Electric Guitars Global Market Opportunities and Strategies to 2033

This report describes and explains the electric guitars market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global electric guitars market reached a value of nearly $3.75 billion in 2023, having grown at a compound annual growth rate (CAGR) of 12.57% since 2018. The market is expected to grow from $3.75 billion in 2023 to $6.11 billion in 2028 at a rate of 10.26%. The market is then expected to grow at a CAGR of 11.13% from 2028 and reach to $10.36 billion in 2033.

Growth in the historic period resulted from rise in consumer spending per capita, growth in the music industries, government initiatives for music education. Factors that negatively affected growth in the historic period were regulatory challenges.

Going forward, increase in popularity of live musical performances, rise of e-commerce platforms delivering electric guitars, rise in number of self-employed musicians, increase in music enthusiasm on social media will drive the market growth. Factor that could hinder the growth of the electric guitars market in the future include high cost of electric guitars, stringent import and export regulations.

The electric guitars market is segmented by type into solid body, semi-hollow body, hollow body and other types. The solid body market was the largest segment of the electric guitars market segmented by type, accounting for 61.1% or $2.29 billion of the total in 2023. Going forward, the semi-hollow body segment is expected to be the fastest growing segment in the electric guitars market segmented by type, at a CAGR of 11.16% during 2023-2028.

The electric guitars market is segmented by price into low, medium and high. The low market was the largest segment of the electric guitars market segmented by price, accounting for 52.4% or $1.96 billion of the total in 2023. Going forward, the high segment is expected to be the fastest growing segment in the electric guitars market segmented by price, at a CAGR of 12.443% during 2023-2028.

The electric guitars market is segmented by distribution channel into online and offline. The offline market was the largest segment of the electric guitars market segmented by distribution channel, accounting for 75.7% or $2.83 billion of the total in 2023. Going forward, the online segment is expected to be the fastest growing segment in the electric guitars market segmented by distribution channel, at a CAGR of 11.76% during 2023-2028.

Asia Pacific was the largest region in the electric guitars market, accounting for 42.6% or $1.59 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the electric guitars market will be North America and Western Europe where growth will be at CAGRs of 12.6% and 11.5% respectively. These will be followed by Eastern Europe and South America where the markets are expected to grow at CAGRs of 10.5% and 9.5% respectively.

The global electric guitars market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 17.51% of the total market in 2022. The market fragmentation can be attributed to the presence of large number of small players in different geographies. Gibson Brands, Inc. was the largest competitor with a 4.89% share of the market, followed by Fender Musical Instruments Corporation with 4.38%, Yamaha Corporation with 3.31%, Taylor Guitars with 2.50%, C.F. Martin & Company with 0.90%, Ibanez Guitars with 0.49%, Samick Musical Instruments Co Ltd with 0.38%, the ESP Guitar Company with 0.31%, Paul Reed Smith Guitars Ltd with 0.20% and Dean Guitars with 0.17%.

The top opportunities in the electric guitars market segmented by type will arise in the solid body segment, which will gain $1.42 billion of global annual sales by 2028. The top opportunities in the electric guitars market segmented by price will arise in the low segment, which will gain $1.29 billion of global annual sales by 2028. The top opportunities in the electric guitars market segmented by distribution channel will arise in the offline segment, which will gain $1.68 billion of global annual sales by 2028. The top opportunities in the electric guitars market segmented by end-user will arise in the leaners segment, which will gain $998.2 million of global annual sales by 2028. The electric guitars market size will gain the most in the USA at $743.1 million.

Market-trend-based strategies for the electric guitars market include focusing on the developing innovative new products that are suitable for various music players that suit their styles, focusing on increasingly launching online stores to increase sales of their products, as well as repair centers that could expand their reach to a larger base of customers, focusing on partnership between well-known guitar makers or industry figures and educational institutions, focusing on introducing battery powered amplifiers designed for electric guitars, focusing on strategic collaborations and signing of distribution agreements with major international companies to launch their products and strengthen their position.

Player-adopted strategies in the electric guitars market include focus on enhancing its operational capabilities through strategic partnerships, focus on enhancing its operational capabilities through the launch of new products, focus on expanding its business capabilities through strategic acquisitions.

To take advantage of the opportunities, the analyst recommends the electric guitars companies to focus on innovative product development, focus on sustainable battery-powered amplifiers for market leadership, focus on solid body and semi-hollow body segments, expand in emerging markets, continue to focus on developed markets, focus on expanding online presence for market penetration, focus on global expansion through strategic collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on learners and individual amateurs segments.