The global electric guitars market has witnessed remarkable growth in recent years, from $2.84 billion in 2022 to $3.04 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The report projects the market to continue its growth trajectory and reach $3.89 billion in 2027 at a CAGR of 6.4%. The surge in popularity of electric guitars in popular music genres and growing interest in music are the primary drivers of this growth.
Electric guitars have been integral to popular music genres such as rock, metal, and blues for decades. The instrument’s versatility and ability to produce a wide range of sounds make it a favorite among musicians and music enthusiasts. The report highlights the importance of electric guitars in these music genres and how their popularity has contributed to the market’s growth.
Moreover, the report notes that the growing interest in music is another significant factor driving the growth of the electric guitar market. Music has become an essential part of people’s lives, with many taking up music as a hobby or pursuing it professionally. The increasing number of music schools and academies, coupled with the availability of online resources, has made it easier for people to learn and appreciate music. As a result, more people are buying electric guitars, driving the market’s growth.
The report also identifies strategic partnerships and collaborations as key trends gaining popularity in the electric guitar market. Significant companies are focused on partnerships or collaboration to meet consumer demand and strengthen their position in the market. For instance, some companies partner with established musicians to develop signature models, while others collaborate with music schools and academies to offer guitar lessons and promote their brands. These strategic partnerships and collaborations help companies expand their customer base and foster innovation and creativity in the industry.
In conclusion, the electric guitar market is witnessing steady growth, driven by the instrument’s popularity in popular music genres and the growing interest in music among people. Strategic partnerships and collaborations are also emerging as a key trend, with companies looking to meet consumer demand and strengthen their position in the market. With the increasing availability of music education resources and the rising popularity of electric guitars, the market is poised for further growth in the coming years. As the market evolves, it will be interesting to see how companies adapt and innovate to meet their customers’ changing needs and preferences.
