Global Electric Guitars Market predicted to grow at a CAGR of 6.6%

Introduction

Unlike a typical acoustic guitar, an electric guitar requires external amplification to be heard at performance volumes. Electric guitars are generally used in metal and rock genres of music. One of the key aspects influencing the industry is the rising popularity of various genres. Demographic trends show an increase in the adolescent population frequently participating in leisure activities.

Market Dynamics

Rising Demand for Online Music Classes Drives the Global Market

Expanding government funding for online music education, the proliferation of connected and intelligent devices in e-learning, and the growing digitization of music all contribute to the growth of the electric guitar market. The cost and time savings further influence the demand for online music education. Children find online learning less intimidating and more beneficial than conventional learning methods because they can ask questions in an open forum and rewatch lectures if they miss something. Those employed and who want to explore a new hobby but need more time to travel to offline lessons can benefit from top-notch music instruction from renowned professionals and highly qualified professors through online programs. This is anticipated to drive market growth over the forecast period.

Sustainable Musical Instruments Creates Tremendous Opportunities

Electric guitar sales are predicted to increase due to lucrative opportunities in the green sector. Sustainable musical instruments can assist market participants in staying ahead of the competition because of a growing client base of moral people who care about animal rights and green production methods. Electric guitars created ethically or sustainably are expected to have greater market potential over the estimated time frame. Additionally, e-commerce retail sales are projected to increase significantly due to rising consumer spending, a growing population, and improved internet access. The development of mobile shopping applications and the availability of secure and convenient payment methods are fostering the growth of the global electric guitar market.

Regional Analysis

Asia-Pacific is the most significant global electric guitar market shareholder and is expected to grow at a CAGR of 7.9% during the forecast period. Due to a substantial consumer influence and rapidly shifting consumer tastes brought on by rising per capita disposable income levels, the region's electric guitar market has been growing. The growing popularity of music and the ability to spend money on leisure activities have also contributed to the demand for electric guitars in Asia-Pacific. In addition, market growth is predicted to be fueled in the upcoming years by the number of musical ensembles hosting concerts and festivals.

North America is expected to grow at a CAGR of 7.1%, generating USD 2,018.80 million during the forecast period. There is significant growth in musical events, and live music ideas are rising in popularity. Leading manufacturers of electric guitars, including Gibson Brands, Inc., Fender Musical Instruments, Karl Höfner GmbH & Co. KG, Ibanez guitars, Yamaha Corporation, and Michael Kelly Guitar Co., are also introducing cutting-edge variations to penetrate the market further and amass sizable customer base in the area, which has been fostering the market's growth.

Key Highlights

• The global electric guitars market size was valued at USD 3.9 billion in 2021. It is projected to reach USD 6.93 billion by 2030, growing at a CAGR of 6.6% during the forecast period (2022-2030)
• Based on product, the global electric guitar market is bifurcated into solid body, semi-hollow body, hollow body, and accessories. The solid body segment is the highest contributor to the market and is expected to grow at a CAGR of 6.9% during the forecast period.
• Based on the distribution channels, the global electric guitar market is bifurcated into online and offline. The offline segment owns the highest market share and is expected to grow at a CAGR of 6.3% during the forecast period.
• Asia-Pacific is the most significant global electric guitar market shareholder and is expected to grow at a CAGR of 7.9% during the forecast period.

Competitive Players

Competitive Players

The global electric guitars market’s major key players are Gibson Brands, Inc., Fender Musical Instruments Corporation, Karl Höfner GmbH & Co. KG, Ibanez Guitars, Yamaha Corporation, The ESP Guitar Company, Cort Guitars, Michael Kelly Guitar Co, Dean Guitars, and Epiphone.

Recent Developments

Market News

• In October 2022, Gibson, the iconic American instrument brand, shaped sound across generations and genres of music, becoming one of the most relevant, played, and loved guitar brands worldwide. One of the true pioneers of the electric guitar and guitar pickup design, Gibson’s many years of research and manufacturing in the field have helped shape the sounds of generations of musicians and music lovers across genres for almost 90 years.
• In October 2022, Fender Unveiled the American Vintage II Series of electric guitars and basses - faithful recreations of its most iconic models from the `50s, `60s &`70s that inspired music culture.

Segmentation

Global Electric Guitars Market: Segmentation

By Product

• Solid Body
• Semi-Hollow Body
• Hollow Body
• Accessories

By Distribution Channel

• Online
• Offline

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA