Electric Guitar Market to grow at a CAGR of 7.75% from 2022 to 2027, Increasing demand for customized electronic musical instruments to be a leading trend – Technavio

NEW YORK, June 26, 2023 /PRNewswire/ — According to Technavio, the global electric guitar market size is estimated to grow by USD 955.77 million from 2022 to 2027. The market is estimated to grow at a CAGR of 7.75% during the forecast period. North America is estimated to account for 54% of the market growth. The growth of the regional market is driven by factors such as the launch of innovative products, the increasing sales of electric guitars on online platforms, and the rising demand for customized electric guitars. Also, increased funding from sponsors to organize music festivals is increasing the demand for electrical guitars in North America. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report

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• Global competitiveness and key competitor positions 
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Electric Guitar Market – Segmentation Assessment Segment Overview

Technavio has segmented the market based on the product (solid-body, semi-hollow body, hollow body, and accessories), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). 

• The solid-body segment will grow significantly during the forecast period. The segment is driven by the high adoption of solid-body electric guitars in developing countries. The high affordability and availability of these guitars have increased their adoption in countries such as India and Brazil. Hence, such factors drive the segment growth during the forecast period.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027) – Download a Sample Report

Electric Guitar Market – Market Dynamics

Leading Drivers – 

The Electric Guitar market is driven by the rising number of music festivals and live events. The number of music festivals, concerts, and entertainment events has been increasing across the world. This growth can be attributed to the presence of a large base of the young population and a surge in disposable income. In 2019, more than 29 million people attended live concerts in the UK. Similarly, every year, more than 50% of the population in the US attends some kind of musical event. These factors have led to an increase in the number of live performances and concerts by musicians, artists, dancers, and comedians. This is fostering the growth of the global electrical guitar market.

Key Trends – 

The increasing demand for customized electronic musical instruments is a key trend shaping the Electric Guitar Market. The demand for the customization of electric guitars is increasing at a rapid pace. This is evident in developed regions, such as North America and Europe. Developing countries such as India and China are also experiencing a rise in the demand for customized electronic musical instruments. This is encouraging vendors to offer a wide range of customization options to make their products more appealing to customers. For instance, C. F. Martin & Co. Inc. allows its customers to choose from various shapes and sizes, select from premium exotic and traditional hardwood options, design their inlays, and customize the shape, style, and design of guitar necks. This trend will positively influence the growth of the market during the forecast period.

Major challenges – 

High costs involved in the production of musical instruments are challenging the growth of the Electric Guitar Market. The manufacture of musical instruments such as electrical guitars involves the use of various raw materials such as wood, metal, and synthetic materials derived from petrochemicals. Any increase in the prices of these raw materials leads to an increase in the overall manufacturing cost of electric guitars. Fluctuating prices of crude oil also affect the cost of electric guitars as many composite materials are used in the manufacturing process. These factors might hinder the growth of the market in focus.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Electric Guitar Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the electric guitar market between 2023 and 2027
• Precise estimation of the size of the electric guitar market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the electric guitar market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of electric guitar market vendors

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Related Reports:

• The guitar market size is expected to increase by USD 1.29 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.63%. Furthermore, this report extensively covers guitar market segmentation by product (acoustic and electric) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The growing popularity of music-related leisure activities is notably driving the guitar market growth.
• The electronic musical instruments market size is estimated to grow at a CAGR of 3.13% between 2022 and 2027. The market size is forecast to increase by USD 551.01 million. This electronic musical instruments market report extensively covers market segmentation by distribution channel (offline and online), end-user (electric pianos and keyboards, string instruments, drums and percussion instruments, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

Table of Contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Distribution Channel
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global electric guitar market 2017 – 2021
• Exhibit 18: Historic Market Size – Data Table on Global electric guitar market 2017 – 2021 ($ million)

