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Global Electric Guitar Market Size is estimated to grow by USD 955.77 million at a CAGR of 7.75% between 2022 and 2027. The growth of the market depends on several factors, including the growing demand for music-related leisure activities, the rising number of music festivals and live events, and the inclusion of this in the academic curriculum.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report consists of historic market data from 2017 to 2021.
The Market shows accelerated growth during the forecast period
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The global market is being notably driven by the increasing number of music festivals and live events. Over the past few years, there has been significant growth in music festivals, concerts, and entertainment events worldwide, particularly among millennials. This trend is attributed to the large base of the young population and the surge in disposable income, which has resulted in more people spending on live events. As a result, the growing number of live performances and concerts by musicians, artists, dancers, and comedians is expected to play a major role in driving the global market's growth during the forecast period.
The UK has witnessed a rise in the number of people attending live events, which includes internationally acclaimed festivals and concerts covering a diverse range of musical genres. The growth of the music industry is expected to drive the demand for technologically advanced during the forecast period.
The market is witnessing an emerging trend of increasing demand for customized electronic musical instruments. Among all instruments, the customization of guitars has seen a rapid surge in popularity. Developed regions such as North America and Europe have witnessed a significant rise in the demand for customized products in recent years. Moreover, emerging countries like India and China are also experiencing a surge in demand for personalized electronic musical instruments.
Key market players are offering visually appealing and high-quality customized products that can vary from the color of electronic musical instruments to their style. However, customized products are more expensive than standard ones. Nevertheless, the increasing desire for personalized and unique guitars is expected to drive the growth of the market during the forecast period.
High costs involved in the production of musical instruments are major challenges impeding market growth. Various raw materials are required to manufacture musical instruments. Therefore, an increase in the prices of these raw materials will result in an increase in the manufacturing cost of musical instruments.
Regulations pertaining to wood and timber in various countries that restrict the cutting down of trees and trade activities create a demand-supply imbalance. This compels small-scale manufacturers to use less expensive substitutes, which eventually affects the quality of the instruments. The fluctuating prices of crude oil also affect the manufacturing cost of musical instruments as synthetic materials such as composites are used to manufacture musical instruments. Thus, these aforementioned factors may hamper the growth of the market growth during the forecast period.
The market share growth by the solid-body segment will be significant during the forecast period. The solid-body segment is the largest segment of the global market. The dominant share of this segment is attributed to the high adoption of solid-body in developing countries.
The solid-body segment was valued at USD 1,083.59 million in 2017 and continued to grow until 2021.
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The widespread use of these guitars is a result of the appeal of the rock and metal music genres. Rock bands frequently employ solid-body. As a result, it is anticipated that the demand for these with solid-body will increase as the number of bands increases globally. In addition, those with solid-body are considered good for playing music styles, such as slides, as they offer a clear picture of the amount of work a user requires on the music technique. Such factors are expected to foster the growth of the global market during the forecast period.
North America is estimated to contribute 54% to the growth of the global market during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in North America is estimated to grow steadily during the forecast period. The US is the key market in the region. The launch of innovative products, the increasing use of online platforms to purchase these products, and the rising demand for customized drive the growth of the market in North America.
The music events market in the US and Canada grew at a CAGR of more than 7% and 8%, respectively, over the last five years due to the popularity of music events among the population. It is expected to expand at an even higher CAGR during the forecast period. Furthermore, in 2022, the number of bars, taverns, and nightclubs that perform live music in the US was more than 62,000. Thus, the aforementioned factors are expected to drive the market in North America during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Dean Guitars - The company offers electric guitars, acoustic guitars, basses, and other musical instruments. The key offerings of the company include electric guitars.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The Electric Guitar Market is influenced by the popularity of metal and rock genres, driving demand for instruments among musicians and bands. Technological advancements have revolutionized the market, with digital music tools and digital sheet music enhancing the playing experience.
The market is also impacted by factors such as internet penetration and the rise of video conferencing, which have enabled musicians to collaborate and perform remotely. As a result, there is a growing interest in instruments like semi-hollow body electric guitars, favored for their versatility and classic sound. Overall, the market continues to evolve, with innovations and trends in music shaping consumer preferences and driving the demand for new and advanced instruments.
Electric Guitar Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.75% |
Market growth 2023-2027 |
USD 955.77 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.52 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 54% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Dean Guitars, Farida, Fender Musical Instruments Corp., Fernandes Co. Ltd., Fujigen Inc., Gibson Brands Inc., Heritage Guitar Inc., HOSHINO GAKKI Co. Ltd., JAM Industries USA LLC, Karl Hofner GmbH and Co. KG, Paul Reed Smith Guitars, Peavey Electronics Corp., Rickenbacker International Corp., Samson Technologies Corp., Schecter Guitar Research Inc., Taylor Listug Inc., The ESP Guitar Co., Tokai Gakki Co.Ltd., Yamaha Corp., and CorTek Corp. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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