NEW YORK, July 19, 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
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report
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Electric Guitar Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.43% |
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Market growth 2024-2028 |
USD 1459.5 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
8.64 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 59% |
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Key countries |
US, China, Canada, Germany, and Japan |
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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. |
Market Driver
The electric guitar market has experienced notable growth due to the expansion of the online musical instrument retail sector. This trend is driven by the enhanced product visibility provided by online platforms, enabling vendors to reach a larger customer base and reduce inventory management costs. Online retailing currently holds a modest share of the global electric guitar market but is projected to expand at a faster rate than traditional retailing. Factors fueling this growth include increasing Internet penetration, the adoption of mobile devices, and consumer awareness of various online retail platforms. The convenience of secure transactions, multiple payment options, easy returns, and efficient customer service, along with round-the-clock shopping convenience and doorstep delivery, further boost online sales. The global availability of electric guitars through online retailers like Amazon.com is increasing demand, especially as consumers can purchase these instruments from home without incurring additional shipping costs.
The electric guitar market is experiencing significant growth, particularly among millennials and the adolescent population. Live concerts and music festivals continue to drive demand for solidbody electric guitars in the music industry. School curricula and music education programs are incorporating digital music tools, such as digital whiteboards, file sharing, and virtual lessons, to teach music instruction. Online retail platforms and internet penetration have made it easier for musicians to access digital sheet music and cloud-based systems from anywhere. Metal and rock music genres remain popular among consumers. Electric guitar manufacturers are focusing on sustainability and eco-friendly practices. The market can be segmented into offline and online channels, with the online channel segment growing rapidly due to the convenience it offers. Accessories, such as amplifiers and effects pedals, are also in high demand. Overall, the electric guitar market is thriving, with trends like online performances, virtual lessons, and digital sheet music shaping the future of music education and live music concepts.
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Market Challenges
The electric guitar market has experienced notable challenges due to the rising adoption of music production software and virtual musical instruments. In developed economies like the US and Germany, music composers increasingly prefer software for its mobility and convenience. Laptop manufacturers, such as Apple Inc., offer music production software like GarageBand, which includes a comprehensive sound library and instrument presets. The proliferation of mobile devices and high-speed internet access broadens the reach of virtual musical instruments, with numerous mobile applications and websites available. The exponential growth in mobile and laptop sales fuels the popularity of music production software, posing a significant challenge for the electric guitar market.
The electric guitar market faces several challenges in today’s business landscape. With the rise of cloud-based systems, solidbody electric guitars are increasingly being sold online through e-commerce platforms. However, the offline channel segment still holds significance, particularly for beginners and those preferring a tactile shopping experience. Accessories, music instruction, and live performances are popular online, with metal and rock music genres leading the way. Adolescents and students are key consumers, making leisure activities like playing the guitar a significant part of their lives. The internet enables virtual lessons, online performances, and videoconferencing, transforming music education and live music concepts. Electric guitar manufacturers must adopt eco-friendly practices, digital features, and direct-to-consumer models to stay competitive. Sustainability and digital marketing strategies are essential for long-term success.
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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 has experienced consistent growth due to its popularity among musicians and music enthusiasts. Companies manufacture and sell various models, catering to different budgets and preferences. Retailers stock these guitars, offering customers options for purchase. The market’s success is attributed to the versatility and unique sound of electric guitars in various music genres. Additionally, ongoing advancements in technology enhance the guitar’s features, attracting new players.
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The global guitar market is thriving with diverse offerings catering to musicians of all levels and genres. Key trends include a growing demand for electric guitars driven by rock and pop music, while acoustic guitars remain popular for folk and indie musicians. Innovation in materials and designs, coupled with rising interest in online music learning, contribute to market growth. Major players focus on sustainability and digital integration, enhancing both traditional craftsmanship and modern connectivity. As global music consumption rises, the guitar market continues to expand, offering a blend of heritage and innovation to meet evolving player preferences.
Research Analysis
The electric guitar market is experiencing a surge in demand driven by various factors. Millennials, with their affinity for live concerts and music festivals, are fueling the growth of this industry. School curricula and music education programs are increasingly incorporating electric guitar instruction, catering to the adolescent population’s interest in musical instruments. Online retail platforms have made it easier for students to purchase their first electric guitar and access music instruction through video conferencing, instant messaging, and file sharing. The internet’s widespread penetration enables musicians to connect, collaborate, and perform online, leading to a thriving community of musicians in various genres, such as metal and rock music. The popularity of these genres among adolescents as leisure activities further boosts the market’s growth. The cloud and online performances are revolutionizing the way musicians reach their audiences, providing new opportunities for artists and fans alike.
Market Research Overview
The electric guitar market is experiencing a surge in demand among the millennial population and adolescents, driven by their active participation in live concerts, music festivals, and musical bands. The internet penetration and digitalization have revolutionized music education, with digital music tools, digital sheet music, and cloud-based systems becoming essential for students and musicians. Solidbody electric guitars continue to dominate the market, with both online and offline channels catering to the demand. Accessories, such as amplifiers, effects pedals, and strings, are also experiencing significant growth. The market is witnessing a shift towards eco-friendly practices and sustainability among electric guitar manufacturers. Digital features, direct-to-consumer models, and e-commerce platforms are becoming key strategies for brands to reach their customers effectively. Music genres like metal and rock continue to be popular leisure activities, driving the demand for electric guitars. Virtual lessons, online performances, and video conferencing are transforming music instruction and live music concepts, offering new opportunities for musicians and music enthusiasts alike.
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
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SOURCE Technavio