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Electric Guitars Market Report 2024-2032 | Size, Share, Trends, Growth Demand, overview
Electric Guitars Market
As per the report, 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 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%.
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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.
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.
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
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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
Contents of the report:
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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