Electric Guitars Market: Current Analysis and Forecast (2024-2032)

Electric guitars typically consist of a solid body made from various types of wood, such as mahogany, alder, ash, or maple. The body is designed to minimize feedback and provide a stable platform for the instrument. The neck is usually attached to the body and can be made from the same or different types of wood. It houses the fretboard, frets, and tuning pegs. The increasing demand for musical instruments has led to the market's growth. Several other factors, such as rising technological advancements and a surge in company collaborations & acquisitions, are driving the electric guitar market globally.

The Electric Guitar Market is expected to grow at a steady rate of around 6.8% owing to the rising development of new guitar models. For instance, in November 2023, China-based Harley Benton launched its latest run of DIY electric guitar kits, with a carve-your-own-body kit. Several factors, including the expanding distribution channels and strategic partnerships between musical instrument companies, drive the market's growth during the forecast period. Apart from this, improving the affordability and accessibility of electric guitars are also driving this market steadily.

Based on the product type, the market is segmented into solid, semi-hollow, hollow-body guitars, and others. The solid body guitars segment dominated the product type segment in 2023. Solid-body electric guitars are guitars that are built without any resonating chambers like those found in acoustic guitars. They rely entirely on pickups to capture the strings' vibrations and convert them into electrical signals, amplified through an amplifier. This design allows for greater sustain, reduced feedback, and more control over the heal sound through electronic manipulation. Manufacturers keep modifying the features of their versions to draw greater interest from consumers intrigued by musical instruments. For instance, in May 2024, Epiphone rebooted one of its oldest solid-body electric guitar designs as a new made-in-USA Coronet. Thus, among the product types, the solid body guitars segment held a significant market share in 2023.

Based on the distribution channel, the market is bifurcated into online and offline. The online segment is expected to grow with a significant CAGR in the forecast period. In the online segment of the electric guitars market, companies leverage e-commerce platforms to reach a wide audience of consumers seeking electric guitars. This segment encompasses various online retail channels. The online segment of the electric guitar market offers several advantages, including accessibility, convenience, and the ability to reach a global audience. Consumers can easily research products, compare prices, read reviews, and make purchases from the comfort of their homes, contributing to the growth and expansion of the electric guitar market in the digital era. For instance, in June 2023, Fender launched its online musical instruments flagship store on JD.com. Thus, the online category is expected to grow with a significant CAGR in the forecast period.

For a better understanding of the market adoption of electric guitars, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America dominates the market in the current scenario 2023 due to the rising product launches, company expansions, and rising company collaborations & acquisitions. For instance, in February 2024, U.S. Guitar maker Gibson opened store off London's Oxford Street. Other factors, such as the rising interest in music among youngsters and improving affordability and accessibility of musical instruments, are propelling the region's market growth. Thus, amongst regions, North America held a significant share of the market in 2023.

Some of the major players operating in the market include Gibson Brands, Inc.; Fender Musical Instruments Corporation; Karl Hofner GmbH & Co. KG; Ibanez Guitars; Yamaha Corporation; The ESP Guitar Company; Cort Guitars; Michael Kelly Guitar Co.; DEAN GUITARS; PRS Guitars.