The global electric guitars market was valued at USD 3.9 billion in 2022 and is expected to expand at a CAGR of 6.2% from 2023 to 2030. The increasing popularity of electric guitars has been attributed to the growing acceptance of these instruments in various genres of music. The growing participation in concerts, live performances, and festivals is anticipated to drive the demand for electric guitars in the coming years. Furthermore, the increasing disposable income of people is allowing them to invest in expensive guitars, which is further supplementing the market growth.

The introduction of technologically advanced guitars is a major factor driving the market. For instance, in January 2021, Gibson introduced the world’s first robotic guitar, the Gibson Firebird X. This guitar is equipped with a robotic arm that allows the user to control the tuning of the strings, volume, and effects with the help of a computer or smartphone. Furthermore, the rising trend of online music lessons is further contributing to the growth of the market. With the help of online classes, beginners can learn to play the guitar easily.

The increasing popularity of electric guitars among the youth is a key factor driving the market. Moreover, the increasing number of music festivals and concerts, organized by artists to promote their music, is generating a high demand for electric guitars. Furthermore, the growing number of music academies and music schools is also driving the market.

The introduction of innovative designs and new technologies, such as the use of wireless technology in electric guitars, is further expected to drive the market. The increasing availability of advanced features in electric guitars, such as built-in amplifiers, is also expected to fuel the market growth. Furthermore, the increasing demand for multi-effects electric guitars is propelling the growth of the market. Additionally, the rising number of collaborations between music companies and technology companies to develop innovative instruments is expected to supplement the market growth.

The electric guitars segment held the largest market share in 2020 and is expected to witness significant growth over the forecast period. The growing demand for electric guitars has been driven by the growing popularity of rock and metal music, combined with the introduction of new, innovative technologies and designs. According to an article published by Gibson, in May 2020, electric guitars accounted for around 67% of the total guitars sold in 2019. Furthermore, the rising demand for electric guitars among professional musicians and music bands is another factor driving the market growth.

The amplifiers segment is expected to expand at a rapid CAGR of 8.6% over the forecast period. Growing demand for electric guitars and the need for amplifiers to enhance their sound quality are the major factors driving the growth of this segment. According to an article published by Fender, in May 2020, around 35% of electric guitars sold in 2019 were amplifiers. Moreover, the emergence of new technologies such as digital amplifiers and the increasing popularity of rock and metal music are further driving the growth of the amplifiers segment.

The electronics stores segment is expected to hold the largest market share throughout the forecast period. The segment accounted for over 25.4% of the market revenue in 2022. The high demand for electric guitars is mainly attributed to the availability of a variety of options at the electronics stores. Additionally, these stores provide the customers with an opportunity to try and test the instruments before purchasing them.

The online distribution channel is anticipated to record the fastest growth in the coming years. This can be attributed to the emergence of e-commerce platforms, which have gained immense traction over the past few years. Furthermore, the introduction of mobile applications and websites has made it easier for customers to compare prices and features of different electric guitars. Companies, such as Fender, have started selling their electric guitars through their own online stores, thereby, providing more convenience to the customers.

The solid body electric guitars segment held the largest market share in 2020. The popularity of electric guitars has increased manifolds in the last few years due to their extended use in rock, metal, and punk genres. The availability of a wide range of models in this segment, such as Gibson Les Paul, Fender Stratocaster, and Ibanez RG series, has further boosted the sales. Furthermore, the increasing number of music schools and music festivals across the world has led to an increase in the demand for electric guitars.

The semi-acoustic guitars segment is expected to register the highest CAGR over the forecast period. The rising popularity of jazz, blues, and rockabilly genres has augmented the demand for semi-acoustic guitars. Moreover, the introduction of new designs and features such as built-in pickups, body and neck bindings, and multi-tone controls in semi-acoustic guitars have made them more desirable among consumers. Additionally, the launch of budget-friendly models such as Gibson ES-335, Epiphone Casino, and Gretsch G2420T Streamliner has made them more accessible to the general public.

North America is the largest market and is expected to account for the largest revenue share of the market in 2022. The presence of prominent manufacturers and distributors, along with the increasing disposable income of the population, is expected to drive the growth in the region. For instance, in April 2021, Gibson launched a new range of electric guitars, the SG Standard T, in the U.S.

Asia Pacific is expected to witness the highest growth in the coming years. This growth is attributed to the increasing demand for electric guitars from countries such as Japan, China, and India. Furthermore, the presence of established distributors in the region is further expected to contribute to the growth of the market. For instance, in April 2021, Fender launched the new CD-60SCE-12 12-string acoustic-electric guitar in Japan.

In this part of the electric guitars products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your electric guitars products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions

The main source of revenues for an electric guitars products business comes from the sale of electric guitars, accessories, and related products. Here you will find a list with a description of each of them as well as other possible sources of profit such as partnerships, advertising, and sponsorship.

Projecting Expenses

In this section, all the regular expenses related to keeping the electric guitars products business running will be described. The list of operating expenses includes renting a store, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.

Some of the key companies operating in the electric guitars market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Gibson Brands, Inc. launched the new Les Paul Standard range of electric guitars.

– In August 2022, Fender Musical Instruments Corporation launched the new American Professional II range of guitars.

– In August 2022, PRS Guitars launched the SE range of electric guitars.

Some of the prominent players in the electric guitars market include:

– Gibson Brands, Inc.
– Fender Musical Instruments Corporation
– Yamaha Corporation
– Ernie Ball, Inc.
– PRS Guitars
– Godin Guitars
– Gretsch Guitars
– Cort Guitars
– ESP Guitars
– Jackson Guitars

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global electric guitars products market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Electric Guitars
– Electric Bass Guitars
– Acoustic Guitars
– Guitar Accessories
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Online
– Retail Stores
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Mass
– Premium

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Current State of the Electric Guitar Market?
[A]: The electric guitar market is currently experiencing a period of growth. This is due to a rise in demand for electric guitars from both professional and amateur musicians. This demand is being driven by an increase in the popularity of music genres that require electric guitars, such as rock and pop. Additionally, manufacturers are introducing new and innovative electric guitar models to meet this increased demand.

[Q]: What Factors are Driving the Electric Guitar Market?
[A]: The electric guitar market is being driven by several factors. These include an increase in demand for electric guitars from professional and amateur musicians, the increasing popularity of music genres that require electric guitars, and the introduction of new and innovative electric guitar models by manufacturers.

[Q]: Who are the Key Players in the Electric Guitar Market?
[A]: The key players in the electric guitar market include Fender Musical Instruments Corporation, Gibson Brands, Inc., Yamaha Corporation, Gretsch Guitars, and PRS Guitars.

[Q]: What is the Future Outlook of the Electric Guitar Market?
[A]: The future outlook of the electric guitar market is positive. This is due to the increasing popularity of music genres that require electric guitars and the introduction of new and innovative electric guitar models by manufacturers. Additionally, the market is expected to benefit from an increase in demand for electric guitars from both professional and amateur musicians.

[Q]: What is the Potential of Technology Innovation in the Electric Guitar Market?
[A]: Technology innovation is expected to have a positive impact on the electric guitar market. This is due to the introduction of new and innovative technologies into electric guitars, such as digital signal processing and Bluetooth connectivity. Additionally, manufacturers are investing in research and development in order to create new and improved electric guitars.