Electric Guitar Market Insights: Size, Share, Growth Analysis & Forecast (2024-2029)
The market report offers a detailed analysis segmented by Type (Electric Acoustic Guitars, Seven String Guitars, Solid Body Guitars, Hollow Body Guitars, Others); by Distribution Channel (Online, Offline, Others); by End User (Professionals, Learners, Individual Amateurs, Others); by Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).
Market Dimensions & Growth Potential
- The electric guitar market is estimated to be at USD 4,398.68 Mn in 2024 and is anticipated to reach USD 5,998.85 Mn in 2029.
- The electric guitar market is registering a CAGR of 6.4% during the forecast period of 2024-2029.
- The market for electric guitars is experiencing steady growth, driven by renewed interest in music education and the influence of social media, which has popularized guitar playing among younger audiences.
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Competitive Landscape & Market Positioning in 2023
- The global electric guitar industry participants are always developing strategies to preserve a competitive advantage.
- These companies primarily use acquisitions, R&D, partnerships, and technological launches.
- Several important entities in the electric guitar market include C. F. Martin & Co., Inc.; Cortex Corp.; Dean Guitars; Fender Musical Instruments Corp.; Gibson Inc.; and others.
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Report Objectives & Insights
| Attributes | Values |
| Historical Period | 2018-2022 |
| Base Year | 2023 |
| Forecast Period | 2024-2029 |
| Market Size (2024) | USD 4,398.68 Mn |
| Market Size (2029) | USD 5,998.85 Mn |
| Growth Rate | 6.4% CAGR from 2024 to 2029 |
| Key Segments | Type (Electric Acoustic Guitar, Seven String Guitar, Solid Body Guitar, Hollow Body Guitars, Others); Distribution Channel (Online, Offline, Others); End User (Professionals, Learners, Individual Amateurs, Others); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa) |
| Key Vendors | C. F. Martin & Co., Inc.; Cortex Corp.; Dean Guitars; Fender Musical Instruments Corp.; Gibson Inc. |
| Key Countries | The US; Canada; China; India; Japan; South Korea; The UK; Germany; Italy; France; Spain; Turkey; Indonesia; UAE; Saudi Arabia; Egypt; South Africa |
| Largest Market | Asia Pacific |
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Market Trends & Future Outlook
- Vintage-inspired Designs: Vintage-inspired designs have seen a notable resurgence, with prominent manufacturers like Fender and Gibson introducing updated versions of their classic models. For example, Fender’s 2023 American Vintage II series revives iconic guitars, meticulously recreating period-specific details to appeal to players who seek authentic vintage tones and aesthetics.
- Advanced Digital Model: The rise of smart guitars continues to gain momentum, with instruments like the Jamstik Studio MIDI guitars. These guitars seamlessly integrate with digital audio workstations and mobile apps, catering to the needs of tech-savvy musicians and producers. Technological advancements have revolutionized guitar design.
- Hybrid Guitar Innovations: This powerful device replicates the sound of virtually any amplifier or effect, providing unparalleled versatility for guitarists. Meanwhile, hybrid acoustic-electric instruments are evolving, blending traditional craftsmanship with modern electronics. Sustainability and alternative materials have become increasingly prominent in guitar manufacturing.
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Key Market Influencers & Growth Drivers
- Rising Popularity of Music: There is a notable increase in global interest in music and rising income levels, making musical instruments more accessible to a broader demographic. The proliferation of music festivals, live concerts, and other music events worldwide has significantly boosted the demand for electric guitars.
- Growth in Music Institutions: Music institutions, clubs, and online communities are vital in nurturing new guitarists by offering learning opportunities and fostering artistic communities. Social media platforms like TikTok and Instagram amplify musicians’ influence, sparking interest in electric guitars.
- Technological Advances in Electric Guitar: Technological advancements in computer-aided design (CAD), computer-aided manufacturing (CAM), 3D printing, and robotics have revolutionized the production processes of electric guitars. These innovations enhance manufacturing precision and efficiency and reduce costs, making high-quality instruments more affordable and accessible worldwide.
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Market Obstacles & Growth Barriers
- Shifting Musical Tastes: Changing musical preferences are reducing demand for electric guitars, with genres like EDM, hip-hop, and pop now more popular. For example, Spotify’s 2023 Wrapped showed strong stream growth for these genres, while rock and alternative saw less interest.
- Counterfeit Products: The proliferation of counterfeit electric guitars in the market poses a challenge for consumers and legitimate manufacturers. Counterfeit products often lack quality and can damage a brand’s reputation. In 2023, Fender intensified efforts to combat counterfeit guitars by implementing advanced authentication measures and increasing consumer awareness.
