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The electric guitar market size is expected to grow to USD 1.46 billion by 2028, with a compound annual growth rate (CAGR) of 10.43% from 2023. Factors driving market growth include increasing demand for music-related leisure activities and instruments such as guitars, the rise of music festivals and live events, integration of music education in academic settings, and a growing cultural emphasis on recreational music pursuits.
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The market caters to the adolescent population and millennials, who have a strong affinity for music genres such as metal and rock. Live concerts and music festivals continue to be popular leisure activities, fueling the demand for musical instruments like the electric guitar. School curricula and music education programs increasingly incorporate music instruction, providing students with opportunities to learn and play the electric guitar. Online retail platforms have revolutionized the way consumers purchase musical instruments, with high internet penetration enabling seamless transactions. Instant messaging and video conferencing facilitate virtual lessons, while file sharing allows students to access and learn from various music resources.
The cloud enables online performances, further expanding the market's reach. The popularity of various music genres influences the electric guitar market, with metal and rock music maintaining a strong presence. Musical bands and individual artists continue to inspire new generations of musicians, driving the demand for electric guitars and related accessories. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022
The global market is being notably driven by the increasing number of music festivals and live events. Over the past few years, there has been significant growth in music festivals, concerts, and entertainment events worldwide, particularly among millennials. This trend is attributed to the large base of the young population and the surge in disposable income, which has resulted in more people spending on live events. As a result, the growing number of live performances and concerts by musicians, artists, dancers, and comedians is expected to play a major role in driving the global market's growth during the forecast period.
The UK has witnessed a rise in the number of people attending live events, which includes internationally acclaimed festivals and concerts covering a diverse range of musical genres. The growth of the music industry is expected to drive the demand for technologically advanced smart musical instruments during the forecast period.
The market is witnessing an emerging trend of increasing demand for customized electronic musical instruments. Among all instruments, the customization of guitars has seen a rapid surge in popularity. Developed regions such as North America and Europe have witnessed a significant rise in the demand for customized products in recent years. Moreover, emerging countries like India and China are also experiencing a surge in demand for personalized electronic musical instruments.
Key market players are offering visually appealing and high-quality customized products that can vary from the color of electronic musical instruments to their style. However, customized products are more expensive than standard ones. Nevertheless, the increasing desire for personalized and unique guitars is expected to drive the growth of the market during the forecast period.
High costs involved in the production of musical instruments are major challenges impeding market growth. Various raw materials are required to manufacture musical instruments. Therefore, an increase in the prices of these raw materials will result in an increase in the manufacturing cost of musical instruments.
Regulations pertaining to wood and timber in various countries that restrict the cutting down of trees and trade activities create a demand-supply imbalance. This compels small-scale manufacturers to use less expensive substitutes, which eventually affects the quality of the instruments. The fluctuating prices of crude oil also affect the manufacturing cost of musical instruments as synthetic materials such as composites are used to manufacture musical instruments. Thus, these aforementioned factors may hamper the growth of the market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Dean Guitars - The company offers electric guitars, acoustic guitars, basses, and other musical instruments. The key offerings of the company include electric guitars.
The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the solid-body segment will be significant during the forecast period. The solid-body segment is the largest segment of the global market. The dominant share of this segment is attributed to the high adoption of solid-body in developing countries.
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The solid-body segment was valued at USD 1.15 billion in 2018 and continued to grow until 2022. The widespread use of these guitars is a result of the appeal of the rock and metal music genres. Rock bands frequently employ solid-body. As a result, it is anticipated that the demand for these with solid-body will increase as the number of bands increases globally. In addition, those with solid-body are considered good for playing music styles, such as slides, as they offer a clear picture of the amount of work a user requires on the music technique. Such factors are expected to foster the growth of the global market during the forecast period.
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North America is estimated to contribute 59% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is estimated to grow steadily during the forecast period. The US is the key market in the region. The launch of innovative products, the increasing use of online platforms to purchase these products, and the rising demand for customized drive the growth of the market in North America.
The music events market in the US and Canada grew at a CAGR of more than 7% and 8%, respectively, over the last five years due to the popularity of music events among the population. It is expected to expand at an even higher CAGR during the forecast period. Furthermore, in 2022, the number of bars, taverns, and nightclubs that perform live music in the US was more than 62,000. Thus, the aforementioned factors are expected to drive the market in North America during the forecast period.
Segment Overview
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The Market is influenced by the popularity of metal and rock genres, driving demand for instruments among musicians and bands. Technological advancements have revolutionized the market, with digital music tools and digital sheet music enhancing the playing experience.The market is also impacted by factors such as internet penetration and the rise of video conferencing, which have enabled musicians to collaborate and perform remotely. As a result, there is a growing interest in instruments like semi-hollow body electric guitars, favored for their versatility and classic sound. The Market is experiencing a paradigm shift with the proliferation of online channels and the evolution of live music concepts. This market's growth is driven by factors such as genre popularity, which influences the preferences of students and enthusiasts alike. The surge in videoconferencing and cloud technology has enabled seamless online video and audio creation, fostering online performances and virtual lessons. Both the online channel and offline channel segments play crucial roles in catering to the diverse demands of consumers. The market encompasses a wide range of offerings, including the classic hollow body electric guitars known for their rich tone and versatility.
Overall, the market continues to evolve, with innovations and trends in music shaping consumer preferences and driving the demand for new and advanced instruments. The Market is experiencing robust growth, driven by various factors that underscore its dynamic nature. Live concerts and music festivals continue to be a major driving force, attracting audiences of all ages and boosting interest in musical instruments like electric guitars. Moreover, the integration of music education programs into school curricula is expanding the consumer base, especially among the adolescent population. This trend is further amplified by the proliferation of online retail platforms and commercial music schools offering convenient access to instruments and learning resources.
In the digital realm, the Online Music Education Market is flourishing with the adoption of instant messaging, file sharing, digital whiteboards, and cloud-based systems for music instruction. This shift towards online learning is complemented by innovations in electric guitar technology, such as solid-body electric guitars with digital features. Manufacturers are also capitalizing on sustainability and eco-friendly practices, offering boutique and custom-made guitars that appeal to environmentally conscious consumers. The market is segmented into offline and online channels, with both avenues witnessing increased demand for electric guitars, especially with the rising popularity of rock music genres among adolescents. Digital marketing strategies and direct-to-consumer models are further propelling market growth, making the Electric Guitar Market a vibrant and evolving sector within the music industry.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.43% |
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Market growth 2024-2028 |
USD 1.46 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
8.64 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 59% |
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Key countries |
US, China, Canada, Germany, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
CorTek Corp., Dean Guitars, Farida, Fender Musical Instruments Corp., Fernandes Co. Ltd., Fujigen Inc., Gibson Brands Inc., Heritage Guitar Inc., HOSHINO GAKKI Co. Ltd., JAM Industries USA LLC, Karl Hofner GmbH and Co. KG, Paul Reed Smith Guitars, Peavey Electronics Corp., Rickenbacker International Corp., Samson Technologies Corp., Schecter Guitar Research Inc., Taylor Listug Inc., The ESP Guitar Co., Tokai Gakki Co.Ltd., and Yamaha Corp. |
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Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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