Originally published on Technavio: Exploring the Electric Guitar Market Forecast 2023-2027

Electric Guitar Market Forecast 2023-2027:

The Global Electric Guitar Market is projected to grow by USD 955.77 million at a Compound Annual Growth Rate (CAGR) of 7.75% between 2022 and 2027. This market's expansion is influenced by various factors, including the escalating demand for music-related leisure pursuits, the proliferation of music festivals and live events, and the integration of electric guitars into academic curricula.

Key Drivers, Trends, Challenges, and Customer Landscape:

Our analysts scrutinized data with 2022 as the base year, identifying key drivers, trends, and challenges to aid companies in refining their marketing strategies for a competitive edge.

Key Market Driver:

The market is significantly propelled by the increasing prevalence of music festivals and live events globally. This surge is particularly evident among millennials, attributable to a sizable young demographic and increased disposable income, leading to heightened expenditure on live entertainment. Consequently, the proliferation of live performances by musicians, artists, dancers, and comedians is anticipated to play a pivotal role in driving global market growth throughout the forecast period.

Significant Market Trends:

A burgeoning trend in the market is the escalating demand for customized electronic musical instruments, notably guitars. Developed regions like North America and Europe, as well as emerging markets such as India and China, are witnessing a notable uptick in demand for personalized electronic musical instruments. Key market players are catering to this trend by offering visually appealing and high-quality customized products, albeit at a higher cost. Nevertheless, the burgeoning desire for personalized guitars is expected to fuel market growth in the foreseeable future.

Major Market Challenge:

High production costs of musical instruments pose a significant challenge to market growth. The manufacturing process necessitates various raw materials, and fluctuations in raw material prices, coupled with regulations regarding wood and timber in different countries, impact manufacturing costs. Moreover, the fluctuating prices of crude oil affect manufacturing costs further, as synthetic materials are employed in instrument manufacturing. These challenges may impede market growth during the forecast period.

Fastest-Growing Segment in the Market:

The solid-body segment is poised for substantial growth during the forecast period and holds the largest market share globally. The popularity of rock and metal music genres contributes significantly to the widespread use of solid-body guitars, particularly in developing countries.

Key Regions:

North America is estimated to contribute 54% to the global market growth during the forecast period. Technavio analysts have provided detailed insights into regional trends and drivers shaping the market during the forecast period.

Market Customer Landscape:

The report includes an analysis of the market's adoption lifecycle, focusing on penetration rates across different regions. Moreover, it outlines key purchase criteria and drivers of price sensitivity to aid companies in evaluating and developing growth strategies.

Major Electric Guitar Market Companies:

Market players are adopting various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to bolster their market presence.

Dean Guitars - A leading company offering electric guitars, acoustic guitars, basses, and other musical instruments, with electric guitars being a key offering.

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The market research report also presents detailed analyses of the competitive landscape, encompassing information on 15 market companies.

The report forecasts revenue growth at global, regional, and country levels, providing insights into the latest trends and growth opportunities from 2017 to 2027.

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Technavio Research

Jesse Maida

Media & Marketing Executive

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