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 is estimated to account for 54% of the market growth. The growth of the regional market is driven by factors such as the launch of innovative products, the increasing sales of electric guitars on online platforms, and the rising demand for customized electric guitars. Also, increased funding from sponsors to organize music festivals is increasing the demand for electrical guitars in North America.
Electric Guitar Market – Segmentation Assessment Segment Overview
Technavio has segmented the market based on the product (solid-body, semi-hollow body, hollow body, and accessories), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
- The solid-body segment will grow significantly during the forecast period. The segment is driven by the high adoption of solid-body electric guitars in developing countries. The high affordability and availability of these guitars have increased their adoption in countries such as India and Brazil. Hence, such factors drive the segment growth during the forecast period.
Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) – Download a Sample Report
Electric Guitar Market – Market Dynamics
Leading Drivers –
The Electric Guitar market is driven by the rising number of music festivals and live events. The number of music festivals, concerts, and entertainment events has been increasing across the world. This growth can be attributed to the presence of a large base of the young population and a surge in disposable income. In 2019, more than 29 million people attended live concerts in the UK. Similarly, every year, more than 50% of the population in the US attends some kind of musical event. These factors have led to an increase in the number of live performances and concerts by musicians, artists, dancers, and comedians. This is fostering the growth of the global electrical guitar market.
Key Trends –
The increasing demand for customized electronic musical instruments is a key trend shaping the Electric Guitar Market. The demand for the customization of electric guitars is increasing at a rapid pace. This is evident in developed regions, such as North America and Europe. Developing countries such as India and China are also experiencing a rise in the demand for customized electronic musical instruments. This is encouraging vendors to offer a wide range of customization options to make their products more appealing to customers. For instance, C. F. Martin & Co. Inc. allows its customers to choose from various shapes and sizes, select from premium exotic and traditional hardwood options, design their inlays, and customize the shape, style, and design of guitar necks. This trend will positively influence the growth of the market during the forecast period.
Major challenges –
High costs involved in the production of musical instruments are challenging the growth of the Electric Guitar Market. The manufacture of musical instruments such as electrical guitars involves the use of various raw materials such as wood, metal, and synthetic materials derived from petrochemicals. Any increase in the prices of these raw materials leads to an increase in the overall manufacturing cost of electric guitars. Fluctuating prices of crude oil also affect the cost of electric guitars as many composite materials are used in the manufacturing process. These factors might hinder the growth of the market in focus.
