The Global Electric Guitars Market size is expected to reach $5.1 billion by 2027, rising at a market growth of 6.1% CAGR during the forecast period.
Acoustic, electric, and bass guitars are the three basic varieties of guitars. These three guitars are distinguished by the fact that the origin of sound is not primarily the strumming of the strings. The loud output is provided by the motion of the strings, which electronically catch and intensify the sound. The sound generated by an electric guitar may be altered using pedals.
Acoustic guitars, on the other hand, get vibrations directly from the strings and hence its tone cannot be modified. Increasing millennial music interest is expected to be a significant driver to fuel the market growth. Furthermore, the growing popularity of live performances, as well as the commercialization of concerts and festivals, would boost the demand for musical instruments such as electric guitars.
Steel strings operate as magnetic bodies in an electric guitar. Depending on the frequency at which the strings vibrate, the electric current changes. The pickup leverages this ability to transform sound into electricity, as the frequency wave of the strings and the wave of the electric current prefer to work together. One or two coils can be found in electric guitar pickups.
A pickup that contains one coil is known as a single coil pickup, while a pickup with two coil is known as a humbucking pickup. Despite the fact that coils are subject to outside noise, the two coils in a humbucking pickup cancel out each other's sounds (hum cancellation), and reducing noise. Single coil pickups, on the other hand, do not do noise cancellation but do provide a sharp sound.
The influence of the Corona Virus has also greatly influenced the music business. Due to the shutdown, purchases of musical instruments have ceased. Manufacturing plants have also been shut down as a result of the lockdown. Various musical events, including live concerts, concert tours, and music festivals, have been cancelled or rescheduled.
Composers and musicians are unable to work in their studios to create new music. People who relied primarily on music gigs have gone jobless. Many music albums were unable to be released since production was halted. Social distance has dealt a tremendous damage to the music and entertainment industries all around the world. Artists are suffering financially.
With the rising disposable income, consumers are increasingly spending on various luxurious activities and products like electric guitars. People are increasingly spending on their hobbies and are becoming more conscious of indulging in an art. In addition, some people have the hobby of making a collection of guitars and some have the hobby of playing more musical instruments. Since the price of these electric guitars is significant, it is very difficult for the consumers with low income to buy them.
Composers and songwriters compose songs, lyrics, and arrangements that are performed live on stage, recorded and disseminated to customers, or licenced for use in other media, such as sheet music or background music. The recorded music industry focuses on recording and distributing music to consumers; the music licencing industry focuses on licencing compositions and arrangements to businesses; and live music focuses on producing and promoting live entertainment, such as concerts and tours.
The popularity of acoustic guitars has hampered the market for electric guitars, as acoustic guitars are far less expensive and require less care than electric guitars. Advanced guitar playing techniques, on the other hand, are easier to master on electric guitars, which lack frets and have softer strings than acoustic guitars. In addition, there is no need for additional equipment to play acoustic guitars, which is contributing to the high popularity of these guitars.
Based on the Distribution Channel, the Electric Guitars Market is segmented into Offline and Online. The online segment acquired a significant revenue share in the electric guitars segment in 2020. Major merchants of guitars and musical instruments, such as Dave's Guitar Shop and Guitar Center, Inc., one of the largest individually owned guitar stores in the United States, are developing e-commerce websites in order to expand their customer base.
Based on the Product, the Electric Guitars Market is segmented into Solid-body, Semi-hollow Body, and Hollow-body. In 2020, the solid-body product segment dominated the electric guitar market with the highest revenue share. These items may magnify a louder tone without causing feedback. Solid-body guitars have a high level of responsiveness and rely heavily on amplification for optimal performance. To meet increased product demand, key manufacturers such as Fender Musical Instruments, Gibson Brands, Inc., Yamaha Corp. and Karl Höfner GmbH & Co. KG are embracing a variety of initiatives, including new product introductions.
Based on the Type, the Electric Guitars Market is categorized into Lead/Rhythm, and Bass. The bass type segment garnered a substantial revenue share in the electric guitars market in 2020. The bass guitar, also known as an electric bass or simply bass, is the instrument's lowest-pitched member. It is a plucked string instrument with a larger neck and scale length, and commonly four to six strings or courses, comparable in appearance and structure to an electric or acoustic guitar.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 3.5 Billion |
| Market size forecast in 2027 | USD 5.1 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 6.1% from 2021 to 2027 |
| Number of Pages | 172 |
| Number of Tables | 331 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Product, Distribution Channel, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on the Region, the Electric Guitars Market is studied across North America, Europe, APAC, and LAMEA. Asia Pacific emerged as the leading region in the electric guitars market with the maximum revenue share in 2020. It is due to a strong consumer influence and fast altering consumer trends. People's increased interest in music, as well as their capacity to spend money on entertainment and leisure activities, have raised product sales in Asia Pacific. Furthermore, the growing number of musical bands performing at music concerts and festivals is expected to drive market expansion throughout the projection period.
Free Valuable Insights: Global Electric Guitars Market size to reach USD 5.1 Billion by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Yamaha Corporation (Menchey Music Service) is the forerunners in the Electric Guitars Market. Companies such as Michael Kelly Guitar Co., Gibson Brands, Inc., The ESP Guitar Company are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Gibson Brands, Inc (Epiphone), Fender Musical Instruments Corporation, Karl Hofner GmbH & Co. KG, Ibanez guitars, Cort Guitars, Michael Kelly Guitar Co., Yamaha Corporation (Menchey Music Service, Inc.), and The ESP Guitar Company.
By Distribution Channel
By Product
By Type
By Geography
The electric guitars market size is projected to reach USD 5.1 billion by 2027.
Rise in the number of music festivals, bands and concerts are driving the market in coming years, however, availability of acoustic guitars limited the growth of the market.
Gibson Brands, Inc (Epiphone), Fender Musical Instruments Corporation, Karl Hofner GmbH & Co. KG, Ibanez guitars, Cort Guitars, Michael Kelly Guitar Co., Yamaha Corporation (Menchey Music Service, Inc.), and The ESP Guitar Company.
The Offline Channels market is generating high revenue in the Global Electric Guitars Market by Distribution Channel 2020, thereby, achieving a market value of $3.9 billion by 2027.
The Semi-hollow Body market shows highest growth rate of 5.7% during (2021 - 2027).
The Asia Pacific market is the fastest growing region in the Global Electric Guitars Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1.9 billion by 2027.
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