• 4.2 Product Segment Analysis 2017 – 2021
• Exhibit 19: Historic Market Size – Product Segment 2017 – 2021 ($ million)

• 4.3 Distribution channel Segment Analysis 2017 – 2021
• Exhibit 20: Historic Market Size – Distribution channel Segment 2017 – 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 – 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)

• 4.5 Country Segment Analysis 2017 – 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments 
• Exhibit 30: Chart on Product – Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product – Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Solid-body – Market size and forecast 2022-2027
• Exhibit 34: Chart on Solid-body – Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Solid-body – Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Solid-body – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Solid-body – Year-over-year growth 2022-2027 (%)

• 6.4 Semi-hollow body – Market size and forecast 2022-2027
• Exhibit 38: Chart on Semi-hollow body – Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Semi-hollow body – Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Semi-hollow body – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Semi-hollow body – Year-over-year growth 2022-2027 (%)

• 6.5 Hollow body – Market size and forecast 2022-2027
• Exhibit 42: Chart on Hollow body – Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Hollow body – Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Hollow body – Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Hollow body – Year-over-year growth 2022-2027 (%)

• 6.6 Accessories – Market size and forecast 2022-2027
• Exhibit 46: Chart on Accessories – Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Data Table on Accessories – Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Chart on Accessories – Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Accessories – Year-over-year growth 2022-2027 (%)

• 6.7 Market opportunity by Product 
• Exhibit 50: Market opportunity by Product ($ million)

7 Market Segmentation by Distribution Channel

• 7.1 Market segments 
• Exhibit 51: Chart on Distribution Channel – Market share 2022-2027 (%)
• Exhibit 52: Data Table on Distribution Channel – Market share 2022-2027 (%)

• 7.2 Comparison by Distribution Channel 
• Exhibit 53: Chart on Comparison by Distribution Channel
• Exhibit 54: Data Table on Comparison by Distribution Channel

• 7.3 Offline – Market size and forecast 2022-2027
• Exhibit 55: Chart on Offline – Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Offline – Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Offline – Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Offline – Year-over-year growth 2022-2027 (%)

• 7.4 Online – Market size and forecast 2022-2027
• Exhibit 59: Chart on Online – Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Online – Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Online – Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Online – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Distribution Channel
• Exhibit 63: Market opportunity by Distribution Channel ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 65: Chart on Market share by geography 2022-2027 (%)
• Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 67: Chart on Geographic comparison
• Exhibit 68: Data Table on Geographic comparison

• 9.3 North America – Market size and forecast 2022-2027
• Exhibit 69: Chart on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.4 Europe – Market size and forecast 2022-2027
• Exhibit 73: Chart on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.5 APAC – Market size and forecast 2022-2027
• Exhibit 77: Chart on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.6 South America – Market size and forecast 2022-2027
• Exhibit 81: Chart on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.8 US – Market size and forecast 2022-2027
• Exhibit 89: Chart on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.9 China – Market size and forecast 2022-2027
• Exhibit 93: Chart on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.10 Canada – Market size and forecast 2022-2027
• Exhibit 97: Chart on Canada – Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Canada – Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Canada – Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Canada – Year-over-year growth 2022-2027 (%)

• 9.11 Germany – Market size and forecast 2022-2027
• Exhibit 101: Chart on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.12 Japan – Market size and forecast 2022-2027
• Exhibit 105: Chart on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on Japan – Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on Japan – Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Japan – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 109: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.3 Impact of drivers and challenges 
• Exhibit 110: Impact of drivers and challenges in 2022 and 2027

11 Vendor Landscape

• 11.2 Vendor landscape 
• Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 112: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 113: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 114: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 115: Matrix on vendor position and classification

• 12.3 CorTek Corp. 
• Exhibit 116: CorTek Corp. – Overview
• Exhibit 117: CorTek Corp. – Product / Service
• Exhibit 118: CorTek Corp. – Key offerings

