NEW YORK, July 3, 2024 /PRNewswire/ — The global electric guitar market size is estimated to grow by USD 1.45 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 10.43% during the forecast period. Growing demand for music-related leisure activities is driving market growth, with a trend towards growing online retailing. However, increasing adoption of virtual musical instruments and music production software poses a challenge. Key market players include CorTek Corp., Dean Guitars, Farida, Fender Musical Instruments Corp., Fernandes Co. Ltd., Fujigen Inc., Gibson Brands Inc., Heritage Guitar Inc., HOSHINO GAKKI Co. Ltd., JAM Industries USA LLC, Karl Hofner GmbH and Co. KG, Paul Reed Smith Guitars, Peavey Electronics Corp., Rickenbacker International Corp., Samson Technologies Corp., Schecter Guitar Research Inc., Taylor Listug Inc., The ESP Guitar Co., Tokai Gakki Co.Ltd., and Yamaha Corp..
Technavio has announced its latest market research report titled Global electric guitar market 2024-2028
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Product (Solid-body, Semi-hollow body, Hollow body, and Accessories), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and Middle East and Africa) |
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Region Covered |
North America, Europe, APAC, South America, and Middle East and Africa |
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Key companies profiled |
CorTek Corp., Dean Guitars, Farida, Fender Musical Instruments Corp., Fernandes Co. Ltd., Fujigen Inc., Gibson Brands Inc., Heritage Guitar Inc., HOSHINO GAKKI Co. Ltd., JAM Industries USA LLC, Karl Hofner GmbH and Co. KG, Paul Reed Smith Guitars, Peavey Electronics Corp., Rickenbacker International Corp., Samson Technologies Corp., Schecter Guitar Research Inc., Taylor Listug Inc., The ESP Guitar Co., Tokai Gakki Co.Ltd., and Yamaha Corp. |
Key Market Trends Fueling Growth
The global electric guitar market has experienced notable growth due to the expansion of online retailing. This trend is driven by increased product visibility, cost savings on inventory management, and wider customer reach. Online retailing’s share in the market may be small, but it is projected to grow faster than traditional retailing. Factors such as Internet penetration, mobile device usage, and consumer awareness are fueling this growth. Online retailers like Amazon offer secure transactions, multiple payment options, easy returns, and efficient customer service, making it convenient for consumers to purchase electric guitars from anywhere in the world with doorstep delivery.
The musical instruments market, specifically the electric guitar sector, has seen significant growth in recent years. Live concerts, music education, and online music platforms have driven demand for electric guitars. Musicians and hobbyists seek high-quality sound and versatility in their instruments. Companies focus on producing innovative designs, improved technology, and customizable features to cater to this market. Solid body and semi-hollow electric guitars are popular choices due to their durability and sound quality. Digital technology has also influenced the market, with the introduction of modeled amplifier tones and virtual effects. The online music marketplace has made it easier for musicians to access and purchase electric guitars from various brands and manufacturers. Overall, the electric guitar market is thriving, with a strong focus on delivering superior sound and functionality to musicians and enthusiasts alike.
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Market Challenges
The electric guitar market faces significant challenges due to the increasing popularity of virtual musical instruments and music production software. Developed economies, including the US and Germany, have seen a rise in the adoption of these digital tools. Music production software offers mobility and convenience, enabling composers to record music anytime, anywhere. Laptop manufacturers, such as Apple Inc, support popular software like GarageBand, expanding its accessibility. The proliferation of mobile devices and high-speed Internet connectivity further fuels this trend, posing a major challenge for the electric guitar market.
The electric guitar market faces several challenges. One major challenge is the increasing competition from other musical instruments and digital alternatives. Another challenge is the changing preferences of consumers, who now seek innovative features and designs. Older models of electric guitars may not meet these demands. Additionally, the cost of production and import duties can impact profitability. Furthermore, the market is fragmented with numerous players, making it difficult for new entrants to gain a foothold. Lastly, the global economic situation and consumer spending patterns can significantly affect sales. To stay competitive, companies must focus on product innovation, cost efficiency, and effective marketing strategies.
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Segment Overview
This electric guitar market report extensively covers market segmentation by
Product
1.1 Solid-body
1.2 Semi-hollow body
1.3 Hollow body
1.4 Accessories
Distribution Channel
2.1 Offline
2.2 Online
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 South America
3.5 Middle East and Africa
1.1 Solid-body- The electric guitar market experiences consistent growth due to its popularity among musicians and music enthusiasts. Companies manufacture and sell various models, catering to different skill levels and preferences. Retailers distribute these guitars through both physical stores and online platforms, ensuring accessibility for customers worldwide. The industry’s success relies on continuous innovation, providing high-quality instruments and affordable prices.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report
Research Analysis
The electric guitar market caters to the adolescent population’s growing interest in music, particularly genres like metal and rock. With the rise of internet penetration, online retail platforms have become a popular avenue for purchasing musical instruments, including electric guitars. School curricula and music education programs increasingly incorporate music instruction, enabling students to learn and experiment with various musical instruments, including the electric guitar. Live concerts and music festivals continue to be a significant source of inspiration for aspiring musicians. The popularity of these genres has led to an increase in demand for electric guitars. Leisure activities such as video conferencing, instant messaging, and file sharing have also facilitated the growth of online performances, providing a platform for musicians to showcase their skills and reach wider audiences. Cloud technology and online performances have further expanded the market for electric guitars, allowing musicians to collaborate and create music from anywhere in the world. The electric guitar market is poised for continued growth as music remains a universal language that transcends borders and generations.
Market Research Overview
The Electric Guitar Market encompasses a wide range of instruments, each offering unique features and sounds. Live concerts and music programs frequently utilize electric guitars due to their versatility and powerful tones. Musicians often choose from various types, including solid body and semi-hollow models, based on their preferred genre and playing style. Solid bodies provide a bright and clear sound, while semi-hollow guitars offer a warmer and more resonant tone. Musicians also consider factors like pickups, bridges, and controls when selecting an electric guitar. Accessories such as amplifiers, cables, and effects pedals further enhance the playing experience. The market for electric guitars continues to grow, driven by the increasing popularity of music and the continuous innovation in guitar technology.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Solid-body
Semi-hollow Body
Hollow Body
Accessories
Distribution Channel
Offline
Online
Geography
North America
Europe
APAC
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio