Electric Guitars Global Market Report 2024

The electric guitars market size has grown strongly in recent years. It will grow from $3.19 billion in 2023 to $3.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth observed in the historical period can be attributed to rock and roll culture, a cultural shift in music preferences, the influence of guitar icons, manufacturing advances, cultural symbolism, and media and advertising.

The electric guitars market size is expected to see rapid growth in the next few years. It will grow to $5.11 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The anticipated growth in the forecast period can be attributed to the continued evolution of genres, e-commerce and online sales growth, sustainability and eco-friendly practices, global market expansion, and customization and personalization trends. Major trends in the forecast period include the influence of social media and digital platforms, technological innovations, digital integration, the rise in online sales, and artist collaborations.

The surge in music interest stands as a significant catalyst for the growth of the electric guitars market. Music holds a special place as a soul-refreshing and entertaining activity, attracting a growing number of enthusiasts. Electric guitars, with their captivating features and essence, play a pivotal role in various popular music genres. The allure of these genres inspires many individuals to embark on the journey of learning to play the guitar. For example, the Fender Musical Instruments Corporation (FMIC), a US-based manufacturer of musical instruments, reported a noteworthy trend in the first half of 2021. Approximately 16 million new guitarists embraced the instrument during this period, with nearly 1 million acoustic guitar imports and 96.50 lakh electric guitar imports - an impressive 35% increase over historical averages. This surge highlights the escalating interest in music and is poised to drive the growth of the electric guitars market in the foreseeable future.

The increasing prevalence of live concerts stands as a significant driver for the growth of the electric guitars market. Live concerts involve musicians or artists delivering performances directly to an audience, fostering a dynamic and immediate connection between performers and attendees. Electric guitars play a crucial role in live concerts, providing amplified sound, dynamic versatility, and a wide array of tones. For instance, in September 2022, MN2S Management Limited, a UK-based International Music and Talent agency, reported a substantial surge in concert attendance. The figures revealed a 20% increase, reaching 33.5 million spectators during the corresponding period. Additionally, the number of events promoted by the organization experienced a 20% rise to 12,500 in the second quarter of 2022, compared to 10,000 in the equivalent period in 2019. This upward trend in live concerts is anticipated to be a driving force for the growth of the electric guitars market in the foreseeable future.

Strategic partnerships and collaborations have become a prominent trend in the electric guitars market, with major companies in the sector actively seeking alliances to meet consumer demands and enhance their market positions. For example, in November 2021, ESP guitars, a Japan-based electric guitar manufacturer, entered into a collaboration with Finally. This partnership aimed to produce a series of limited-edition digital assets inspired by ESP's Pyrography electric guitars. Finally, a US-based company specializing in non-fungible tokens (NFT) for the music, sports, and entertainment industries, joined forces to bring a unique digital dimension to ESP's guitar offerings. Additionally, in October 2021, Fender, a US-based guitar manufacturing company, teamed up with the luxury car brand Lexus. The collaboration's goal was to craft a distinctive electric guitar named the LC Lexus Stratocaster. This unique guitar aimed to embody Lexus' commitment to bold design and intelligent technology. Lexus, a Japan-based luxury car manufacturer, and Fender collaborated to create a fusion of automotive and musical craftsmanship in the LC Lexus Stratocaster.

Major companies in the electric guitars market are actively pursuing innovation through the development of high-end electric guitars. A high-end electric guitar is characterized by its premium quality, crafted with meticulous attention to detail, utilizing top-tier materials and advanced construction techniques. For example, in June 2023, Taylor Guitars, a US-based guitar manufacturer, introduced the 'Powers Electric' brand. These electric guitars feature a SoCal surf-inspired A-Type hollow body. The A-Type represents a contemporary boutique instrument, drawing design influences from 20th-century automotive design and surf culture, while embodying a 21st-century aesthetic. Unique details, such as pickup control knobs and vibrato arm caps, are crafted using layers of surfboard resin, a byproduct derived from the process of sealing and waterproofing surfboards for ocean use. This innovation showcases a commitment to combining quality craftsmanship with creative design in the electric guitars market.

In November 2021, Fender Musical Instruments Corporation (FMIC), a US-based company known for manufacturing guitars, basses, amplifiers, and related equipment, made a strategic acquisition by purchasing PreSonus Audio Electronics for an undisclosed amount. This acquisition is set to integrate a cohesive ecosystem that harmoniously combines hardware and software, aiming to offer customers a seamless end-to-end experience throughout their creative journey. PreSonus Audio Electronics, a US-based company specializing in professional audio equipment, including electric guitars, now becomes a part of Fender's portfolio, reinforcing their position in providing comprehensive solutions for musicians and creators.

Major companies operating in the electric guitars market report are Gibson Brands Inc., EDM Music, 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, Karl Hofner GmbH & Company KG, 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.

Asia-Pacific was the largest region in the electric guitar market in 2023. The regions covered in the electric guitars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric guitars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of electric guitars include the electric acoustic guitar, seven-string guitar, solid-body guitar, hollow-body guitar, and other variations. Electric acoustic guitars are essentially acoustic guitars fitted with a pickup and often a preamp, enabling them to be plugged into an amplifier or PA system for live performances. These guitars come in various price ranges, categorized as low, medium, and high, and are available through a variety of online and offline channels. They cater to a diverse user base, including professionals, learners, and individual amateurs.

The electric guitars market research report is one of a series of new reports that provides electric guitars market statistics, including electric guitars industry global market size, regional shares, competitors with a electric guitars market share, detailed electric guitars market segments, market trends and opportunities, and any further data you may need to thrive in the electric guitars industry. This electric guitar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric guitars market consists of sales of soildbody guitars, stratocaster, super strat, telecaster, offset, les Paul, SG and flying V, semi-hollow guitars, and hollow body guitars. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in these electric guitars market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.