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Electric Guitars Global Market Analysis, Trends, Growth, Research And Forecast 2033
Electric Guitars Global Market
Electric Guitars Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $5.11 billion In 2028 At A CAGR Of 10.1% :
The electric guitars market size has grown strongly in recent years. It will grow from $3.19 billion in 2023 to $3.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to rock and roll culture, cultural shift in music preferences, influence of guitar icons, manufacturing advances, cultural symbolism, media and advertising.
The electric guitars market size is expected to see rapid growth in the next few years. It will grow to $5.11 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to continued genre evolution, e-commerce and online sales growth, sustainability and eco-friendly practices, global market expansion, customization and personalization trends. Major trends in the forecast period include influence of social media and digital platforms, technological innovations, digital integration, rise in online sales, artist collaborations.
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Electric Guitars Market Major Segments
The electric guitars market covered in this report is segmented -
1) By Type: Electric Acoustic Guitar, Seven String Guitar, Solid Body Guitar, Hollow Body Guitar, Other Types
2) By Price: Low, Medium, High
3) By Distribution Channel: Online, Offline
4) By End-user: Professionals, Learners, Individual Amateurs
Key Driver - Growing Music Interest Ignites The Electric Guitar Market
The growing interest in music is a major factor driving the growth of the electric guitars market. People are showing interest in music, as music refreshes the soul and is an excellent source of entertainment. Electric guitars, including gemstones and essence, are crucial in popular music genres, and the fashion ability of these genres motivates many people to learn to play the guitar. For instance, according to the Fender Musical Instruments Corporation (FMIC), a US-based manufacturer of musical instruments, 16 million new guitarists were taking up the instrument in the first half of 2021, with nearly 1 million acoustic guitar imports and 96.50 lakh electric guitar imports, a 35% increase over historical averages. Therefore, the rising interest in music is expected to propel the growth of the electric guitars market going forward.
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Prominent Trend - Strategic Partnerships Elevate Electric Guitars Market Dynamics
Strategic partnerships and collaborations have emerged as a key trend gaining popularity in the electric guitars market. Major companies operating in the electric guitars market sector are focused on partnerships or collaboration to meet consumer demand and strengthen their position. For instance, in November 2021, ESP guitars, a Japan-based manufacturer of electric guitars, collaborated with Finally. This collaboration aimed to create a series of limited-edition digital assets based on the company's Pyrography electric guitars. Finally, a US-based company specializes in producing and distributing non-fungible tokens (NFT) for the music, sports, and entertainment industries. Further, In October 2021, Fender, a US-based company that manufactures guitars, basses, amplifiers, and other related equipment, collaborated with a luxury car brand, Lexus. The objective of this collaboration was to create a unique electric guitar known as the LC Lexus Stratocaster. The Lexus LC Stratocaster would encapsulate Lexus' desire for bold design and smart technology. Lexus is a Japan-based manufacturer of luxury cars.
Electric Guitars Market Players
Major companies operating in the electric guitars market report are Gibson Brands Inc., EDM Music, Alembic Inc., Fender Musical Instruments Corporation, Yamaha Corporation, CF Martin & Company, Alvarez Guitars, Behringer Guitars, PRS Guitars, Paul Reed Smith Guitars Ltd., Ampeg, ESP Company Ltd, Schecter Guitar Research, Hoshino Gakki Co. Ltd., Dean Guitars, Babicz Guitars, Rickenbacker International Corp, Karl Hofner GmbH & Company KG, Carvin Corporation, B C Rich Guitars., G&L Musical Instruments, Michael Kelly Guitars, Jackson Guitars, Cort Guitars, Epiphone, Airline Guitars, Antoria, Aria Guitars, Ashton Music, Avalon Guitars
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the electric guitar market in 2023. The regions covered in the electric guitars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Guitars Market Report Structure
3. Electric Guitars Market Trends And Strategies
4. Electric Guitars Market - Macro Economic Scenario
5. Electric Guitars Market Size And Growth
…..
27. Electric Guitars Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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