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Electric Guitars Market Growth Accelerates: Strategic Forecast Predicts $6.9 Billion by 2029
Electric Guitars Market
Electric Guitars Market Size Growth Forecast: What to Expect by 2025?
The market size for electric guitars has seen a swift expansion in recent times. It is projected to surge from $4.1 billion in 2024 to $4.51 billion in 2025, recording a compound annual growth rate (CAGR) of 10.1%. Factors such as the rise of rock and roll culture, changes in musical tastes, the impact of guitar luminaries, advancements in manufacturing, cultural symbolism, and the role of media and advertising have contributed to the growth during the historical period.
How Will the Electric Guitars Market Size Evolve and Grow by 2029?
The market for electric guitars is predicted to experience swift expansion in the coming years, reaching a total value of $6.9 billion in 2029, with a compound annual growth rate (CAGR) of 11.2%. The projected growth during this period can be linked to factors such as continuous genre evolution, the rise in e-commerce and online sales, commitment to sustainability and eco-friendly practices, the broadening of the global market, and a growing preference for customization and personalization. Key trends during the outlook period encompass the impact of social media and digital platforms, technological advancements, digital integration, an increase in online sales, and partnerships with artists.
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What Drivers Are Propelling the Growth of Electric Guitars Market Forward?
The burgeoning fascination with music has been identified as a key contributor to the expansion of the electric guitars market. Music offers relaxation and brings joy, piquing people's interest. Critical elements in popular music such as electric guitars - complete with gems and essences - along with the trendy nature of these genres, inspire many to become guitar players. This is evidenced by a THIS IS MUSIC 2023 report in June 2024, which disclosed that in 2022, recorded music revenues saw a notable hike due to various reasons. There was a 3.1% rise in revenues from vinyl sales while revenues from streaming grew by 6.3% relative to the past year. Hence, the escalating attraction towards music is anticipated to spur the ongoing growth of the electric guitars market.
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Which Emerging Trends Are Transforming the Electric Guitars Market in 2025?
Forming strategic alliances and cooperation is rapidly becoming a prominent trend in the electric guitars market. Companies prominently operating within this market are focusing on collaborations and partnerships to both meet the needs of the consumer and reinforce their market position. In the month of July 2024, Chapman Guitars, a UK-based firm specializing in top-grade electric guitars, publicized a fresh partnership with Musifacts, the financial details of which were not disclosed. The objective of this alliance for Chapman Guitars was to enrich its guitar offerings by incorporating progressive music technology solutions that elevate the overall guitar-playing experience. Musifacts Europe, situated in Netherlands, is praised for its groundbreaking music and audio software engineered to help musicians upgrade their sound and performance.
What Are the Key Segments in the Electric Guitars Market?
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
Subsegments:
1) By Electric Acoustic Guitar: Cutaway Electric Acoustic Guitar, Non-Cutaway Electric Acoustic Guitar
2) By Seven String Guitar: Extended Range Seven String Guitar, Baritone Seven String Guitar
3) By Solid Body Guitar: Single-Cut Solid Body Guitar, Double-Cut Solid Body Guitar, Super Strat Solid Body Guitar
4) By Hollow Body Guitar: Full Hollow Body Guitar, Semi-Hollow Body Guitar
5) By Other Types: Baritone Guitar, Travel Electric Guitar, Specialty Electric Guitar
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Who Are the Key Players Shaping the Electric Guitars Market's Competitive Landscape?
Major companies operating in the electric guitars market include Gibson Brands Inc., 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, 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
What Geographic Markets Are Powering Growth in the Electric Guitars Market?
Asia-Pacific was the largest region in the electric guitar market in 2024. The regions covered in the electric guitars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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