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.
Product Insights
By product, the electric guitar market is fragmented into a solid body, semi-hollow body, and hollow body. The solid-body segment accounted for the largest market of more than 70.0%, in 2018. This product can amplify with a louder tone and they are highly dependent on amplification for robust performance along with greater responsibility. Key manufactures such as Fender Musical Instrument, Karl Höfner GmbH & Co. KG, Gibson Brands, Inc, Ibanez guitars, Yamaha Corporation are implementing several marketing strategies such as new product development to fulfill the customer’s demand. For example, in 2017, Michael Kelly Guitar Co introduced ultralight guitar with the brand name ‘The 6-Pound Ax’. These guitars are 30% lightweight than conventional electric guitars. It has reduced around six-pound weight without compromising in sonic and styling quality.
Market Share Insights
The major players included in the market are Fender Musical Instruments, Karl Höfner GmbH & Co. KG, Gibson Brands, Inc., Yamaha Corporation, Cort Guitars Michael Kelly Guitar Co. Epiphone, and Ibanez guitars.
The global market is highly competitive in nature due to the presence of small and large players across the world. The key manufacturers offer technologically advanced electric guitars to fulfill the consumer's demand. EDM Music introduced the ‘Silveray’ brand named electric guitar in the musical show, in 2019. This product offers a single coil for high flexibility and one humbucker for robust performance. In addition, it comes in 5 sound settings. This product was launched to boost their visibility, thereby expected to drive the market growth in the forthcoming years.
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Regional Insights
The Asia Pacific accounted for the largest electric guitars market share of over 40.0%, in 2018 due to increasing demand in several countries such as India and China. Furthermore, China organizes international trade fairs intended for musical instruments every year. In 2018, the musical instruments trade fair witnessed over 110,000 people from 80 countries worldwide. This show opens new opportunities to promote musical instruments including an electric guitar.
North America is projected to grow with the highest CAGR of more than 3.5% over the forecast period. Arising number of live concerts along with living music shows are expected to augment the regional market growth. Major manufacturers operating in this market are Yamaha Corporation, Ibanez guitars, Fender Musical Instruments, and Gibson Brands, Inc., and they are announcing new variants to attract new customers and gain maximum market share. In 2019, Gibson Brands, Inc. introduced 25 electric guitars models in a musical show. This product line included ‘G-45 Standard’ and ‘G-45 Studio’, which is expected to surge the market growth during the forecast period.
Impact of COVID-19
The market has witnessed a significant impact due to the 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 have been postponed or canceled. 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.
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