Electric Guitar Market Research Report: Size, Share, Key Trends, Growth Drivers, Regional Outlook, Revenue Estimation and Forecast, 2023–2030

Market Overview

The electric guitar market is valued at USD 4,637.1 million (E) in 2023, and it will grow at a rate of 6.4% during 2023–2030, to reach USD 7,155.8 million in 2030. The growing music interest among people is the major factor propelling the industry. Moreover, the rising count of live events enhances the requirement for all kinds of musical instruments.

A rise in item sales was experienced toward the mid of 2020, as numerous customers started to take their hobbies more seriously. Music has also become a vital aspect of courses at many schools throughout the world. Higher and primary schools are concentrating on music curricula and altering their guidelines to be approachable toward it.

Electric guitars are usually utilized in rock and metal music, the acceptance of which has augmented in developing countries in recent years. Another reason boosting the sector is the surge in the count of music bands throughout the world. Moreover, the growing teenage populace, which engages in numerous activities to pass the time, propels the requirement for musical instruments, particularly electric guitars.

Further, the arrival of online retail channels has generated substantial demand opportunities in regions such as the Middle East and North America. Moreover, governments' focus on expanding their economies worldwide has led to a rise in the number of music colleges and schools, as observed with the founding of the Berklee College of Music in Dubai, U.A.E., in 2020.

Additionally, the improvements in education technology and augmentation in internet usage are allowing music education to reach a bigger audience globally. The online music education industry uses instant messaging, video conferencing, digital whiteboards, and file sharing. Digital music platforms, such as digital sheet music apps, cloud-based systems, and YouTube, are revolutionizing music learning approaches.

The burgeoning online video and music creation and promotion activities have also generated a high requirement for internet-based music education. Online electric guitar classes are projected to witness a massive rise in popularity in the coming years. As a result, more customers would be interested in buying one and learning it conveniently from their homes.

Versatility of Electric Guitars for Numerous Music Genres 

A key factor that makes people around the world endear electric guitars is their versatility for other genres for music. Although these musical instruments are the most strongly associated with metal and rock music, they can be used for a lot more genres. By changing the guitar, amplifier, and effects settings and even the playing technique, electrical guitars’ sound can be modified to suit pop, electronic, jazz, R&B, and even rap and hip-hop music.

Solid-Body Category Holds Largest Revenue Share

The solid-body category is generating the highest revenue among all types of such instruments. Such guitars are popular globally because of the acceptance of metal and rock music. Heavy metal music is almost exclusively created and played on electric guitars with solid bodies, except for a few undistorted parts. Thus, the surge in the count of metal bands globally is projected to fuel the requirement for these variants in the coming years.

The demand for semi-hollow-body variants is projected to develop at a significant CAGR over the projection period too. These alternatives are quite common as they have the features of both solid-body and hollow-body variants. Therefore, artists who look for experimentation in their sound utilize semi-hollow-body variants.

Offline Channel Category Holds Largest Revenue Share

The offline channel category is dominating the market. After the lifting of the lockdowns in numerous nations, item sales through offline stores augmented. However, even in 2020, the popular Guitar Center on Sunset Boulevard witnessed a substantial surge in sales by three digits compared to the previous year.

This rise was credited to the surge in buying by casual musicians and podcasters during the COVID-19 lockdowns. Offline distribution platforms have various benefits, including varied item selection, competitive costs, and robust brand visibility, thus catering to an extensive variety of clientele. The biggest of all, they allow people to try their hands at the instruments and get a feel of the fretboard, the strings, and the sound, before buying.

Online Channel Category Is Projected To Grow at Significant Rate

During the forecast period, the online channel category is projected to witness a high CAGR, credited to the comfort of buying products online. As per an article, in 2021, in spite suffering locked workshops in 2020, Fender generated USD 700 million that year, growing by more than 18% from 2019.

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Asia-Pacific Region Is Leading Market

The APAC region is leading the industry, propelled by a robust consumer base and changing lifestyle choices because of the augmenting per capita income. The rising fondness for music and the capability to invest in leisure and entertainment activities contribute to the high requirement for electric guitars in APAC. Moreover, the growing count of music events and festivals hosted by music bands is projected to boost market development in the coming years.

Further, although North America and Europe are home to a lot more popular metal and rock bands than APAC, the latter is home to the largest number of amateur guitarists and those who pursue it as a hobby. Additionally, with the increasing popularity of such genres, the number of bands based in China, India, and Japan is rising.

North America is also expected to witness growth at a significant pace, boosted by the increasing count of live music events. Thus, key electric guitar makers are enthusiastically launching pioneering variants to enhance their existence and entice a greater client population in the region. Additionally, the continent is home to a large number of rock and metal bands, which makes it a key market for professional-grade electric guitars.

Recent Developments

In July 2021, Gibson Brands Inc. entered into a partnership with Kirk Hammett to launch a signature line of guitars.

In June 2021, Fender Musical Instruments Corporation declared that Kyser Musical Products has partnered with it for the introduction of Kyser’s electric guitar capos.

Key Companies in Electric Guitar Market Include:

• Gibson Brands Inc.
• Fender Musical Instruments Corporation
• Karl Höfner GmbH & Co. KG
• Ibanez Guitars
• Yamaha Corporation
• The ESP Guitar Company
• Cort Guitars
• Michael Kelly Guitar Co.
• DEAN GUITARS
• Epiphone
• Paul Reed Smith Guitars
• B.C. Rich Guitars