
- Electric guitars can range from affordable entry-level models to high-end, expensive instruments. Price sensitivity among consumers can limit the adoption of higher-priced guitars, especially for beginners or casual players. Economic factors and affordability play a crucial role in the purchasing decisions of potential customers.
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Electric Guitars Market Competitive Landscape
Players in this sector compete fiercely since a few of them are top producers and sellers of instruments for music with sizable customer bases. Additionally, these market leaders have robust and sizable distribution networks that enable them to access a bigger customer base globally. Major players have a significant impact on the market because they typically have a global presence and use a variety of business strategies, including product launches and developments, mergers and acquisitions, company growth, collaborations and partnerships, and distribution channel bolstering, to grow more quickly and gain a larger market share.
Electric Guitars Market Top Player’s Company Profiles
- PRS Guitars
- Ibanez Guitars
- ESP Guitars
- Gretsch Guitars
- Music Man (Ernie Ball)
- Taylor Guitars
- Jackson Guitars
- Epiphone (a subsidiary of Gibson)
- Schecter Guitar Research
- Rickenbacker International Corporation
- Dean Guitars
- Washburn Guitars
- Charvel Guitars
- Godin Guitars
- Guild Guitars
- Brian May Guitars
- Suhr Guitars
Electric Guitars Market Recent Developments
- In July 2021, Kirk Hammett, a well-known guitarist from the popular heavy metal band Metallica, and Gibson Brands, Inc. have established a partnership. The company hopes to launch a signature guitar line as a result of this cooperation.
- In July 2021, Kyser Musical Products and Fender Musical Instruments Company announced their partnership in the launch of Kyser's electric guitar caps. Both Kysermusical.com and Fender.com sell the recently released capos.
Electric Guitars Key Market Trends
- Growing demand for vintage and retro-style guitars: There has been a resurgence of interest in vintage and retro-style electric guitars. Musicians and enthusiasts are drawn to the classic designs, tones, and aesthetics of guitars from the 1950s to 1970s. Manufacturers have capitalized on this trend by reissuing iconic models or creating new guitars with vintage-inspired features.
- Rise of boutique and custom-made guitars: The popularity of boutique and custom-made electric guitars has been on the rise. These guitars are often handcrafted by skilled luthiers and offer unique designs, premium materials, and personalized features. Musicians are increasingly seeking instruments that stand out and provide a customized playing experience.
- Focus on sustainability and eco-friendly practices: Environmental consciousness has become an important consideration in the electric guitars market. Manufacturers are adopting sustainable practices by using responsibly sourced woods, exploring alternative materials, and implementing eco-friendly manufacturing processes. Consumers are showing a preference for brands that prioritize sustainability.
- Integration of technology and digital features: Electric guitars are embracing technology integration and digital features. Many guitars now come equipped with built-in effects, digital modeling, and connectivity options, allowing musicians to access a wide range of tones and connect directly to recording software or amplifiers. This trend caters to the needs of modern musicians and facilitates versatility and convenience.
- Growth of online sales and direct-to-consumer models: The rise of e-commerce has significantly impacted the electric guitars market. Online sales channels, including direct-to-consumer models, have gained prominence, providing customers with convenience, competitive pricing, and a wider selection. Manufacturers are establishing their online presence and utilizing digital marketing strategies to reach a broader customer base.
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Electric Guitars Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Electric Guitars Market analysis, the growing interest in music among millennials is anticipated to be a major market driver. Additionally, the demand for musical instruments like electric guitars is increased by the increase in live performances and commercialization of music festivals. However, North America is projected to emerge as the fastest growing region during the forecast period due to the as live music concepts are becoming more and more popular there, as well as because there are more music events taking place there. Leading electric guitar manufacturers like Gibson Companies, Inc., Fender A musical Instruments, Karl Höfner GmbH & Co. KG, Ibanez instruments, Yamaha Corporation, as well as Michael Kelly Guitar Co. are also introducing cutting-edge variations to further penetrate the market and amass an extensive clientele in the region, which has been boosting the market's growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 4.16 billion |
| Market size value in 2031 | USD 7.62 billion |
| Growth Rate | 7.0% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electric Guitars Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electric Guitars Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electric Guitars Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Guitars Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Guitars Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Guitars Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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