The global electric guitar market is expected to reach $6.4 billion by 2028, achieving a compound annual growth rate of 7.3 percent during the forecast period, according to a report by Grand View Research Inc.
“Increasing number of beginner guitarists, particularly, young children opting for music courses in their schools, has been a major driving force for the global market. The evolution of popular music genres into global phenomenon and commercialization of concerts have led to ample capital inflow in the music industry, therefore incentivizing upcoming musicians and providing established music bands a roster to perform to larger audiences in various geographies. The influx of new record labels and the advent of super concerts and new music festivals are also among the key factors driving the product demand across the globe,” the research company stated
Key Insights & Findings from the report are listed below:
- Asia Pacific was the largest regional market in 2020 and is estimated to expand further at the fastest CAGR from 2021 to 2028
- The region has a strong presence of various home-grown electric guitar brands, such as Yamaha, Fernandes Guitars, FujiGenGakki, Tokai, Greco, and Aria
- Moreover, the increasing popularity of western music genres and growing independent music culture are the key trends driving the product demand in the region
- The solid-body guitars segment accounted for the largest revenue share in 2020 and is estimated to retain the leading position throughout the forecast period
- However, the semi-hollow-body product segment is projected to register the fastest CAGR from 2021 to 2028
- Semi-hollow-body guitars are tonally similar to solid-body guitars with less focused low-end tones. These are highly favored for composing jazz, blues, and R&B music
Read 80 page market research report, “Electric Guitars Market Size, Share & Trends Analysis Report By Product (Hollow-body, Solid-body), Distribution Channel (Offline, Online), By Type (Lead/Rhythm, Bass), By Region, And Segment Forecasts, 2021 – 2028“, by Grand View Research
Furthermore, the COVID-19 pandemic and subsequent lockdown & stay-at-home guidelines across the majority of countries have led to children studying from home. Realization of extra spare time from the lack of commute to schools has reinvigorated interest in music. As online shopping mechanisms for musical instruments have solidified, people started to make their guitar purchases on e-commerce platforms and started learning through online classes. As a result, the volume of product sales from online platforms grew by 23.6% from 2019 to 2020. Guitar Center, an American music retailer, reported nearly double the number of online purchases in 2020 compared to 2019.
The sudden surge in product demand and factory shutdowns due to lockdown restrictions during the initial phases of the pandemic have led to an increase in backorders, thereby constricting supply. As quoted by Lee Anderton, co-owner of Andertons Music Co., during the second half of 2020, the demand for guitars was double their current supply. Companies are trying to establish their foothold across online retail platforms, as e-commerce outgrows traditional retail sales over the longterm. Inline with such efforts, companies, such as Gibson and Fender, have started retailing through their own e-stores. Concurrently, companies have also listed their offerings with major music instrument e-retailers, such as Guitar Center, Sweetwater, and Andertons Music Co.
Grand View Research has segmented the global electric guitars market on the basis of product, type, distribution channel, and region:
- Electric Guitars Product Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 – 2028)
- Electric Guitars Type Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 – 2028)
- Electric Guitars Distribution Channel Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 – 2028)
- Electric Guitars Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- North America
List of Key Players of Electric Guitars Market
- Gibson Brands, Inc.
- Fender Musical Instruments
- Karl Hofner GmbH & Co. KG
- Ibanez Guitars
- Yamaha Corp.
- ESP Company, Ltd.
- Cort Guitars
- Michael Kelly Guitar Co.
- EDM Music
Check out more studies related to musical instrument and accessories, conducted by Grand View Research:
- Musical Instruments Market – The global musical instruments market size was valued at USD 7.5 billion in 2018. An increase in the penetration of digital musical instruments is anticipated to drive the market over the forecast period. Musicians who are accustomed to playing a single instrument can take advantage of a full studio setting owing to a range of sounds produced by the electronic circuits present in the instrument.
- Mobile Music Accessories Market – The global mobile music accessories market is expected to grow at a significant pace over the forecast period. One of the major factors driving this market growth is increasing number of technological innovations and advancements. The market has also witnessed partnerships between music accessories and mobile device manufacturers.