Electric Guitars Market Demand and Analysis by Application 2025

Felton, California , USA, Apr 19, 2021 — /EPR Network/ — The global electric guitars market size is projected to reach USD 1.5 billion by 2025 and registering a 3.3% CAGR over the forecast period from 2019 to 2025. The rising number of music festivals and live concerts across the globe has majorly driven market growth. Moreover, the increasing importance of music among people is anticipated to drive product demand over the forecast period.

 

In recent years, the popularity of live music and musical events has witnessed significant demand for musical instruments including electric guitars. The young population across the world engaged in live music shows, thereby expected to drive market growth. MN2S Management Limited analyzed that around 12% of hosting increased for music festivals and live concerts. In 2018, Germany has generated a revenue of around USD 2.1 billion in a live music concert. These factors are expected to drive the market growth.

 

Get Free PDF Sample Copy of the Report (Including Full TOC, List of Tables & Figures, Chart and Covid-19 Impact Analysis) : https://www.millioninsights.com/industry-reports/global-electric-guitars-market/request-sample

 

Main features of the report:

  • To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global Electric Guitars Market.
  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • To provide country level analysis of the market for segment by application, product type and sub-segments.
  • To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
  • Track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the global Electric Guitars Market.

 

Among products, the semi-hollow electric guitar is expected to have significant growth from 2019 to 2025. This product is gaining popularity among beginners due to its easy to handle and lightweight qualities. In recent years, many guitarists prefer the semi-hollow guitar as it provides rock and roll music as well as jazzy resonance.

 

Most of the manufacturers are engaged in new product launches. For example, Heritage Guitar Inc. introduced electric guitar under ‘Heritage Artisan Aged H-530’ brand name with limited edition series, in 2019. Moreover, the market players are investing in product launches through online websites to cater to the rising demand for products among consumers.

 

Further key findings from the report suggest:

  • The product, solid body electric guitar accounted for largest market share over 70.0%, in 2018 and projected to retain leading due to its amplifying louder tone quality.
  • Online distribution channel is projected to grow with a fastest CAGR of 3.8% over the forecast period.
  • North America is projected to grow with highest CAGR of 3.8% due to increasing number of live music concerts.
  • The major strategy implemented by market players is product innovation.

 

Impact of COVID-19

The market has witnessed a significant impact due to COVID-19 pandemic. Demand for music instruments including electric guitars, drums, ukuleles and others have increased during lockdowns. The number of customers purchasing these instruments, as they seek new hobbies during the coronavirus shutdown. Beginners prefer to buy guitars through online channels. The growth has majorly over served in countries such as U.K. and U.S.

 

However, the production of musical instruments slows down due to lockdowns across the globe. Several musical events and live concerts has been postponed or cancelled. Moreover, musicians and composers are not able to compose their music at their own studios, which is expected to hamper the market growth to some extent.

 

Global Electric Guitars Market: Key Players

Fender Musical Instruments, Gibson Brands, Inc., Yamaha Corporation, Cort Guitars, Epiphone, and Ibanez guitars.

 

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