Global electric guitars market is projected to witness a CAGR of 7.4% during the forecast period 2024–2031, growing from USD 3.51 billion in 2023 to USD 6.21 billion in 2031. Factors like technological advancements, the evolution of the music industry, ease in mobility across borders, expansion of digitalization and connectivity, rise in online learning platforms, diversification of cultures, and customization in the product have fueled the demand globally, making the electric guitars even more accessible and appealing to a broader audience.
Other factors that lead to the popularity of electric guitars are the versatility of the sound, easy amplification, changing trends of modern music, chic designs, advanced features, ease of playability, expanding online and offline educational resources, customizations, and foreign cultural impact.
Since consumers are looking for more affordable options for electric guitars, companies are taking a stand to fulfill their requirements. For instance, in December 2023, Gibson Brands, Inc., launched the latest range of very lightweight, Les Pauls which offers a fresh stripped-down take on the storied single-cut electric guitar. They have a very affordable retailing in the market for USD 1,499. Les Paul Modern Lite is a bold refresh for a classic design. It has a slimmer solid mahogany body, completed with belly cut for a more comfortable experience while playing. The guitar comes in a bright solid color with satin finish options and matching headstocks.
Technological Advancements are Resulting in the Expansion of the Market
Technological advancements continue to revolutionize the electric guitar market, introducing innovative features such as advanced pickups, digital effects, and connectivity options. Integration with mobile apps and online platforms enhances learning and performance experiences, attracting a broader audience and driving unprecedented growth in the electric guitar industry.
Companies are continuously bringing evolution in the industry by advancing the product and integrating features like built-in effects, wireless connectivity, MIDI compatibility, and expansion of functionality and versatility. Apart from that, manufacturers of electric guitars have advanced pickup technology by introducing new pickup designs in their products, such as enriched tonal options, improvement in noise cancellation, and increased sustain.
Jackson, a Fender Musical Instruments Corporation brand announced the launch of its first new models of the year, in February 2023. With updates to its X Series Soloist and Rhoads electric guitars, and a Concert Bass, it offered upgraded electronics and hardware for the consumers who were looking for a metal-friendly high-end electric guitar.
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Higher Price of the Guitar Restrain the Growth of the Market
The high cost of electric guitars is becoming a reason for restraint in the growth of the global electric guitar market. It is because high prices create challenges like affordability, youth engagement, competition with cheaper alternatives available, shift in consumer preferences, and rise in competitive technology. Higher prices create affordability issues, especially for beginners who have a problem with budget and cannot spend much initially.
These affordability issues give rise to cheap alternative options such as second-hand electric guitars, entry level acoustic guitars, inferior quality electric guitars, etc. Thus, it impacts the demand for electric guitars and hinders the growth of the market.
The saturation of high-priced electric guitars in the market leads to the easy availability of homogeneous products and consumers do not tend to demand premium quality electric guitars which restrains their growth in the market. Thus, consumers have shifted their preferences towards more affordable options and the demand for higher priced electric guitars is experiencing the decline. Moreover, newer and affordable products with better technology and features are replacing the traditional high-priced guitars, shaping the growth of the market in a different direction.
In March 2022, Yamaha Corporation introduced its latest range of Revstar electric guitars. Initially launched in 2015, Revstar’s electric guitars were the first ever series from Yamaha in the electric guitars segment. The latest Revstar series guitars deliver enhanced playability, tone and versatility, for players who have interest in classic style of music with some modern upgrades. The series is launched in three tiers, namely, Element, Standard, and Professional which is made-in-Japan. All the three models showcase chambered bodies. Using advanced technology and modeling tools, Yamaha innovated the chambering pattern to sharply shape tone and increase resonance while reducing weight and optimizing balance.
Sound Versatility as a Factor for Market Growth
Electric guitars have gained popularity among musicians for their versatility, making them a suitable instrument to be used for various music genres such as rock, pop, metal, blues, and even electronic music. As music diversifies and genres evolve, the appeal of electric guitars remains broad, attracting a wide range of musicians.
Furthermore, the adaptability of electric guitars to different playing styles and techniques adds to their universal appeal. Musicians appreciate the instrument’s ability to produce a wide spectrum of tones, from clean and melodic to distorted and powerful, allowing for creative expression across genres. Versatility is particularly advantageous in today’s dynamic music landscape, where artists often blend diverse influences. The electric guitar’s role as a versatile tool for sonic exploration contributes significantly to its increasing demand, as musicians seek an instrument that can seamlessly transition between various musical styles and accommodate their evolving artistic visions.
In August 2023, Shergold Guitars launched its latest Telstar guitar series in two distinct gloss finishes, viz, Pastel Blue and Champagne Gold. The brand-new product is characterized by the design of a double-cut body with a raised section in the center, fitted along with a double humbucker pickup configuration. The guitar is designed with a unique and bold style for individual players as it features a maple neck with a solid body and a laurel fingerboard. The Telstar electric guitar is a unique blend of bright and warm tones catering to modern and classic guitarists.
Solid Body Guitars Fueling the Growth of the Market
Solid body electric guitars are the easiest ones to learn as they require very little time. This type of guitar is generally preferred by players who play heavy music styles.
