Electric Guitars Market Size & Growth Analysis to 2030

The global electric guitars market size is accounted to grow at a robust CAGR of over 7% during the forecast period 2021 to 2027. The increasing interest in music by millennials across the globe is a major factor to drive the market growth. Furthermore, the growing popularity of the product in several individuals is expected to increase the demand for guitars which is anticipated to boost the market growth. Moreover, the increasing number of rock bands, the growing popularity of rock music, and increasing disposable income per capita are expected to fuel the market growth over the forecast period. however, the high cost compared to acoustic guitars and the rising popularity of acoustic guitars are some major factors to restrain the market growth.

Market Drivers:

Popularity of Music and Musical Instruments: The popularity of music, particularly genres like rock, pop, and jazz, fuels the demand for electric guitars. As music remains a significant form of entertainment and self-expression, aspiring musicians and enthusiasts seek electric guitars to learn, perform, and create music.

Influence of Popular Artists and Bands: Influential musicians and bands have a substantial impact on the demand for electric guitars. When popular artists use electric guitars in their performances, it often leads to increased interest and desire among their fans to own similar instruments. These endorsements and associations with renowned musicians contribute to the growth of the electric guitars market.

Technological Advancements and Innovations: Technological advancements in guitar manufacturing, such as improved pickups, electronics, and hardware, contribute to the growth of the electric guitars market. Innovative features like advanced tone controls, versatile switching systems, and built-in effects attract musicians seeking enhanced sound quality and versatility.

Cultural and Lifestyle Trends: Electric guitars have become synonymous with certain cultural and lifestyle trends, particularly in youth culture. The image and appeal associated with playing the electric guitar, often tied to notions of creativity, rebellion, and self-expression, contribute to its demand as a cultural and lifestyle symbol.

Guitar Education and Learning Platforms: The availability of guitar education resources, both online and offline, has played a significant role in increasing the interest in electric guitars. Guitar learning platforms, tutorials, and apps make it easier for aspiring musicians to access learning materials and develop their skills, leading to increased demand for electric guitars.

Performance and Live Music Culture: The live music culture, including concerts, gigs, and performances, drives the demand for electric guitars. Musicians and bands rely on electric guitars for their stage performances due to their amplified sound and ability to cut through the mix. The desire to perform live and be part of the music scene fuels the demand for electric guitars.

Evolution of Music Genres and Styles: The evolution of music genres and styles has an impact on the demand for electric guitars. As different music genres emerge and evolve, musicians seek electric guitars that can produce the desired sound and tone associated with those genres. This drives the demand for electric guitars with specific features and characteristics.

Accessibility and Affordability: The availability of electric guitars at various price points and the accessibility of entry-level models contribute to the market’s growth. Manufacturers offer a wide range of electric guitars with different price tags, making them more accessible to a broader audience, including beginners and hobbyists.

Replacement and Upgrading: Electric guitar enthusiasts often replace or upgrade their instruments to improve their playing experience or explore new sounds. This leads to a continuous demand for electric guitars as musicians seek higher-quality instruments, different styles, or unique features to enhance their playing abilities.

Online Retail and E-commerce: The rise of online retail and e-commerce has significantly impacted the electric guitars market. Online platforms provide a wide selection of electric guitars, convenient shopping experiences, and competitive prices. The ease of purchasing electric guitars online has contributed to the market’s growth and expanded its reach to a global customer base.

Market Snapshot:

Market Insights:

The global electric guitars market is bifurcated into the product, type, distribution channel, and geography. On the basis of product, the market is further segmented into solid-body, semi-hollow body, and hollow-body. The solid-body segment dominated the global market in 2020 and is estimated to hold the largest market share of over two-third percent of the market by the end of the analysis period. Solid-bodied guitars offer great responsiveness and they largely depend on amplification for the best performance. In addition, some of the major manufacturers are adopting various strategies including new product launches to meet the growing demand for the product, which is anticipated to boost the segment growth.

On the basis of distribution channels, the market is segmented into offline and online channels. The offline channel segment dominated the global electric guitars market in 2020 and accounted to hold the largest revenue share of over two-third of the market by the end of the analysis period. The benefits associated with offline channels such as high visibility, freedom for testing and selection, and low cost are some of the key factors driving the segment’s growth. On the flip side, the online channel is accounted to grow at a fast growth rate over the forecast period due to the growing trend of online shopping coupled with comfortable delivery options.

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The electric guitar’s comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The electric guitars market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Product:

• Solid-body
• Semi-hollow Body
• Hollow-body

By Type:

• Lead/Rhythm
• Bass

By Distribution Channel:

• Offline
• Online

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage

Geographically, the electric guitars market report comprises dedicated sections centering on the regional market revenue and trends. The electric guitars market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, and Rest of the World (RoW). The RoW segment consists of Latin America and the Middle East & Africa. The electric guitars market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Electric guitars market estimates have also been provided for the historical years 2018 & 2019 along with forecasts for the period from 2021 – 2027.

Competitive Assessment

Some of the leading market players operating in the global electric guitars market are Gibson Brands, Inc., Karl Hofner GmbH & Co. KG, Fender Musical Instruments, Yamaha Corp., and Ibanez Guitars. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Gibson Brands, Inc.
• Karl Hofner GmbH & Co. KG
• Fender Musical Instruments
• Yamaha Corp.
• Ibanez Guitars
• Cort Guitars
• ESP Company, Ltd.
• EDM Music
• Michael Kelly Guitar Co
• Epiphone

Key Questions Answered by Electric Guitars Market Report

• Global electric guitars market forecasts from 2021-2027
• Regional electric guitars market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the regions as mentioned above
• Electric guitars submarket forecasts from 2021-2027 covering the market by product, by type, by distribution channel, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about electric guitars market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level electric guitars markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the electric guitars market