Global Electric Guitars Market Size, Share, Growth Analysis, By Product(Solid-body, Semi-hollow body), By Distribution Channel(Online, Offline) - Industry Forecast 2023-2030

Global Electric Guitars Market size was valued at USD 4.16 billion in 2021 and is poised to grow from USD 4.49 billion in 2022 to USD 7.62 billion by end of 2030, at a CAGR of 7.0 % during the forecast period (2023-2030).

The growing interest in music among millennials is anticipated to be a major market driver. Additionally, the demand for musical instruments like electric guitars is increased by the increase in live performances and commercialization of music festivals. Electric guitars are frequently used in metal and rock music. Rising genre popularity is one of the major factors affecting the market. The increase of musical bands around the world is another aspect influencing the market. Growth in the population of adolescents, that tends to engage in a lot of leisure activities, is seen in demographic patterns. The demand for musical instruments-especially electric guitars-has increased as a result. The spread of the internet and technical development have made music instruction more accessible to students worldwide. The online music education market uses file sharing, videoconferencing, instant messaging, and digital whiteboards as its primary teaching tools. YouTube, digital sheet music, applications, and systems that use the cloud are just a few examples of the digital music tools that are revolutionizing the music education sector.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Electric Guitars Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Electric Guitars Market Segmental Analysis

Global Electric Guitars Market is segmented into Product, Distribution Channel and region. Based on Product the market is segmented into Solid-body, Semi-hollow body, Hollow body, Accessories. Based on Distribution Channel the market is segmented into Online, Offline. Based on region the global market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers

Growing popularity of music and music-related activities

The popularity of music, especially genres like rock, pop, and metal, continues to rise globally. This has led to an increased interest in learning and playing musical instruments, including electric guitars. The desire to emulate favorite artists and participate in music-related activities is driving the demand for electric guitars.

Advancements in technology and innovation

Electric guitars have seen significant technological advancements over the years. Manufacturers are constantly introducing new features, designs, and materials to enhance the sound quality, playability, and overall performance of electric guitars. These innovations attract musicians and enthusiasts, stimulating market growth.

Restraints

Price sensitivity

Electric guitars can range from affordable entry-level models to high-end, expensive instruments. Price sensitivity among consumers can limit the adoption of higher-priced guitars, especially for beginners or casual players. Economic factors and affordability play a crucial role in the purchasing decisions of potential customers.

Market Trends of Global Electric Guitars Key

• Growing demand for vintage and retro-style guitars: There has been a resurgence of interest in vintage and retro-style electric guitars. Musicians and enthusiasts are drawn to the classic designs, tones, and aesthetics of guitars from the 1950s to 1970s. Manufacturers have capitalized on this trend by reissuing iconic models or creating new guitars with vintage-inspired features.
• Rise of boutique and custom-made guitars: The popularity of boutique and custom-made electric guitars has been on the rise. These guitars are often handcrafted by skilled luthiers and offer unique designs, premium materials, and personalized features. Musicians are increasingly seeking instruments that stand out and provide a customized playing experience.
• Focus on sustainability and eco-friendly practices: Environmental consciousness has become an important consideration in the electric guitars market. Manufacturers are adopting sustainable practices by using responsibly sourced woods, exploring alternative materials, and implementing eco-friendly manufacturing processes. Consumers are showing a preference for brands that prioritize sustainability.
• Integration of technology and digital features: Electric guitars are embracing technology integration and digital features. Many guitars now come equipped with built-in effects, digital modeling, and connectivity options, allowing musicians to access a wide range of tones and connect directly to recording software or amplifiers. This trend caters to the needs of modern musicians and facilitates versatility and convenience.
• Growth of online sales and direct-to-consumer models: The rise of e-commerce has significantly impacted the electric guitars market. Online sales channels, including direct-to-consumer models, have gained prominence, providing customers with convenience, competitive pricing, and a wider selection. Manufacturers are establishing their online presence and utilizing digital marketing strategies to reach a broader customer base.