The global Electric Guitars market size is expected to be worth around US$ 9.4 billion by 2030, according to a new report by Vision Research Reports.
The global Electric Guitars market size was valued at US$ 4.62 billion in 2020 and is anticipated to grow at a CAGR of 8.3% during forecast period 2021 to 2030.
|Market Size||US$ 9.4 Billion by 2030|
|Growth Rate||CAGR of 8.3% From 2021 to 2030
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Type, Distribution channel|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Gibson Brands, Inc.; Fender Musical Instruments; Karl Höfner GmbH & Co. KG; Ibanez Guitars; Yamaha Corp.; ESP Company, Ltd.;Cort Guitars; Michael Kelly Guitar Co.; EDM Music; Epiphone|
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 &new music festivals are also among the key factors driving the product demand across the globe.
Increasing music enthusiasm among the millennials is projected to be a key factor driving the market growth. Also, the rising number of live concerts, along with the commercialization of music festivals, augmentthe demand for musical instruments, such as electric guitars. The COVID-19 pandemic had an adverse impact on the global market owing to disruptions caused in the supply chain and the imposition of nationwide lockdown across several countries.
By Product Analysis
The solid-body product segment dominated the market with a revenue share of over 70% in 2020. These products can amplify a louder tone without running into feedback issues. The solid-body guitars offer great responsivity and they largely rely on amplification for the best performance.
The new model features okoume body, rosewood fingerboard, and hard rock maple ‘soft C’ profile neck. In addition, the original Rhythm/Solo toggle switch has been revamped as a three-way pickup selector that blends with the middle-pickup selector switch and Bass Cut switch to offer a total of seven tonal permutations.
By Type Analysis
The lead/rhythm type segment held the largest market share of more than 83% in 2020 and is expected to maintain dominance growing at the fastest CAGR over the forecast period. Since these guitars serve broad-ranging purposes, they are anticipated to grow at a faster pace over the forecast period.
Rhythmic guitars are essential to provide the rhythm of the song while lead guitars are suitable when the songs need a lot of melodic lines.The bass guitar, together with drums, only provides the foundation of the song. These aspects have been supporting the growth of the lead/rhythm type segment over the bass type segment.
By Distribution Channel Analysis
The offline distribution channel accounted for the largest revenue share of more than 77% in 2020. The offline distribution channels offer significant advantages, such as freedom of selection, low product prices, and high visibility of brands, which make them a suitable platform for all types of customers.
online platforms including social media and Google Ads play an essential role in influencing consumer preferences. The customers can make a purchase from a remote location, which adds to the convenience. Furthermore, the COVID-19 pandemic had a major impact on the buying behavior of consumers worldwide.
By Regional Analysis
Asia Pacific was the largest regional market in 2020 and is estimated to expand further at the fastest CAGR of 9.2% from 2021 to 2030.A strong consumer influence and rapidly evolving consumer tastes on account of increasing levels of per capita disposable income have been driving the market growth in this region.
North America is expected to register the second-fastest CAGR from 2021 to 2030 owing to the increasing number of music concerts and rising popularity of live-music concepts.
Gibson Brands, Inc.
Fender Musical Instruments
Karl Höfner GmbH & Co. KG
ESP Company, Ltd.
Michael Kelly Guitar Co
By Distribution Channel
Central & South America
Middle East & Africa
The Electric Guitars market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Electric Guitars market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Electric Guitars market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Electric Guitars market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Electric Guitars market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Electric Guitars capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Electric Guitars by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Electric Guitars market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Electric Guitars market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Electric Guitars market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Electric Guitars industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Electric Guitars market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Electric Guitars market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Electric Guitars market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Electric Guitars market. These factors have benefited the growth of the global market for Electric Guitars. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Electric Guitars. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Electric Guitars are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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