• 12.4 Dean Guitars 
• Exhibit 119: Dean Guitars – Overview
• Exhibit 120: Dean Guitars – Product / Service
• Exhibit 121: Dean Guitars – Key offerings

• 12.5 Farida 
• Exhibit 122: Farida – Overview
• Exhibit 123: Farida – Product / Service
• Exhibit 124: Farida – Key offerings

• 12.6 Fender Musical Instruments Corp. 
• Exhibit 125: Fender Musical Instruments Corp. – Overview
• Exhibit 126: Fender Musical Instruments Corp. – Product / Service
• Exhibit 127: Fender Musical Instruments Corp. – Key offerings

• 12.7 Gibson Brands Inc. 
• Exhibit 128: Gibson Brands Inc. – Overview
• Exhibit 129: Gibson Brands Inc. – Product / Service
• Exhibit 130: Gibson Brands Inc. – Key news
• Exhibit 131: Gibson Brands Inc. – Key offerings

• 12.8 HOSHINO GAKKI Co. Ltd. 
• Exhibit 132: HOSHINO GAKKI Co. Ltd. – Overview
• Exhibit 133: HOSHINO GAKKI Co. Ltd. – Product / Service
• Exhibit 134: HOSHINO GAKKI Co. Ltd. – Key offerings

• 12.9 JAM Industries USA LLC 
• Exhibit 135: JAM Industries USA LLC – Overview
• Exhibit 136: JAM Industries USA LLC – Product / Service
• Exhibit 137: JAM Industries USA LLC – Key offerings

• 12.10 Karl Hofner GmbH and Co. KG 
• Exhibit 138: Karl Hofner GmbH and Co. KG – Overview
• Exhibit 139: Karl Hofner GmbH and Co. KG – Product / Service
• Exhibit 140: Karl Hofner GmbH and Co. KG – Key offerings

• 12.11 Paul Reed Smith Guitars 
• Exhibit 141: Paul Reed Smith Guitars – Overview
• Exhibit 142: Paul Reed Smith Guitars – Product / Service
• Exhibit 143: Paul Reed Smith Guitars – Key offerings

• 12.12 Peavey Electronics Corp. 
• Exhibit 144: Peavey Electronics Corp. – Overview
• Exhibit 145: Peavey Electronics Corp. – Product / Service
• Exhibit 146: Peavey Electronics Corp. – Key offerings

• 12.13 Samson Technologies Corp. 
• Exhibit 147: Samson Technologies Corp. – Overview
• Exhibit 148: Samson Technologies Corp. – Product / Service
• Exhibit 149: Samson Technologies Corp. – Key offerings

• 12.14 Schecter Guitar Research Inc. 
• Exhibit 150: Schecter Guitar Research Inc. – Overview
• Exhibit 151: Schecter Guitar Research Inc. – Product / Service
• Exhibit 152: Schecter Guitar Research Inc. – Key offerings

• 12.15 Taylor Listug Inc. 
• Exhibit 153: Taylor Listug Inc. – Overview
• Exhibit 154: Taylor Listug Inc. – Product / Service
• Exhibit 155: Taylor Listug Inc. – Key offerings

• 12.16 The ESP Guitar Co. 
• Exhibit 156: The ESP Guitar Co. – Overview
• Exhibit 157: The ESP Guitar Co. – Product / Service
• Exhibit 158: The ESP Guitar Co. – Key offerings

• 12.17 Yamaha Corp. 
• Exhibit 159: Yamaha Corp. – Overview
• Exhibit 160: Yamaha Corp. – Business segments
• Exhibit 161: Yamaha Corp. – Key offerings
• Exhibit 162: Yamaha Corp. – Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 163: Inclusions checklist
• Exhibit 164: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 165: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 166: Research methodology
• Exhibit 167: Validation techniques employed for market sizing
• Exhibit 168: Information sources

• 13.5 List of abbreviations 
• Exhibit 169: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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