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, according to new report by Million Insights. 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.
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.
Major manufactures operating in electric guitar market are Fender Musical Instruments, Gibson Brands, Inc., Yamaha Corporation, Cort Guitars, Epiphone, and Ibanez guitars. 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.
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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.
Million Insights has segmented the global electric guitars market on the basis of product, distribution channel and region:
Electric Guitars Product Outlook (Revenue, USD Billion, 2015 - 2025)
• Solid Body
• Semi-hollow Body
• Hollow Body
Electric Guitars Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Electric Guitars Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa