IMARC Group, a leading market research company, has recently releases report titled “Electric Guitars Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The study provides a detailed analysis of the industry, including the global electric guitars market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the electric guitars market?
The global electric guitars market size reached US$ 2.91 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.67 Billion by 2028, exhibiting a growth rate (CAGR) of 6.70% during 2023-2028.
What are Electric Guitars?
Electric guitars, characterized by their solid or semi-hollow body and neck with a fingerboard, have become immensely popular as musical instruments. They rely on pickups and amplifiers to generate sound and are widely utilized in various music genres, such as rock, jazz, blues, pop, country, and metal. Electric guitars possess the capability to produce several sounds and effects, including reverb, distortion, and overdrive. They can be linked to other devices, such as pedals and recording equipment. In addition to this, electric guitars also incorporate cutting-edge features, including built-in effects, wireless connectivity, and digital modeling, enabling several sound options and playing versatility.
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What are the growth prospects and trends in the electric guitar industry?
The increasing interest in music among individuals and the high number of guitarists are primarily driving the electric guitars market. Besides this, the escalating demand for these instruments, owing to the emerging trend of urbanization and the inflating income levels, is further augmenting the market growth. Moreover, the leading manufacturers are introducing innovative variations, such as modular and customizable electric guitars, allowing players to easily interchange parts and create unique instruments tailored to their preferences, which is also catalyzing the global market. Apart from this, the growing popularity of music festivals and live concerts, the expanding number of institutions, clubs, and associations, and the presence of social media platforms that provide artists with a medium to showcase their work and connect with fans are acting as significant growth-inducing factors. Furthermore, the integration of computer-aided design (CAD), computer-aided manufacturing (CAM), 3D printing, and sensors in the production of these instruments to design, test the shape, control, and optimize the manufacturing processes of various components and the automation of fabricating operations, such as woodworking and assembly through the utilization of robotics are anticipated to propel the electric guitars market over the forecasted period.
Who are the key players operating in the industry?
The report covers the major market players including:
- C. F. Martin & Company
- Cort Guitars
- Dean Guitars
- Fender Musical Instruments Corporation (Servco Pacific Inc.)
- Gibson Brands Inc.
- Hoshino Gakki Co. Ltd.
- Karl Hofner GmbH & Co. KG, Michael Kelly Guitar Co.
- Paul Reed Smith Guitars
- Samick Musical Instrument Co. Ltd.
- Yamaha Corporation, etc
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type Insights:
- Electric Acoustic Guitar
- Seven String Guitar
- Solid Body Guitar
- Hollow Body Guitars
- Others
Breakup by Price:
- Low
- Medium
- High
Breakup by Distribution Channel:
- Online
- Offline
Breakup by End User:
- Professionals
- Learners
- Individual Amateurs
Breakup by Region:
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
- Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
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