- Supply Chain Disruptions: Global supply chain issues, particularly in sourcing materials and electronic components, have disrupted production timelines and increased manufacturing costs. The availability of key materials like wood, metal hardware, and electronic parts is often unpredictable.
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Map Highlighting Key Region in 2023
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Table of Contents
| 1. Introduction |
|---|
| 1.1. Research Methodology |
| 1.2. Scope of the Study |
| 2. Market Overview / Executive Summary |
| 2.1. Global Electric Guitar Market (2018 – 2022) |
| 2.2. Global Electric Guitar Market (2023 – 2029) |
| 3. Market Segmentation |
| 3.1. Global Electric Guitar Market by Type |
| 3.1.1. Electric Acoustic Guitar |
| 3.1.2. Seven String Guitar |
| 3.1.3. Solid Body Guitar |
| 3.1.4. Hollow Body Guitars |
| 3.1.5. Others |
| 3.2. Global Electric Guitar Market by Distribution Channel |
| 3.2.1. Online |
| 3.2.2. Offline |
| 3.2.3. Others |
| 3.3. Global Electric Guitar Market by End User |
| 3.3.1. Professionals |
| 3.3.2. Learners |
| 3.3.3. Individual Amateurs |
| 3.3.4. Others |
| 4. Regional Segmentation |
| 4.1. North America |
| 4.1.1. The US |
| 4.1.2. Canada |
| 4.1.3. Mexico |
| 4.2. South America |
| 4.2.1. Brazil |
| 4.2.2. Argentina |
| 4.2.3. Colombia |
| 4.2.4. Chile |
| 4.2.5. Rest of South America |
| 4.3. Asia Pacific |
| 4.3.1. China |
| 4.3.2. India |
| 4.3.3. Japan |
| 4.3.4. South Korea |
| 4.3.5. Rest of Asia Pacific |
| 4.4. Europe |
| 4.4.1. The UK |
| 4.4.2. Germany |
| 4.4.3. Italy |
| 4.4.4. France |
| 4.4.5. Spain |
| 4.4.6. Rest of Europe |
| 4.5. The Middle East |
| 4.5.1. Turkey |
| 4.5.2. UAE |
| 4.5.3. Saudi Arabia |
| 4.5.4. Rest of the Middle East |
| 4.6. Africa |
| 4.6.1. Egypt |
| 4.6.2. South Africa |
| 4.6.3. Rest of Africa |
| 5. Value Chain Analysis of the Global Electric Guitar Market |
| 6. Porter Five Forces Analysis |
| 6.1. Threats of New Entrants |
| 6.2. Threats of Substitutes |
| 6.3. Bargaining Power of Buyers |
| 6.4. Bargaining Power of Suppliers |
| 6.5. Competition in the Industry |
| 7. Trends, Drivers and Challenges Analysis |
| 7.1. Market Trends |
| 7.1.1. Market Trend 1 |
| 7.1.2. Market Trend 2 |
| 7.1.3. Market Trend 3 |
| 7.2. Market Drivers |
| 7.2.1. Market Driver 1 |
| 7.2.2. Market Driver 2 |
| 7.2.3. Market Driver 3 |
| 7.3. Market Challenges |
| 7.3.1. Market Challenge 1 |
| 7.3.2. Market Challenge 2 |
| 7.3.3. Market Challenge 3 |
| 8. Opportunities Analysis |
| 8.1. Market Opportunity 1 |
| 8.2. Market Opportunity 2 |
| 8.3. Market Opportunity 3 |
| 9. Competitive Landscape |
| 9.1. C |
| 9.2. Cortex Corp. |
| 9.3. Dean Guitars |
| 9.4. Fender Musical Instruments Corp. |
| 9.5. Gibson Inc. |
| 9.6. Company 6 |
| 9.7. Company 7 |
| 9.8. Company 8 |
| 9.9. Company 9 |
| 9.10. Company 10 |
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Electric Guitar Market – FAQs
What is the current size of the electric guitar market?
In 2024, the electric guitar market size is $4,398.68 Mn.
Who are the major vendors in the electric guitar market?
The major vendors in the electric guitar market are C. F. Martin & Co., Inc.; Cortex Corp.; Dean Guitars; Fender Musical Instruments Corp.; Gibson Inc.
Which segments are covered under the electric guitar market segments analysis?
The electric guitar market report offers in-depth insights into Type, Distribution Channel, End User, and Geography.