GVR Report cover Electric Guitars Market Size, Share & Trends Report

Electric Guitars Market Size, Share & Trends Analysis Report By Product (Hollow-body, Solid-body), Distribution Channel (Offline, Online), By Type (Lead/Rhythm, Bass), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Dec, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-3-68038-621-9
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 80

Report Overview

The global electric guitars market size was valued at USD 3.62 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2021 to 2028. Increasing music enthusiasm among the millennials is projected to be a key factor driving the market growth. Also, the rising number of live concerts, along with the commercialization of music festivals, augmentthe demand for musical instruments, such as electric guitars. The COVID-19 pandemic had an adverse impact on the global market owing to disruptions caused in the supply chain and the imposition of nationwide lockdown across several countries.In addition, the economic slowdown and geopolitical factors have affected the overall growth of the market, especially in 2020.

U.S. electric guitars market size, by type, 2018 - 2028 (USD Million)

Although, a surge in product sales was observed towards end of July 2020, as several consumers started taking up hobbies, which led to overall growth in the market. Music has become an important aspect in some of the school curriculum across the globe. The primary, as well as higher schools, are focusing on music education programs and molding their curriculum policies more friendly towards music. Various researches show that the active engagement of young students in music helps enhance their learning skills, general creativity, intellectual development, and so on. According to the National Association for Music Education (NAfME), music helps develop spatial intelligence and reasoning. These factors are expected to boost the product demand in the coming years.

Electric guitars are generally used in metal and rock genres of music. The popularity of these genres has increased and hence is one of the major driving factors of the market. Lifestyle changes, an increase in disposable income, and a high standard of living have encouraged consumers to spend more on leisure activities, which, in turn, has increased product sales. Another reason responsible for the market growth is a rise in the number of musical bands across the world.

Many countries across the world have been undergoing rapid economic expansions and are characterized by a young population who tend to spend more on leisure activities. This has led to a rise in the demand for musical instruments, especially electric guitars. Regions like North America and the Middle East offer immense opportunities for demand fulfillment considering the advent of online retail platforms. Moreover, governments’ willingness to diversify their economies across the globe has led to a huge impetus for commercial music schools and colleges. For instance, in February 2020, the Berklee College of Music was established in Dubai, UAE. Such favorable scenarios bode well for the growth of the market.

Product Insights

The solid-body product segment dominated the market with a revenue share of over 70% in 2020. These products can amplify a louder tone without running into feedback issues. The solid-body guitars offer great responsivity and they largely rely on amplification for the best performance. Key manufacturers including Gibson Brands, Inc.; Fender Musical Instruments; Karl Höfner GmbH & Co. KG; and Yamaha Corp. are adopting several strategies including new product launches to cater to the rising product demand.

For instance, in October 2021, a U.K.-based instrument distributor and guitar designer, Alan Entwistle announced a newly revamped vintage British electric guitar Rapier 33. The new model features okoume body, rosewood fingerboard, and hard rock maple ‘soft C’ profile neck. In addition, the original Rhythm/Solo toggle switch has been revamped as a three-way pickup selector that blends with the middle-pickup selector switch and Bass Cut switch to offer a total of seven tonal permutations. These features are expected to promote the utility of technologically advanced products over the forecast period.

Type Insights

The lead/rhythm type segment held the largest market share of more than 82% in 2020 and is expected to maintain dominance growing at the fastest CAGR over the forecast period. Since these guitars serve broad-ranging purposes, they are anticipated to grow at a faster pace over the forecast period. The rhythm electric guitar mainly follows the rhythm of the song, which is a healthy, systematic, recurrent pattern of movement or sound. On the other hand, the lead guitar spices up the music by playing solos and filling melody lines. Both have been witnessing significant demand over recent years.

Rhythmic guitars are essential to provide the rhythm of the song while lead guitars are suitable when the songs need a lot of melodic lines.The bass guitar, together with drums, only provides the foundation of the song. These aspects have been supporting the growth of the lead/rhythm type segment over the bass type segment. However, both bass and lead/rhythm guitars have supplementary roles in music, with each of them being indispensable and crucial. The performance requirement of a song determines which type of instrument to use.

