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Industry Insights, Market Size, CAGR, High-Level Analysis: Electric Guitars MarketThe global electric guitars market size was valued at USD 1.2 billion in 2018. Increasing awareness regarding music enthusiasm among the millennials is projected to be a key factor in expanding the market size. In addition, rising number of live concerts, along with the commercialization of music festivals, has boosted the demand for musical instruments, including electric guitars. Over the past few years, music festivals and live concerts have been witnessing a significant increase at the global level. Moreover, participation of youth has been a prominent factor for promoting the number of live concerts and music festivals over the last few years. Todays youth population love to experience live music and enjoy sharing it on social media. These trends has 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 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 audience has increased by 2.2 million people and reached a 30.9 million audience, up from 27.7 million audience in 2015. In addition, these music events added approximately USD 4 billion to the countrys economy. These trends in the musical industry is 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 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.
Product Insights of Electric Guitars MarketSolid body guitars dominated the market, accounting for a share of 70.2% in 2018. These products have the ability to amplify a louder tone without running into feedback issues. These solid body guitars offer great responsivity and they largely rely on amplification for the best performance. Key Manufacturers including Gibson Brands, Inc.; Fender Musical Instruments; Karl Hofner GmbH & Co. KG; Ibanez guitars; and Yamaha Corporation are adopting several strategies including new products launches in order to cater to the rising demand for electric guitars. For instance, in March 2017, Michael Kelly Guitar Co. launched ultralight electric guitar under the brand name, ˜The 6-Pound Ax. This electric guitar is around 30% lighter than traditional electric instrument, with a reduced weight by around six pounds without compromising styling and sonic quality. These features are expected to promote the utility of technologically advanced products including electric guitars over the forecast period.
Distribution Channel InsightsOffline channel was the largest distribution channel in 2018, accounting for more than 80.0% share of the global revenue. Major retailers in U.S. are inaugurating new stores in various states of the country in order to gain maximum market penetration. For instance, in November 2018, Guitar Center renovated existing stores and opened seven new stores by the end of 2018, making a total count of 290 stores in U.S. The company is focusing on strengthening its physical footprint across U.S. Online distribution channel is expected to emerge as the fastest growing segment in the forecast period. Major retailers of guitars and musical instruments including Guitar Center, Inc. and Daves Guitar Shop, one of the largest independently owned guitar shops in U.S., are coming up with their e-commerce websites in order to gain the maximum customer base. In addition, online platforms including social media and Google Ads play an essential role in influencing the consumer preferences for electric guitars. The customers are able to purchase the electric guitars from remote locations, which adds to the convenience.
Regional Insights of Electric Guitars MarketAsia Pacific was the largest market for electric based guitars, accounting for 40.9% share of the global revenue in 2018 owing to the presence of the largest musical instrument manufacturing countries including China and India. Moreover, China hosts one of the largest international trade fairs for musical instruments. In 2018, this musical instrument trade show witnessed more than 110,000 visitors from more than 80 countries across the globe. These huge trade shows open new avenues for the musical instruments including electric based guitars over the forecast period. The region is anticipated to maintain its lead in the electric guitars market over the forecast period. North America is anticipated to be the fastest growing market, expanding at a CAGR of 3.8% from 2019 to 2025. This growth is attributed to rising live music concepts, coupled with increasing number of musical concerts across U.S. Major manufacturers are Gibson Brands, Inc.; Fender Musical Instruments; Karl Hofner GmbH & Co. KG; Ibanez guitars; Yamaha Corporation; and Michael Kelly Guitar Co. are introducing new variants in order to gain the maximum customer base in the region. For instance, in January 2019, Gibson Brands, Inc. launched 25 models of electric guitar in ˜The National Association of Music Merchants (NAMM) show. This new line of electric guitars includes the ˜G-45 Studio and ˜G-45 Standard. These product launches are expected to drive the market for electric guitars over the forecast period.
Market Share Insights of Electric Guitars MarketThe global market is fragmented in nature owing to presence of a few strong players across the globe. Moreover, some strong players including Gibson Brands, Inc.; Fender Musical Instruments; Karl Hofner GmbH & Co. KG; Ibanez guitars; Yamaha Corporation; and Michael Kelly Guitar Co. are offering lightweight and technological advanced products such as electric guitars in order to cater to the increasing demand for guitars among customers. For instance, in in January 2019, EDM Music launched its brand new electric guitar under the brand name ˜Silveray 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.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Electric Guitars Market Research ReportThis report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global electric guitars market report on the basis of product, distribution channel, and region:
Product Outlook (Revenue, USD Million, 2019 - 2030)
- Solid Body
- Semi-hollow Body
- Hollow Body
Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database 1.3.2. GVR’s Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization | read more...