The electric guitar market is at USD 4,637.1 million (E) in 2023, and it will have a growth rate of 6.4% during 2023–2030, to touch USD 7,155.8 million in 2030. The increasing interest in music among people is the key factor driving the industry. Furthermore, the increasing number of live events improves the necessity for all sorts of musical instruments.
The solid-body electric guitars are generating the highest revenue amongst all such instruments. Such guitars are prevalent globally because of the acceptance of rock and metal music. Heavy metal is nearly exclusively played on solid body guitars, except a few undistorted parts. Therefore, the increase in the number of metal bands will power the requirement for these variants in the future.
The offline channel is leading the electric guitar market. After the lockdowns came to an end in a number of countries, item sales through offline stores increased. Though, even in the year 2020, the popular Guitar Center on Sunset Boulevard observed a considerable increase in sales by three as opposed to the previous year.
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The APAC electric guitar market leads the way, powered a robust consumer base and altering lifestyle choices owing to the increasing per capita income. The growing liking for music and the competence to invest in entertainment and leisure activities contribute to the high necessity for electric guitars in the region.
Furthermore, the rising number of festivals and music events hosted by music bands will boost the development of the industry in the years to come.
North America will also have a significant growth, boosted by the growing count of live music events. Therefore, main electric guitar makers are launching variants to improve their existence and tempt more people.
Moreover, the continent has numerous metal and rock bands, making it a main market for professional electric guitars.
The growing interest of people toward music is directly proportional to the demand for electric guitars all over the world.
