Electric Guitar Market Size, Share, Growth, Trends and Industry Statistics Report
by Susan Hill Business ConsultantThe
global electric guitar market size is expected to reach
USD 1.5 billion by 2025, according to a new report by Grand View Research,
Inc., expanding at a CAGR of 3.3% over the forecast period. Increasing number
of live concerts and music festivals at the global level is expected to be a
key factor for the market growth. In addition, rising importance of music
enthusiasm among millennials is projected to fuel the demand for electric
guitars.
Over the
past few years, commercialization of musical events and concept of live music
has evolved at a significant rate across the globe. The millennials across the
globe are increasingly participating in these events, which is expected to open
new avenues for the global market. According to the statistics provided by the
MN2S Management Limited, one of the leading agencies for live music, DJ, and
talent booking, U.K. has witnessed an increase of 12% in hosting live concerts
and music festivals in 2018. Moreover, Germany witnessed a revenue of USD 2.1
billion for live music concerts in 2018. These trends are anticipated to propel
the demand for electric guitars over the foreseeable future.
Semi-hollow
products are expected to witness the fastest growth over the next few years.
These guitars are expected to gain popularity among the beginners as they are
easy to handle and easy to play. Additionally, over the past few years, the
majority of guitarists have been preferring the semi-hollow guitars as they
provide jazzy hollow-body resonance and punchy rock and roll music.
Key players
in the electric guitar market include Gibson Brands, Inc.; Fender Musical
Instruments; Karl Höfner GmbH & Co. KG; Ibanez guitars; Yamaha Corporation;
Michael Kelly Guitar Co.; ESP Company Limited; Cort Guitars; EDM Music;
Epiphone; and Heritage Guitar Inc. Major manufacturers are launching new
products in order to gain the maximum customer base. For instance, in July
2019, Heritage Guitar Inc. launched its new limited edition series of its
standard collection under the brand name ‘Heritage Artisan Aged H-530’. In
addition, the companies are expected to increase the spending on launching
product forms through e-commerce portals in order to address the increasing
demand for electric guitars from smartphone users.
Further key
findings from the report suggest:
- Solid body
electric guitar held the largest share of 70.2% in 2018 and is expected to
maintain its lead owing to its property of amplifying louder tone without
running into feedback issues
- Online is
expected to be the fastest growing distribution channel with a CAGR of
3.8% from 2019 to 2025
- North America
is anticipated to be the fastest growing market, expanding at a CAGR of
3.8% from 2019 to 2025 owing to increasing number of live music concepts
across U.S.
- Product
innovation is expected to remain a key strategy among the industry
participants.
Access
full research report on global electric guitar market:
www.grandviewresearch.com/industry-analysis/electric-guitars-market
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Created on Nov 13th 2019 06:54. Viewed 538 times.