Electric Guitars Market– Statistics And Analysis & Forecast To 2025
Posted by Mrudula Anil Karmarkar on June 9th, 2021
The 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:
Over the past few years, music festivals and live concerts have been witnessing a significant increase at the global level. Moreover, the participation of youth has been a prominent factor in promoting the number of live concerts and music festivals over the last few years. Today’s youth population love to experience live music and enjoy sharing it on social media. These trends have augmented the number of music festivals across the globe, thereby driving the demand for electric guitars.
As per a report titled, ‘The Guardian’, in July 2017, the music industry of the U.K. witnessed a rise of 12% in the audiences at live music events from 2015 to 2016. The same post reported that the number of audiences has increased by 2.2 million people and reached a 30.9 million audience, up from 27.7 million audiences in 2015. Also, these music events added approximately USD 4 billion to the country’s economy. These trends in the music industry are projected to expand the scope of electric guitars over the forecast period.
Music has become an important aspect in some of the school curriculum across the globe. The primary, as well as higher schools, are focusing on music education programs and molding their curriculum policies more friendly towards music. Various researches show that the active engagement of young students in music helps to enhance their learning skills, general creativity, intellectual development, numeracy, and social development. Moreover, it helps to maintain the health and wellbeing of an individual. According to the National Association for Music Education (NAfME), music helps to develop spatial intelligence and reasoning. These favorable consumer trends are expected to boost the demand for electric guitars in the foreseeable future.
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The global market is fragmented in nature owing to the presence of a few strong players across the globe. Moreover, some strong players including Gibson Brands, Inc.; Fender Musical Instruments; Karl Höfner GmbH & Co. KG; Ibanez guitars; Yamaha Corporation; and Michael Kelly Guitar Co. are offering lightweight and technologically advanced products such as electric guitars to cater to the increasing demand for guitars among customers.
For instance, in January 2019, EDM Music launched its brand new electric guitar under the brand name ‘Silvery’ in ‘The National Association of Music Merchants (NAMM)’ show. This electric guitar is provided with one humbucker and one single-coil for maximum flexibility and robust performance. Moreover, it comes with 5 unique sound settings. These guitar launches increase their visibility, which is further expected to fuel industry growth over the forecast period.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information:www.grandviewresearch.com
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
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