Electric Guitars Market Size, Growth, Trends, Demand, Innovations and Collaborations, Strategic Partnerships, Key Players And Forecast 2024-2033

The electric guitars market size has grown strongly in recent years. It will grow from $3.19 billion in 2023 to $3.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to rock and roll culture, cultural shift in music preferences, influence of guitar icons, manufacturing advances, cultural symbolism, media and advertising.

The electric guitars market size is expected to see rapid growth in the next few years. It will grow to $5.11 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to continued genre evolution, e-commerce and online sales growth, sustainability and eco-friendly practices, global market expansion, customization and personalization trends. Major trends in the forecast period include influence of social media and digital platforms, technological innovations, digital integration, rise in online sales, artist collaborations.

Market Overview -
Electric guitars refer to a guitar with electric or magnetic pickups that allow the sound to be enhanced and broadcast through a loudspeaker. The electric guitar is a sound-producing instrument with a wooden body and steel strings. It converts the vibrations of its strings into electrical impulses, which are then reproduced as sound by loudspeakers, using one or more pickups.

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Growing Music Interest Ignites The Electric Guitar Market
The growing interest in music is a major factor driving the growth of the electric guitars market. People are showing interest in music, as music refreshes the soul and is an excellent source of entertainment. Electric guitars, including gemstones and essence, are crucial in popular music genres, and the fashion ability of these genres motivates many people to learn to play the guitar. For instance, according to the Fender Musical Instruments Corporation (FMIC), a US-based manufacturer of musical instruments, 16 million new guitarists were taking up the instrument in the first half of 2021, with nearly 1 million acoustic guitar imports and 96.50 lakh electric guitar imports, a 35% increase over historical averages. Therefore, the rising interest in music is expected to propel the growth of the electric guitars market going forward.

Competitive Landscape -
Major companies operating in the electric guitars market report are Gibson Brands Inc., EDM Music, Alembic Inc., Fender Musical Instruments Corporation, Yamaha Corporation, CF Martin & Company, Alvarez Guitars, Behringer Guitars, PRS Guitars, Paul Reed Smith Guitars Ltd., Ampeg, ESP Company Ltd, Schecter Guitar Research, Hoshino Gakki Co. Ltd., Dean Guitars, Babicz Guitars, Rickenbacker International Corp, Karl Hofner GmbH & Company KG, Carvin Corporation, B C Rich Guitars., G&L Musical Instruments, Michael Kelly Guitars, Jackson Guitars, Cort Guitars, Epiphone, Airline Guitars, Antoria, Aria Guitars, Ashton Music, Avalon Guitars

Strategic Partnerships Elevate Electric Guitars Market Dynamics
Strategic partnerships and collaborations have emerged as a key trend gaining popularity in the electric guitars market. Major companies operating in the electric guitars market sector are focused on partnerships or collaboration to meet consumer demand and strengthen their position. For instance, in November 2021, ESP guitars, a Japan-based manufacturer of electric guitars, collaborated with Finally. This collaboration aimed to create a series of limited-edition digital assets based on the company's Pyrography electric guitars. Finally, a US-based company specializes in producing and distributing non-fungible tokens (NFT) for the music, sports, and entertainment industries. Further, In October 2021, Fender, a US-based company that manufactures guitars, basses, amplifiers, and other related equipment, collaborated with a luxury car brand, Lexus. The objective of this collaboration was to create a unique electric guitar known as the LC Lexus Stratocaster. The Lexus LC Stratocaster would encapsulate Lexus' desire for bold design and smart technology. Lexus is a Japan-based manufacturer of luxury cars.

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Key Segments -
The electric guitars market covered in this report is segmented -
1) By Type: Electric Acoustic Guitar, Seven String Guitar, Solid Body Guitar, Hollow Body Guitar, Other Types
2) By Price: Low, Medium, High
3) By Distribution Channel: Online, Offline
4) By End-user: Professionals, Learners, Individual Amateurs

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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