A surge in demand for solid body electric guitars has been witnessed as they are preferred over traditional solid body guitars because of their versatility. The surge in demand is encouraging manufacturers to produce more solid body electric guitars. Thus, companies are expanding their product line by adding a new range of solid body electric guitars to it.
In June 2022, the Rapier 22 was launched as the latest addition to its highly demanded solid body, new generation, Rapier electric guitars. While the design and characteristics of the original Rapier 22 were maintained, an upgrade in hardware, tonewoods, playability, and construction was done to create a mark in the market of solid electric guitars. To ensure speed, accuracy, and comfort, the guitar was crafted with a soft C neck along with completely adjustable truss rods. The range was made available for consumers in three different models, Fiesta Red, Daphne Blue, Arctic White and 3 Tone Sunburst which were offset with 3 ply scratchplate and the latest Rapier logo.
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Future Market Scenario (2024–2031F)
· More technological advancements and product innovation will change the face of the market in the coming future.
· The demand for electric guitars will rise due to the rising popularity of western music.
· An increase in disposable income, rise in middle class population, peer influence, and people’s urge to learn new things will lead to the expansion of demand more.
· Brand offerings and provision of customizations in the products is boosting the demand. Customization helps the brands in attracting people towards their product and helps them in gaining a competitive edge.
Report Scope
“Electric Guitars Market Assessment, Opportunities, and Forecast, 2017–2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global electric guitars market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
Market Size Overview:
The Electric Guitars Market has struck a chord of substantial growth, currently resonating with a market size of [insert current market size]. This robust figure reflects the enduring popularity of electric guitars and the continuous evolution of the market to meet the demands of musicians, from beginners to seasoned professionals.
Key Growth Trends:
1. Digital Innovation:
The integration of digital technology in electric guitars is a key trend. Smart guitars, equipped with features like Bluetooth connectivity, built-in effects, and digital recording capabilities, are gaining traction, catering to the tech-savvy musician.
2. Customization and Personalization:
The demand for customized and personalized electric guitars is on the rise. Manufacturers are offering a variety of options, from unique finishes and materials to custom pickups, allowing musicians to tailor their instruments to match their individual style and preferences.
3. Sustainability and Eco-Friendly Practices:
Conscious consumerism is influencing the market, with an increasing focus on sustainability. Eco-friendly materials, responsible sourcing, and manufacturing practices that reduce environmental impact are becoming important considerations for both manufacturers and consumers.
Market Segmentation:
1. Type of Electric Guitars:
The market includes various types of electric guitars, such as solid-body, semi-hollow, and hollow-body guitars. Each type caters to different playing styles and musical genres, contributing to the diversity of the electric guitar market.
2. End-User:
Electric guitars cater to a wide range of end-users, including beginners, intermediate players, and professional musicians. The market offers entry-level models with user-friendly features as well as high-end, premium guitars designed for discerning players.
3. Distribution Channels:
The distribution landscape includes brick-and-mortar stores, online retailers, and direct-to-consumer models. The rise of e-commerce has transformed the purchasing journey for electric guitars, providing convenience, a wide selection, and access to reviews and expert advice.
Global Dynamics:
While North America and Europe traditionally lead in electric guitar consumption, emerging markets in Asia-Pacific and Latin America are experiencing significant growth. The globalization of music and the influence of iconic musicians from diverse regions contribute to the global appeal of electric guitars.
Challenges and Opportunities:
Challenges such as market saturation and the impact of the global economic climate exist. However, opportunities for innovation, expanding market reach, and catering to diverse musical tastes present avenues for growth and sustainability.
Future Harmonies:
The future of the Electric Guitars Market looks promising. As music continues to evolve, electric guitars remain at the forefront of creative expression. Continued innovation, sustainability initiatives, and an ever-expanding community of guitar enthusiasts ensure that the market will continue to strike harmonious chords in the years to come.
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The global electric guitar market size is expected to reach USD 1.5 billion by 2025, according to a new report by Radiant Insights, Inc., expanding at a CAGR of 3.3% over the forecast period.
Over the past few years, commercialization of musical events and concept of live music has evolved at a significant rate across the globe.
According to the statistics provided by the MN2S Management Limited, one of the leading agencies for live music, DJ, and talent booking, U.K. has witnessed an increase of 12% in hosting live concerts and music festivals in 2018.
Key players in the electric guitar market include Gibson Brands, Inc.; Fender Musical Instruments; Karl Hofner GmbH & Co. KG; Ibanez guitars; Yamaha Corporation; Michael Kelly Guitar Co.; ESP Company Limited; Cort Guitars; EDM Music; Epiphone; and Heritage Guitar Inc. Major manufacturers are launching new products in order to gain the maximum customer base.
Further key findings from the report suggest: • Solid body electric guitar held the largest share of 70.2% in 2018 and is expected to maintain its lead owing to its property of amplifying louder tone without running into feedback issues • Online is expected to be the fastest growing distribution channel with a CAGR of 3.8% from 2019 to 2025 • North America is anticipated to be the fastest growing market, expanding at a CAGR of 3.8% from 2019 to 2025 owing to increasing number of live music concepts across U.S. • Product innovation is expected to remain a key strategy among the industry participants.
Industry Value Chain Analysis 3.3.1.
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