PUBLISHER: The Business Research Company | PRODUCT CODE: 1470330
PUBLISHER: The Business Research Company | PRODUCT CODE: 1470330
The electric guitars market consists of sales, by entities (organizations, sole traders and partnerships), of electric guitars that are capable of producing a wide variety of sounds and styles in various genres. An electric guitar produces sound by vibrating strings over a pickup that converts the vibrations into electrical signals, which are then fed into an amplifier to project the music at various volumes.
The global electric guitars market was valued at $2,075.87 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 12.0%.
Rise In Consumer Spending Per Capita
During the historic period, a rise in consumer spending per capita boosted the growth of the electric guitars market. The average amount spent by all households in a nation on personal consumption is known as per capita consumption expenditure. It provides information on how much a nation's citizens spend on products and services. A greater number of people may now afford electric guitars due to rising salaries. People who earn more money tend to spend more of their discretionary income on entertainment and leisure, which includes buying electric guitars and other musical instruments. For instance, in the USA, in October 2022, according to state per capita personal consumption expenditure statistics published by the Bureau of Economic Analysis (BEA), a US-based government agency that provides official macroeconomic and industry statistics, in 2021, the state's personal consumption expenditures (PCE) saw a 12.7% increase, following a 1.9% decline in 2020. PCE changed by a percentage, ranging from 16.3% in Utah to 9.4% in New York, throughout all 50 states and the District of Columbia. Additionally, in January 2022, according to statistics published by the National Bureau of Statistics, a China-based cabinet-level agency responsible for statistics concerning the nation's economy, China's per capita disposable income in 2021 was 35,128 yuan (approximately $5,523), an increase of 9.1% nominally year over year. Therefore, the rise in consumer spending per capita drove the growth of the electric guitars market.
Focus On Developing Innovative And Advanced Products With Exclusive Features
Companies in the electric guitars market are developing innovative new products that are suitable for various music players that suit their styles. For instance, in April 2023, Donner Music, a US-based musical instrument and related equipment manufacturing company, introduced its latest musical instruments and audio equipment at the 2023 NAMM (National Association of Music Merchants) Show in Anaheim, California, USA. Donner unveiled new models in its lineups of carbon fiber guitars, electric guitars from the Seeker Series and headless guitars from the HUSH Series, offering both novice and expert players unique new possibilities and sensations. Additionally, in March 2022, Yamaha Guitar Group, a US-based subsidiary of Yamaha Corporation, a Japan-based musical instrument and audio equipment manufacturing company, introduced a brand-new lineup of Revstar electric guitars. Models of the Revstar Element come equipped with the Dry Switch high-pass filter, which was first included in the original series. For greater adaptability, all new Revstar models come with exclusive switching possibilities. Every model has bodies with chambers created using Yamaha's exclusive Acoustic Design method.
The global electric guitars market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 17.51% of the total market in 2022.
Electric Guitars Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global electric guitars market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for electric guitars? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The electric guitars market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider electric guitars market; and compares it with other markets.
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