Technavio’s market research analysts estimate the global electric guitar market, to grow at a CAGR of more than 3% between 2016 and 2020. Increase in individual interest in music and rock bands and growth of free music lessons online are major factors that are boosting the demand for electric guitars. The Americas lead the global market for electric guitar, occupying around 77% of the total market share. The US is the key revenue-contributing country in the region, as it hosts a large number of musicians and music lovers.
The new market research report from Technavio provides a breakdown and analysis of the electric guitar segments by technology.
“Of late, the market is witnessing the advent of new guitar-making technologies and products. For instance, Artiphon INSTRUMENT 1 can emit and mix the sounds of multiple instruments, such as drums, guitar, piano, synthesizer, and violin. Now-a-days, self-tuning guitars are also available with inbuilt tuning systems. Manufacturers are using cheaper alternatives to wood to reduce the costs raw materials,” says Soumya Mutsuddi, Lead Analyst, Media & Entertainment, Technavio Research.
Increase in live performances and music concerts are driving the demand for electric guitars. Electric guitars enable artists to amplify the instrument’s sound to address larger audience. It includes features like reverb and distortion, which add an extra element to the music. Emergence of new bands and budding musicians favour these guitar owing to their sound effects and synthesis of high-quality sound.
The leading vendors in the global electric guitar market include Fender, Gibson, Karl Höfner, PRS Guitars and Yamaha. The market is highly competitive due to the presence of multiple vendors. Intense competition, rapid advances in technology, and frequent changes in consumer preferences present significant risks to the vendors in the market. The competition is expected to intensify during the forecast period, owing to new product launches and entry of new players.
A more detailed analysis is available in the Technavio report, Global Electric Guitar Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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