Electric guitar market size is worth $6.4 billion by 2028

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SAN FRANCISCO, December 6, 2021 /PRNewswire/ — The World electric guitar market size is expected to reach $6.4 billion by 2028, recording a CAGR of 7.3% over the forecast period, according to a new report from Grand View Research, Inc. The growing number of beginner guitarists, especially young children opting for music lessons at their schools, has been a major driver of the global market. The evolution of popular music genres into a global phenomenon and the commercialization of gigs has led to a large influx of capital into the music industry, enticing musicians to come and providing established bands with a roster to perform. in front of a wider audience in various geographies. The influx of new record labels and the advent of super gigs and new music festivals are also some of the key factors driving the demand for the products across the globe.

Main information and conclusions of the report:

  • Asia Pacific was the largest regional market in 2020 and is expected to grow further at the fastest CAGR from 2021 to 2028
  • The area has a strong presence of various local electric guitar brands, such as Yamaha, Fernandes Guitars, FujiGenGakki, Tokai, Greco, and Aria.
  • Moreover, the growing popularity of western music genres and the growth of independent music culture are the major trends driving the demand for products in the region.
  • The solid body guitar segment accounted for the largest revenue share in 2020 and is expected to maintain its leading position throughout the forecast period.
  • However, the semi-hollow segment is expected to register the fastest CAGR from 2021 to 2028
  • Semi-hollowbody guitars are tonally similar to solidbody guitars with less focused low-end tones. These are popular for composing jazz, blues and R&B music.

Read the 80-page market research report, “Electric Guitars Market Size, Share, and Trends Analysis Report by Product (Hollow Body, Solid Body), Distribution Channel (Offline, Online), by Type (Lead/Rhythm, Bass), By Region and Segment Forecast, 2021-2028“, by Grand View Research

In addition, the COVID-19 pandemic and the subsequent confinement and stay-at-home directives in the majority of countries have led children to study from home. Awareness of the extra free time due to the lack of trips to schools has reinvigorated interest in music. As the mechanisms for buying musical instruments online have solidified, people have started buying their guitars on e-commerce platforms and started learning through online courses. As a result, the volume of product sales on online platforms increased by 23.6% between 2019 and 2020. Guitar Center, an American music retailer, reported almost double the number of online purchases in 2020 by compared to 2019.

The sudden increase in product demand and factory closures due to lockdown restrictions during the initial stages of the pandemic led to an increase in back orders, which constrained supply. As quoted by Lee Anderton, co-owner of Andertons Music Co., in the second half of 2020, demand for guitars doubled from current supply. Businesses are trying to gain a foothold in online retail platforms as e-commerce outpaces traditional retail sales in the long run. Along with these efforts, companies such as Gibson and Fender began to retail through their own online stores. Alongside this, the companies have also listed their offerings with major online musical instrument retailers, such as Guitar Center, Sweetwater and Andertons Music Co.

Grand View Research has segmented the global electric guitar market on the basis of product, type, distribution channel, and region:

  • Electric Guitars Product Outlook (Volume, ‘000 Units; Revenue, USD Million, 2016 – 2028)
    • solid body
    • Semi-hollow body
    • Hollow body
  • Electric Guitars Type Outlook (Volume, ‘000 Units; Revenue, USD Million, 2016 – 2028)
  • Electric Guitars Distribution Channel Outlook (Volume, ‘000 Units; Revenue, USD Million, 2016 – 2028)
  • Electric Guitars Regional Outlook (Volume, ‘000 Units; Revenue, USD Million, 2016 – 2028)
    • North America
    • Europe
    • Asia Pacific
    • Central & South America
    • Middle East & Africa

List of Electric Guitars Market Key Players

  • Gibson Brands, Inc.
  • fender musical instruments
  • Karl Hofner GmbH & Co. KG
  • Ibanez Guitars
  • Yamaha Corp.
  • Company ESP, Ltd.
  • Cort Guitars
  • Michael Kelly Guitar Co.
  • EDM Music
  • Epiphone

Check out other studies related to musical instruments and accessories, conducted by Grand View Research:

  • musical instruments market – Global Musical Instruments market size was valued at $7.5 billion in 2018. An increase in the penetration of digital musical instruments is expected to drive the market over the forecast period. Musicians accustomed to playing a single instrument can enjoy a full studio thanks to a range of sounds produced by the electronic circuits present in the instrument.
  • Mobile Music Accessories Market – The global mobile music accessories market is expected to grow at a significant rate during the forecast period. One of the major factors driving this market growth is the growing number of innovations and technological advancements. The market has also seen partnerships between manufacturers of music accessories and mobile devices.

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About Grand View Research

Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.

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SOURCEGrand View Research, Inc.

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