Electric Guitar Market: Global Industry Analysis and Forecast (2023-2029)

Electric Guitar Market size was valued at US$ 23.55 Bn. in 2022. Solid-Body, one of the segments reviewed in our reports dominated the Electric Guitar Market.
Electric Guitar Market Overview:
There are three main types of guitars: acoustic guitars, electric guitars, and bass guitars. An electric guitar is a type of guitar in which striking the strings is not the main sound source. The vibrations caused by the movement of the strings are electronically recorded and amplified to produce a greater output. Since the electric representation of the vibration of the strings is generated by the electric guitar, the sound of the electric guitar can also be changed electrically. This can be adjusted using the knobs on the electric guitar and pedals and other controls.

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Electric Guitar Market Dynamics:
Electric guitars are used in rock and metal music genres. The popularity of these genres is very high and is the major driver of the electronics market. Lifestyle changes, increased disposable income, and high standards of living are encouraging consumers to engage in more leisure activities and a growing number of music bands around the world. These are the factors driving the market growth.

The growing interest in music around the world is significantly driving the demand for the electric guitar market. Electric guitars are essential to popular music genres such as rock and metal. The popularity of these genres encourages some people to learn the guitar.

Increasing individual disposable income in developing countries allows them to indulge in hobbies such as music. This is a major driver of the electric guitar market. The continued popularity of rock music is another factor driving the global electric guitar market as two. NS. In the eyes of the masses, guitar and music are inextricably linked.

Electric guitars can be expensive for most amateurs. The reason for this is that, unlike acoustic guitars, electric guitars require an amplifier. This is a major constraint on the electric guitar market, especially in developing countries.

A major challenge for the electric guitar market is the availability of many virtual musical instrument applications on mobile phones, which has attracted customer attention. As a result, the cost of manufacturing an electric guitar is very high, but there is a shortage of highly qualified and trained workers.

Market trends and challenges are analyzed and compiled in the report. The data of 2022 is considered for a better understanding of the client. Moreover, Analytics of the market is based on real numbers of past years from 2017 to 2022 with market forecast until 2029.
Electric Guitar Market Segment Analysis:
By Product, Solid-body guitars dominated the market with 70 % in 2022. These products can amplify a louder tone without running into feedback issues. These solid-body guitars offer excellent responsively, and they primarily rely on amplification for the best performance. Key Manufacturers, including Gibson Brands, Inc. and Yamaha Corporation, adopt several strategies, including new product launches to cater to the rising demand for electric guitars.

The electric guitar is around 30 percent lighter than a traditional electric instrument, with a reduced weight by approximately six pounds without compromising styling and sonic quality. These features are driving the segment growth in the electric guitar market.

By Distribution Channel, Offline Channel dominated the market with 80 % share in 2022. For market penetration, retailers are opening new stores in various states across the country and consumers prefer to buy guitars by trying those hands-on. The consumers can compare, play it, check the size which suits them. These are the factors driving the market growth through the forecast period.

The online segment is expected to grow at a CAGR of 4.6 % through the forecast period. Guitar Center, Inc. And major guitar and musical instrument retailers, such as Dave's Guitar Shop, one of the largest independent guitar stores are developing e-commerce websites to maximize their customer base. Online platforms such as social media and Google Ads play an important role in influencing consumer preferences for electric guitars. It's convenient because you can buy an electric guitar from a remote location and at a huge discount, cashback offers, etc. These factors are expected to drive the market growth through the forecast period.


Electric Guitar Market Regional Insights:
The Asia Pacific region dominated the market with a 41 % share of the market. The presence of the largest musical instrument manufacturers, including China and India, is a key factor driving the market growth. China hosts one of the largest international trade fairs for musical instruments. These huge trade fairs pave the way for musical instruments, including electric guitars. These factors are driving the demand for electric guitars in the region.

North America is expected to grow at a CAGR of 4 % through the forecast period. This is due to the growing concept of live music in connection with the growing number of music concerts in the United States. Michael Kelly Guitar Co. and others are introducing new variants to attract the largest customer base in the region. These factors are expected to drive the market growth through the forecast period.

The objective of the report is to present a comprehensive analysis of the Electric Guitar market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Electric Guitar market dynamics, structure by analyzing the market segments and projecting the Electric Guitar market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Electric Guitar market make the report investor’s guide.
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Electric Guitar Market


Report Coverage
Details


Base Year: 
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 23.55 Bn.


Forecast Period 2023 to 2029 CAGR:
3.5%
Market Size in 2029:
US $ 29.97 Bn.


 Segments Covered:
by Product
Solid-Body
Semi-Hollow Body
Hollow Body


by Distribution Channel
Offline
Online



Electric Guitar Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Electric Guitar Market Key Players
1 HOSHINO GAKKI Co. Ltd.
2 Karl Hofner GmbH & Co. KG
3 KKR & Co. Inc.
4 Rickenbacker International Corp.
5 Samson Technologies Corp.
6 Schecter Guitar Research Inc.
7 The ESP Guitar Co.
8 Carvin Corporation
9 Dean Guitars
10 Epiphone Guitar Corp.
11 Fender Musical Instruments Corporation
12 Gibson Guitar Corporation
13 Ibanez Guitars
14 Martin & Co., Inc.
15 Paul Reed Smith Guitars Ltd.
16 Yamaha Corporation

Frequently Asked Questions:

1. Which region has the largest share in Market?
Ans: Asia Pacific region holds the highest share in 2022.

2. What is the growth rate of Market?
Ans: The Global Electric Guitar Market is growing at a CAGR of 3.5% during forecasting period 2023-2029.

3. What is scope of the market report?
Ans: Global Electric Guitar Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. What is the study period of this market?
Ans: The Global Electric Guitar Market is studied from 2022 to 2029.