Global Electric Guitar Market Analysis & Trends - Industry Forecast to 2030

Global Electric Guitar Market Analysis & Trends - Industry Forecast to 2030

Electric Guitar: Market Size

From $1.64 billion in 2024, the global Electric Guitar market is projected to reach $2.33 billion by 2030. Based on our analysis the market is expected to grow at a CAGR of 6.0% from 2024 - 2030 timeframe. Some of the prominent trends that the market is witnessing include increase in disposable income, rise in the number of musical bands across the world, and rapid economic expansions.

Global Electric Guitar Market: Market Dynamics
The rising number of live concerts, along with the commercialization of music festivals, augments the demand for musical instruments, such as electric guitars. High standard of living has encouraged consumers to spend more on leisure activities, which, in turn, has increased product sales. Many countries across the world have been undergoing rapid economic expansions and are characterized by a young population who tend to spend more on leisure activities. This has led to a rise in the demand electric guitars. Moreover, governments’ willingness to diversify their economies across the globe has led to a huge impetus for commercial music schools and colleges. Vendors are focusing on frequently changing consumer preferences so that market demand can be capitalized. Existing manufacturers are expanding their collection of existing guitars and also acquiring new players. Large manufacturing companies of an electric guitar are trying to expand their reach globally so that they can add value and turn struggling markets into profitable ones. Many educational institutes have made music a part of their curriculum. This will engage youngsters and enhance their music skills and knowledge, further contributing to the rise in demand for music instruments.

On the other hand, the cost of manufacturing and lack of highly skilled and trained labor are likely to obstruct the profit boundaries. In addition, increase in music fests and continued growth of rock and metal music will further boost for the electric guitar market.

Impact of COVID-19 on Electric Guitar
The COVID-19 pandemic had an adverse impact on the global market owing to disruptions caused in the supply chain and the imposition of nationwide lockdown across several countries. Sales of musical instruments have stopped due to the lockdown situation. This lockdown has also led to the shutdown of manufacturing units. Numerous musical events, like live concerts, music fests, and concert tours have been canceled and postponed. People who were solely dependent on music gigs have become unemployed. In addition, the economic slowdown and geopolitical factors have affected the overall growth of the market, especially in 2020. Although, a surge in product sales was observed towards end of July 2020, as several consumers started taking up hobbies, which led to overall growth in the electric guitar market.

By Distribution Channel

Online Segment Dominate the Market in 2024
The online segment made huge revenue in 2024 and growing its prominence during the forecast period. Online platforms including social media and Google Ads play an essential role in influencing consumer preferences. The customers can make a purchase from a remote location, which adds to the convenience. Furthermore, the COVID-19 pandemic had a major impact on the buying behavior of consumers worldwide. Consumers have primarily shifted to online platforms to adhere to social distancing measures, which has resulted in increased product sales through online channels. The emergence of e-commerce portals is likely to result in considerable growth prospects for the segment owing to a broader distribution network and higher product availability.

By Geography

Asia Pacific Region is Leading in the Global Market Place
Asia Pacific region is likely to have a huge demand in the forecast period owing to the strong consumer influence and rapidly evolving consumer tastes on account of increasing levels of per capita disposable income. The growing interest of people in music and the ability to spend on entertainment and leisure activities have further boosted the product demand in Asia Pacific. Moreover, the increasing number of musical bands conducting music shows and festivals is likely to propel market growth over the forecast period.

List of the Key Players Profiled in the Market Include:
• Carvin Corporation
• Cort Guitars
• Dean guitars
• EDM Music
• Epiphone
• ESP Company, Ltd.
• Fender Musical Instruments
• Gibson Brands, Inc.
• Ibanez Guitars
• Jackson
• Karl Höfner GmbH & Co. KG
• Martin & Co., Inc
• Michael Kelly Guitar Co
• Squier
• Yamaha Corp.

List of the Regions/Countries Profiled in the Market Include:
North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others