The global electric guitar market size is expected to reach
USD 1.5 billion by 2025, according to a new report by Grand View Research,
Inc., expanding at a CAGR of 3.3% over the forecast period. Increasing number
of live concerts and music festivals at the global level is expected to be a
key factor for the market growth. In addition, rising importance of music
enthusiasm among millennials is projected to fuel the demand for electric
guitars.
Over the past few years, commercialization of
musical events and concept of live music has evolved at a significant rate
across the globe. The millennials across the globe are increasingly
participating in these events, which is expected to open new avenues for the
global market. According to the statistics provided by the MN2S Management
Limited, one of the leading agencies for live music, DJ, and talent booking,
U.K. has witnessed an increase of 12% in hosting live concerts and music
festivals in 2018. Moreover, Germany witnessed a revenue of USD 2.1 billion for
live music concerts in 2018. These trends are anticipated to propel the demand
for electric guitars over the foreseeable future.
Semi-hollow products are expected to witness the
fastest growth over the next few years. These guitars are expected to gain
popularity among the beginners as they are easy to handle and easy to play.
Additionally, over the past few years, the majority of guitarists have been
preferring the semi-hollow guitars as they provide jazzy hollow-body resonance
and punchy rock and roll music.
Key players in the electric guitar market
include Gibson Brands, Inc.; Fender Musical Instruments; Karl Höfner GmbH &
Co. KG; Ibanez guitars; Yamaha Corporation; Michael Kelly Guitar Co.; ESP
Company Limited; Cort Guitars; EDM Music; Epiphone; and Heritage Guitar Inc.
Major manufacturers are launching new products in order to gain the maximum
customer base. For instance, in July 2019, Heritage Guitar Inc. launched its
new limited edition series of its standard collection under the brand name
‘Heritage Artisan Aged H-530’. In addition, the companies are expected to
increase the spending on launching product forms through e-commerce portals in
order to address the increasing demand for electric guitars from smartphone
users.
For Full Research Report On Electric Guitars Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/electric-guitars-market
Further key findings from the report suggest:
- Solid
body electric guitar held the largest share of 70.2% in 2018 and is
expected to maintain its lead owing to its property of amplifying louder
tone without running into feedback issues
- Online
is expected to be the fastest growing distribution channel with a CAGR of
3.8% from 2019 to 2025
- North
America is anticipated to be the fastest growing market, expanding at a
CAGR of 3.8% from 2019 to 2025 owing to increasing number of live music concepts
across U.S.
- Product
innovation is expected to remain a key strategy among the industry
participants.
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/electric-guitars-market/request/rs1
Grand
View Research has segmented the global electric guitar market on the basis of
product, distribution channel, and region:
Electric Guitar Product Outlook (Revenue, USD Million, 2015 -
2025)
- Solid
Body
- Semi-hollow
Body
- Hollow
Body
Electric Guitar Distribution Channel Outlook (Revenue, USD
Million, 2015 - 2025)
- Offline
- Online
Electric Guitar Regional Outlook (Revenue, USD Million, 2015
- 2025)
- North
America
- U.S.
- Europe
- U.K.
- Germany
- France
- Asia
Pacific
- China
- India
- Central
& South America
- Brazil
- Middle
East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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