The global electric guitar market size is expected to reach USD 1.5 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.3% over the forecast period. Increasing number of live concerts and music festivals at the global level is expected to be a key factor for the market growth. In addition, rising importance of music enthusiasm among millennials is projected to fuel the demand for electric guitars.
Over the past few years, commercialization of musical events and concept of live music has evolved at a significant rate across the globe. The millennials across the globe are increasingly participating in these events, which is expected to open new avenues for the global market. According to the statistics provided by the MN2S Management Limited, one of the leading agencies for live music, DJ, and talent booking, U.K. has witnessed an increase of 12% in hosting live concerts and music festivals in 2018. Moreover, Germany witnessed a revenue of USD 2.1 billion for live music concerts in 2018. These trends are anticipated to propel the demand for electric guitars over the foreseeable future.
Semi-hollow products are expected to witness the fastest growth over the next few years. These guitars are expected to gain popularity among the beginners as they are easy to handle and easy to play. Additionally, over the past few years, the majority of guitarists have been preferring the semi-hollow guitars as they provide jazzy hollow-body resonance and punchy rock and roll music.
Key players in the electric guitar market include Gibson Brands, Inc.; Fender Musical Instruments; Karl Höfner GmbH & Co. KG; Ibanez guitars; Yamaha Corporation; Michael Kelly Guitar Co.; ESP Company Limited; Cort Guitars; EDM Music; Epiphone; and Heritage Guitar Inc. Major manufacturers are launching new products in order to gain the maximum customer base. For instance, in July 2019, Heritage Guitar Inc. launched its new limited edition series of its standard collection under the brand name ‘Heritage Artisan Aged H-530’. In addition, the companies are expected to increase the spending on launching product forms through e-commerce portals in order to address the increasing demand for electric guitars from smartphone users.
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Further key findings from the report suggest:
Solid body electric guitar held the largest share of 70.2% in 2018 and is expected to maintain its lead owing to its property of amplifying louder tone without running into feedback issues
Online is expected to be the fastest growing distribution channel with a CAGR of 3.8% from 2019 to 2025
North America is anticipated to be the fastest growing market, expanding at a CAGR of 3.8% from 2019 to 2025 owing to increasing number of live music concepts across U.S.
Product innovation is expected to remain a key strategy among the industry participants.
Grand View Research has segmented the global electric guitar market on the basis of product, distribution channel, and region:
Electric Guitar Product Outlook (Revenue, USD Million, 2015 - 2025)
Electric Guitar Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Electric Guitar Regional Outlook (Revenue, USD Million, 2015 - 2025)
Central & South America
Middle East & Africa
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