Distribution Channel Insights

The offline distribution channel accounted for the largest revenue share of more than 77% in 2020. The offline distribution channels offer significant advantages, such as freedom of selection, low product prices, and high visibility of brands, which make them a suitable platform for all types of customers. On the other hand, the online distribution channel is expected to witness the fastest CAGR over the forecast period. Major retailers of guitars and musical instruments including Guitar Center, Inc., and Dave’s Guitar Shop, one of the largest independently owned guitar shops in the U.S., are coming up with their e-commerce websites to gain the maximum customer base.

Global electric guitars market share, by distribution channel, 2020 (%)

In addition, online platforms including social media and Google Ads play an essential role in influencing consumer preferences. The customers can make a purchase from a remote location, which adds to the convenience. Furthermore, the COVID-19 pandemic had a major impact on the buying behavior of consumers worldwide. Consumers have primarily shifted to online platforms to adhere to social distancing measures, which has resulted in increased product sales through online channels. The emergence of e-commerce portals is likely to result in considerable growth prospects for the segment owing to a broader distribution network and higher product availability.

Regional Insights

Asia Pacific was the largest regional market in 2020 and is estimated to expand further at the fastest CAGR of 8.2% from 2021 to 2028.A strong consumer influence and rapidly evolving consumer tastes on account of increasing levels of per capita disposable income have been driving the market growth in this region. The growing interest of people in music and the ability to spend on entertainment and leisure activities have further boosted the product demand in Asia Pacific. Moreover, the increasing number of musical bands conducting music shows and festivals is likely to propel market growth over the forecast period.

North America is expected to register the second-fastest CAGR from 2021 to 2028 owing to the increasing number of music concerts and rising popularity of live-music concepts. In addition, major manufacturers, such as Gibson Brands, Inc.; Fender Musical Instruments; Karl Höfner GmbH & Co. KG; and Michael Kelly Guitar Co. are launching innovative variants to penetrate further into the market and gain maximum customer base in the region, which is also fueling the growth of the market.

Key Companies & Market Share Insights

The market is characterized by the presence of a few established players and several new entrants. Companies have been expanding their product portfolios by incorporating new and innovative products to widen their consumer base. For instance, major market players are offering lightweight and technologically advanced electric guitars.For instance, in October 2021, Fender Musical Instruments announced the launch of a limited-edition Fender Lexus LC Stratocaster guitar in partnership with Lexus. The guitar features an omnidirectional structural blue finish. Moreover, the company will release 100 team-built Fender LC Stratocaster guitars globally.

Key players operating in the market are also focusing on acquisitions or joint ventures to strengthen their position in the global market and drive revenue growth. For instance, in January 2021, Gibson Brands, Inc. bought boutique amplifier manufacturer Mesa/Boogie. The company also announced a joint venture with Kiss co-founder Gene Simmons, which will market a range of electric guitars under the brand Gibson. Some of the key players operating in the global electric guitars market include:

  • Gibson Brands, Inc.

  • Fender Musical Instruments

  • Karl Höfner GmbH & Co. KG

  • Ibanez Guitars

  • Yamaha Corp.

  • ESP Company, Ltd.

  • Cort Guitars

  • Michael Kelly Guitar Co

  • EDM Music

  • Epiphone

Electric Guitars Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 3.88 billion

Revenue forecast in 2028

USD 6.37 billion

Growth Rate

CAGR of 7.3% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, type, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Germany; U.K.; France; China; India; Brazil

Key companies profiled

Gibson Brands, Inc.; Fender Musical Instruments; Karl Höfner GmbH & Co. KG; Ibanez Guitars; Yamaha Corp.; ESP Company, Ltd.;Cort Guitars; Michael Kelly Guitar Co.; EDM Music; Epiphone

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global electric guitars market report on the basis of product, type, distribution channel, and region:

  • Product Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 - 2028)

    • Solid-body

    • Semi-hollow Body

    • Hollow-body

  • Type Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 - 2028)

    • Lead/Rhythm

    • Bass

  • Distribution Channel Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 - 2028)

    • Offline

    • Online

  • Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

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