New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Guitars Global Market Report 2023" - https://www.reportlinker.com/p06290046/?utm_source=GNW
, G&L Musical Instruments, Cort Guitars, Dean Guitars, Michael Kelly Guitars, CF Martin & Company, Epiphone, Gibson Brands Inc., EDM Music, and B C Rich Guitars.
The global electric guitars market grew from $2.84 billion in 2022 to $3.04 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The electric guitars market is expected to grow to $3.89 billion in 2027 at a CAGR of 6.4%.
The electric guitars market consists of sales of soildbody guitars, stratocaster, super strat, telecaster, offset, les Paul, SG and flying V, semi-hollow guitars, and hollow body guitars.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
Asia-Pacific was the largest region in the electric guitar market in 2022. The regions covered in the electric guitars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of electric guitars are electric acoustic guitar, seven-string guitar, solid-body guitar, hollow-body guitar, and other types.Electro-acoustic guitars are simply acoustic guitars that are equipped with a pickup and often a preamp so that they can be plugged into an amp or PA for live performance.
The different prices include low, medium, and high, and are distributed through various online and offline channels. These are used by professionals, learners, and individual amateurs.
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.
Strategic partnerships and collaborations have emerged as a key trend gaining popularity in the electric guitar market.Major companies operating in the electric guitars 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.
In November 2021, Fender Musical Instruments Corporation (FMIC), a US-based company that manufactures guitars, basses, amplifiers, and other related equipment, acquired PreSonus Audio Electronics for an undisclosed amount.The acquisition of PreSonus Audio Electronics will bring an ecosystem that seamlessly blends hardware and software to provide a seamless end-to-end experience for customers at all stages of their creative journey.
PreSonus Audio Electronics is a US-based company that manufactures professional audio equipment, including electric guitars.
The countries covered in the electric guitars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The electric guitars market research report is one of a series of new reports that provides electric guitars market statistics, including electric guitars industry global market size, regional shares, competitors with a electric guitars market share, detailed electric guitars market segments, market trends and opportunities, and any further data you may need to thrive in the electric guitars industry. This electric guitars market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06290046/?utm_source=GNW
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