NEW YORK, Feb. 23, 2023 /PRNewswire/ -- According to Technavio, the global electric guitar market size is estimated to grow by USD 955.77 million from 2022 to 2027. The market is estimated to grow at a CAGR of 7.75% during the forecast period. North America will account for 54% of the market's growth during the forecast period. The report includes historic market data from 2017 to 2021.  For more insights on the historic (2017 to 2021) and forecast market size (2022 to 2027)  Request a sample report

Leading trends influencing the market

• The increasing demand for customized musical instruments like electric guitars has influenced the growth of the global market. Instruments like, wooden guitars, and guitars made of various other raw materials, such as aircraft-grade aluminum and carbon fiber are also getting customized in the market.

• The growing online retailing has contributed to the growth of the global electric guitar market. Factors like an increase in product visibility, coupled with the availability of a comprehensive range of products, help online retailing grow around the globe.

• Continuous development of new products has also supported the growth of the market. For instance, the Fender Musical Instruments Corporation announced the launch of the American Professional II series, which is the second generation of its flagship electric guitar.

• To know about the regional trends that will have an impact on the market- Buy The Report!

Electric Guitar Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on type, Product (Solid-body, Semi-hollow body, Hollow body, and Accessories), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The solid-body segment will account for a significant share of the market's growth during the forecast period. The growth of this segment is attributed to factors such as the appeal of the rock and metal music genres. The demand for semi-hollow electric guitars is anticipated to increase during the forecast period.  The growing interest in jazz and blues music around the world is significantly driving the demand for hollow-body electric guitars.

Geography Overview
By geography, the global electric guitar market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global electric guitar market.

• North America is estimated to account for 54% of the growth of the global market during the forecast period. North America is also estimated to offer steady growth for the vendors during the forecast period. The growth of the market in this region is attributed to factors like the launch of innovative products, the increasing use of online platforms, and the rising demand for customized electric guitars in the region. The electric guitar market in Europe is expected to grow at a steady rate during the forecast period. The rising number of commercial end-users in APAC will contribute to the growth of the market during the forecast period. The market in South America is expected to grow at a significant rate during the forecast period. MEA offers high growth potential for electric guitar manufacturers, especially in the premium category.

Get a glance at the market contribution of various segments including country and
region wise  -Download a Sample Report

Electric Guitar Market – Market Dynamics
Key factor driving market growth

• The growing demand for music-related leisure activities like learning music, traveling, and sports are gaining popularity around the globe.

• The rising number of music festivals and live events especially among millennials globally coupled with a surge in disposable income will play a major role in driving the growth of the global electric guitar market during the forecast period.

• The inclusion of music in the academic curriculum of schools and colleges across the world is increasing. For instance, the University of Cambridge, Princeton University, and Harvard University offer music learning sessions and courses in the US and the UK, apart from academics.

Major challenges hindering market growth

• There has been an increase in the adoption of virtual musical instruments and music production software, which can create music of any instrument, tone, or magnitude with just a click of a button. This is a major challenge to the vendors in this market.

• The high costs involved in the production of musical instruments has led to an increase in the manufacturing cost of musical instruments. These factors may hamper the growth of the electric guitar market growth during the forecast period.

• The long lifespan of the instruments reduces the frequency of product replacements, which adversely affects the year-over-year growth of the market.

 For additional insights on drivers, challenges, and trends - Request a sample report!

What are the key data covered in this Electric Guitar Market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the Electric Guitar Market between 2023 and 2027

• Precise estimation of the size of the Electric Guitar Market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the Electric Guitar Market industry across North America, Europe, APAC, South America, and Middle East and Africa

• A thorough analysis of the market's competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of Electric Guitar Market vendors

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1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.2 Market segment analysis

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

• 4.1 Global electric guitar market 2017 - 2021

• 4.2 Product Segment Analysis 2017 - 2021

• 4.3 Distribution channel Segment Analysis 2017 - 2021

• 4.4 Geography Segment Analysis 2017 - 2021

• 4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.2 Bargaining power of buyers

• 5.3 Bargaining power of suppliers

• 5.4 Threat of new entrants

• 5.5 Threat of substitutes

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by Product

• 6.1 Market segments

• 6.2 Comparison by Product

• 6.3 Solid-body - Market size and forecast 2022-2027

• 6.4 Semi-hollow body - Market size and forecast 2022-2027

• 6.5 Hollow body - Market size and forecast 2022-2027

• 6.6 Accessories - Market size and forecast 2022-2027

• 6.7 Market opportunity by Product

7 Market Segmentation by Distribution Channel

• 7.1 Market segments

• 7.2 Comparison by Distribution Channel

• 7.3 Offline - Market size and forecast 2022-2027

• 7.4 Online - Market size and forecast 2022-2027

• 7.5 Market opportunity by Distribution Channel

8 Customer Landscape

• 8.1 Customer landscape overview

9 Geographic Landscape

• 9.1 Geographic segmentation

• 9.2 Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027

• 9.4 Europe - Market size and forecast 2022-2027

• 9.5 APAC - Market size and forecast 2022-2027

• 9.6 South America - Market size and forecast 2022-2027

• 9.7 Middle East and Africa - Market size and forecast 2022-2027

• 9.8 US - Market size and forecast 2022-2027

• 9.9 China - Market size and forecast 2022-2027

• 9.10 Canada - Market size and forecast 2022-2027

• 9.11 Germany - Market size and forecast 2022-2027

• 9.12 Japan - Market size and forecast 2022-2027

• 9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape

• 11.3 Landscape disruption

• 11.4 Industry risks

12 Vendor Analysis

• 12.1 Vendors covered

• 12.2 Market positioning of vendors

• 12.3 CorTek Corp.

• 12.4 Dean Guitars

• 12.5 Farida

• 12.6 Fender Musical Instruments Corp.

• 12.7 Gibson Brands Inc.

• 12.8 HOSHINO GAKKI Co. Ltd.

• 12.9 JAM Industries USA LLC

• 12.10 Karl Hofner GmbH and Co. KG

• 12.11 Paul Reed Smith Guitars

• 12.12 Peavey Electronics Corp.

• 12.13 Samson Technologies Corp.

• 12.14 Schecter Guitar Research Inc.

• 12.15 Taylor Listug Inc.

• 12.16 The ESP Guitar Co.

• 12.17 Yamaha Corp.

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist

• 13.3 Currency conversion rates for US$

• 13.4 Research methodology

• 13.5 List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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